Consumer education and information rights in financial services

Reifner, Udo; Herwig, Isabel

doi:10.1080/1360083032000106908

Cited by 12 publications

(5 citation statements)

References 1 publication

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“…Among consumers who do enter financial markets, the adverse consequences of inadequate information range from buyers’ remorse, through significant economic loss from unsuitable products, to financial ruin for some victims of exploitative marketing or fraud. Disclosure and reflection rights appear as initial responses to such risks, whereas financial literacy education purports to strengthen the capacity of these rights to protect consumers (Reifner & Herwig 2003).…”

Section: The Rise Of Financial Literacy Education As a Regulatorymentioning

confidence: 99%

Empowerment of Whom and for What? Financial Literacy Education and the New Regulation of Consumer Financial Services

Williams

2007

Law & Policy

113

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Abstract:Financial regulators in many states recently have obtained statuory mandates to enhance consumer financial literacy. This paper investicages the development of policy pursuant to such mandates in the UK and Canada to identify how national regulators in both countries represent financial market place. It finds that regulators in both countries represent financial education as empowerment and responsible consumer behaviour. The paper rekates the tension between empowerment and responsibilization aspects of literacy enhancement to policy goals of expectations of protection. It raises questions about regulators' use of consumer education to responsiblize consumption of financial products and calls for further research on the international growth of financial literacy education as a regulatory project.

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Section: The Rise Of Financial Literacy Education As a Regulatorymentioning

confidence: 99%

Empowerment of Whom and for What? Financial Literacy Education and the New Regulation of Consumer Financial Services

Williams

2007

Law & Policy

113

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“…A second aspect stressed by several participants was financial awareness. This is a researched area (Reifner, 2003) which needs a new approach. Kingston University ran a pilot project with a series of Financial Awareness Workshops which were cut short due to lack of interest.…”

Section: Future Researchmentioning

confidence: 99%

Causes of Early Failures in Individual Voluntary Arrangements

Morgan

2008

SSRN Journal

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“…In contrast, the last section of the paper is dedicated to the conclusion. Reifner and Herwig (2003) stated that due to globalization, many consumers could not manage their finances properly due to the increasing complexity of financial services, causing social delinquency of over-indebtedness. To understand the short-term and long-term financial affairs and at the same time accomplish financial stability and financial security, one needs to depend on the basics of financial knowledge, which intensifies the urge for financial education as a political and economic agenda for government and policymakers.…”

Section: Introductionmentioning

confidence: 99%

Analyzing the Demographic Differences in Context of Financial Literacy: Evidence from Quetta City

Kasi

Noor

Sarwar

2022

JAFEE

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Purpose: This paper is aimed to analyze a set of demographic variables in the context of financial literacy. A person possessing the knowledge, skills, and abilities on financial matters can be considered financial literate. It is imperative to have such skills for efficient management of financial resources. Numerous demographic and socio-economic factors jointly determine the extent of financial literacy. Design/Methodology/Approach: The study is based on the analysis of primary data collected from the residents of Quetta city. Demographic and socio-economic factors are considered independent variables, while financial literacy is dependent. The Analysis of Variance (ANOVA) tests the hypotheses formulated to test demographic differences. Findings: The salient findings of this research are that Age, personal education, and monthly earnings have a significant difference in the context of financial literacy. However, parents' education and the monthly income of households have an insignificant association with financial literacy. Implications/Originality/Value: Financial literacy is crucial for financial inclusion, but it has a broad-spectrum impact on enhancing personal financial decisions to society's economic wellbeing of society. This research is significant to the government for forming policies for financial inclusion, financial consumer protection, and financial education. It is also of significance to learning institutions in assessing the discrepancies in the education system and building strong money management skills. And will be of assistance for researchers for a further detailed study on this phenomenon and its impact on other factors

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Consumer education and information rights in financial services

Cited by 12 publications

References 1 publication

Empowerment of Whom and for What? Financial Literacy Education and the New Regulation of Consumer Financial Services

Empowerment of Whom and for What? Financial Literacy Education and the New Regulation of Consumer Financial Services

Causes of Early Failures in Individual Voluntary Arrangements

Analyzing the Demographic Differences in Context of Financial Literacy: Evidence from Quetta City

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