Improving Financial Education Efficiency
OECD-Bank of Italy Symposium on Financial Literacy
This symposium proceedings examines three aspects of financial education: monitoring and evaluation, use of behavioral economics, and financial literacy and defined contribution pension plans.
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Auto-Enrolment in Private, Supplementary Pensions in Italy
This chapter discusses the Italian experience in developing its system of private, supplementary pensions, as a case study of the implementation of nation-wide auto-enrolment mechanisms; in the discussion, attention is devoted to pension awareness issues. The reasons for the limited success of auto-enrolment in Italy are summarised. Besides the importance of country-specific structural issues, the need for an overall, coherent, pension strategy is underlined, together with a consistent use of the different policy instruments available: not only in order to achieve the desired membership targets, but also as a prerequisite for effective awareness campaigns and education efforts. In addition, the chapter stresses the need for a balance of responsibilities between the individual, the State, and intermediate bodies (such as social partners), with appropriate default options that should back-up the individual when he/she is unable or unwilling to choose.
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