Consumer Protection and Financial Literacy : Lessons from Nine Country Studies

Rutledge, Susan L.

dc.creator	Rutledge, Susan L.
dc.date	2012-03-19T18:40:20Z
dc.date	2012-03-19T18:40:20Z
dc.date	2010-06-01
dc.date.accessioned	2023-02-17T21:04:07Z
dc.date.available	2023-02-17T21:04:07Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100603082853
dc.identifier	http://hdl.handle.net/10986/3816
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/244780
dc.description	The recent turmoil in financial markets worldwide has emphasized the need for adequate consumer protection and financial literacy for long-term stability of the financial sector. This Working Paper aims to summarize key lessons from reviews of consumer protection and financial literacy in nine middle-income countries of Europe and Central Asia (Azerbaijan, Bulgaria, Croatia, the Czech Republic, Latvia, Lithuania, Romania, the Russian Federation and Slovakia). All the country assessments used a systematic common approach, based on a set of Good Practices for Consumer Protection and Financial Literacy developed by the World Bank's Europe and Central Asia Region. The objective of the Working Paper is to contribute to the international dialog on strengthening financial consumer protection and financial literacy in emerging markets.A financial consumer protection regime should meet three objectives. First, consumers should receive accurate, simple, comparable information of a financial service or product, before and after buying it. Second, consumers should have access to expedient, inexpensive and efficient mechanisms for dispute resolution with financial institutions. Third, consumers should be able to receive financial education when and how they want it. A common challenge among the nine countries is the need of an adequate institutional structure for financial consumer protection. However independent of the specific institutional structures, financial consumers should have one single agency where to submit complaints and inquiries. Financial institutions should be required to apply fair, non-coercive and reasonable practices when selling and advertising financial products and services to consumers. Personal data should also be carefully protected.
dc.language	English
dc.relation	Policy Research working paper ; no. WPS 5326
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ABILITY OF CONSUMERS
dc.subject	ACCESS TO CREDIT
dc.subject	ACCURATE INFORMATION
dc.subject	ADULT FINANCIAL LITERACY
dc.subject	ANNUAL PERCENTAGE RATE
dc.subject	APR
dc.subject	ATM
dc.subject	ATM CARD
dc.subject	AUTOMATIC TELLER
dc.subject	BANK ACCOUNT
dc.subject	BANK ASSETS
dc.subject	BANK CREDIT
dc.subject	BANK LOANS
dc.subject	BANKRUPTCY
dc.subject	BANKS
dc.subject	BASIC FINANCIAL SERVICES
dc.subject	BEHAVIORAL ECONOMICS
dc.subject	BORROWER
dc.subject	BORROWING
dc.subject	BUYERS
dc.subject	CALCULATION
dc.subject	CHAMBERS OF COMMERCE
dc.subject	CHECKING ACCOUNTS
dc.subject	COLLATERAL
dc.subject	COLLECTION AGENCIES
dc.subject	COMMODITY
dc.subject	COMMUNITY AFFAIRS
dc.subject	COMPARISON SHOPPING
dc.subject	COMPOUND INTEREST
dc.subject	CONSUMER
dc.subject	CONSUMER BEHAVIOR
dc.subject	CONSUMER COMPLAINTS
dc.subject	CONSUMER CREDIT
dc.subject	CONSUMER CREDITS
dc.subject	CONSUMER DEBT
dc.subject	CONSUMER EDUCATION
dc.subject	CONSUMER FINANCE
dc.subject	CONSUMER INFORMATION
dc.subject	CONSUMER ISSUES
dc.subject	CONSUMER LOAN
dc.subject	CONSUMER LOANS
dc.subject	CONSUMER ORGANIZATIONS
dc.subject	CONSUMER PROTECTION
dc.subject	CONSUMER PROTECTION MEASURES
dc.subject	CONSUMERS
dc.subject	CONTRIBUTION
dc.subject	CONTRIBUTIONS
dc.subject	CREDIT CARD
dc.subject	CREDIT CARDS
dc.subject	CREDIT HISTORIES
dc.subject	CREDIT INSTITUTIONS
dc.subject	CREDIT PRODUCTS
dc.subject	CREDIT REPORTING
dc.subject	CREDIT SCORES
dc.subject	DEBIT CARDS
dc.subject	DEBT
dc.subject	DEBT COLLECTION
dc.subject	DEBT COLLECTORS
dc.subject	DEBT OBLIGATIONS
dc.subject	DEBTS
dc.subject	DECEPTIVE PRACTICES
dc.subject	DELINQUENCIES
dc.subject	DEPOSIT
dc.subject	DEPOSIT INSURANCE
dc.subject	DEPOSITORS
dc.subject	DEPOSITS
dc.subject	DISCLOSURE REQUIREMENTS
dc.subject	DISCOUNT RATE
dc.subject	EXCHANGE RATE
dc.subject	FAMILY MEMBER
dc.subject	FAMILY MEMBERS
dc.subject	FEDERAL DEPOSIT INSURANCE CORPORATION
dc.subject	FEDERAL RESERVE
dc.subject	FINANCES
dc.subject	FINANCIAL ADVICE
dc.subject	FINANCIAL CONSUMER
dc.subject	FINANCIAL CONSUMERS
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL EDUCATION
dc.subject	FINANCIAL EDUCATION FOR CONSUMERS
dc.subject	FINANCIAL EDUCATION PROGRAM
dc.subject	FINANCIAL EDUCATION PROGRAMS
dc.subject	FINANCIAL FRAUD
dc.subject	FINANCIAL FUTURE
dc.subject	FINANCIAL HEALTH
dc.subject	FINANCIAL INSTITUTION
dc.subject	FINANCIAL INSTITUTIONS
dc.subject	FINANCIAL INTERMEDIARIES
dc.subject	FINANCIAL INVESTMENTS
dc.subject	FINANCIAL ISSUES
dc.subject	FINANCIAL LITERACY
dc.subject	FINANCIAL LITERACY INITIATIVES
dc.subject	FINANCIAL LITERACY PROGRAMS
dc.subject	FINANCIAL LITERACY SURVEY
dc.subject	FINANCIAL LITERACY SURVEYS
dc.subject	FINANCIAL MARKETS
dc.subject	FINANCIAL NEEDS
dc.subject	FINANCIAL PRODUCT
dc.subject	FINANCIAL PRODUCTS
dc.subject	FINANCIAL REGULATION
dc.subject	FINANCIAL REGULATIONS
dc.subject	FINANCIAL REGULATOR
dc.subject	FINANCIAL REGULATORS
dc.subject	FINANCIAL RISKS
dc.subject	FINANCIAL SECTOR
dc.subject	FINANCIAL SECTOR ASSESSMENT
dc.subject	FINANCIAL SECTOR DEVELOPMENT
dc.subject	FINANCIAL SECTORS
dc.subject	FINANCIAL SECURITY
dc.subject	FINANCIAL SERVICE
dc.subject	FINANCIAL SERVICE PROVIDERS
dc.subject	FINANCIAL SERVICES
dc.subject	FINANCIAL SERVICES AUTHORITY
dc.subject	FINANCIAL SITUATION
dc.subject	FINANCIAL STABILITY
dc.subject	FINANCIAL STATUS
dc.subject	FINANCIAL SYSTEM
dc.subject	FOREIGN CURRENCIES
dc.subject	FOREIGN CURRENCY
dc.subject	FORMAL FINANCIAL SECTOR
dc.subject	FUTURE INCOME
dc.subject	GENDER
dc.subject	HIGH-SCHOOL STUDENTS
dc.subject	HOME MORTGAGE
dc.subject	HOMEOWNERS
dc.subject	HOUSEHOLD DEBT
dc.subject	HOUSEHOLD LENDING
dc.subject	HOUSEHOLDS
dc.subject	INCOME
dc.subject	INFORMATION ON INVESTMENT
dc.subject	INFORMATION TECHNOLOGY
dc.subject	INFORMED CONSUMERS
dc.subject	INFORMED DECISIONS
dc.subject	INFORMED FINANCIAL DECISIONS
dc.subject	INSTITUTIONAL CAPACITY
dc.subject	INSURANCE
dc.subject	INSURANCE POLICIES
dc.subject	INTEREST RATE
dc.subject	INTEREST RATES
dc.subject	INTERNATIONAL BANK
dc.subject	INVESTING
dc.subject	INVESTMENT CLUBS
dc.subject	INVESTMENT PERFORMANCE
dc.subject	INVESTMENT PRODUCTS
dc.subject	LENDERS
dc.subject	LIABILITY
dc.subject	LIFE EVENTS
dc.subject	LIFE INSURANCE
dc.subject	LIFETIME
dc.subject	LOAN AMOUNT
dc.subject	LONG-TERM SAVINGS
dc.subject	LOW INCOME
dc.subject	LOW-INCOME
dc.subject	MARKET CONDITIONS
dc.subject	MARKET DEVELOPMENTS
dc.subject	MARKET ECONOMIES
dc.subject	MARKETING
dc.subject	MICROFINANCE
dc.subject	MICROFINANCE INSTITUTIONS
dc.subject	MONTHLY PAYMENTS
dc.subject	MORTGAGE
dc.subject	MORTGAGE DEBT
dc.subject	MORTGAGE LOAN
dc.subject	MORTGAGE LOANS
dc.subject	MORTGAGE MARKETS
dc.subject	MORTGAGE PRODUCTS
dc.subject	MORTGAGES
dc.subject	NATIONAL BANK
dc.subject	PAYMENT SERVICES
dc.subject	PAYMENTS SERVICES
dc.subject	PENALTY FEES
dc.subject	PENSION
dc.subject	PENSION FUNDS
dc.subject	PENSION ISSUES
dc.subject	PENSION PRODUCTS
dc.subject	PENSIONERS
dc.subject	PERSONAL FINANCE
dc.subject	PERSONAL FINANCIAL INFORMATION
dc.subject	PERSONAL FINANCIAL LITERACY
dc.subject	PERSONAL PREFERENCES
dc.subject	PREPAYMENT PENALTY
dc.subject	PRESENT VALUE
dc.subject	PRIVATE PENSION
dc.subject	PRIVATE PENSIONS
dc.subject	PROFESSIONAL ASSOCIATION
dc.subject	PROFESSIONAL ASSOCIATIONS
dc.subject	PUBLIC CONFIDENCE
dc.subject	PUBLIC DEBT
dc.subject	PURCHASES
dc.subject	RAPID DEVELOPMENT
dc.subject	RAPID GROWTH
dc.subject	RECEIPT
dc.subject	REMITTANCES
dc.subject	REPAYMENT
dc.subject	REPAYMENTS
dc.subject	RESIDENTIAL MORTGAGE
dc.subject	RESPONSIBILITIES
dc.subject	RETAIL FINANCIAL SERVICES
dc.subject	RETIREMENT
dc.subject	SAFETY NETS
dc.subject	SALE
dc.subject	SALES
dc.subject	SALES TACTICS
dc.subject	SAVINGS
dc.subject	SCAMS
dc.subject	SECURITIES
dc.subject	SENIOR
dc.subject	SENIORS
dc.subject	STOCK MARKET
dc.subject	SURVEYS OF CONSUMER
dc.subject	TYPES OF CONSUMER
dc.subject	UNION
dc.subject	UTILITY BILLS
dc.subject	VALUABLE
dc.subject	VALUE OF MONEY
dc.subject	VALUE OF SAVINGS
dc.subject	WAGES
dc.title	Consumer Protection and Financial Literacy : Lessons from Nine Country Studies
dc.type	Publications & Research :: Policy Research Working Paper
dc.coverage	Europe and Central Asia
dc.coverage	Europe and Central Asia
dc.coverage	Europe
dc.coverage	Eastern Europe
dc.coverage	Commonwealth of Independent States
dc.coverage	Asia
dc.coverage	Bulgaria
dc.coverage	Romania
dc.coverage	Russian Federation
dc.coverage	Czech Republic
dc.coverage	Azerbaijan
dc.coverage	Croatia
dc.coverage	Lithuania
dc.coverage	Slovak Republic
dc.coverage	Latvia