Review of national financial education policies aimed at the young

Lučić, Andrea; Uzelac, Marija; Gaćina, Luka

doi:10.51680/ev.34.2.15

Cited by 1 publication

(1 citation statement)

References 17 publications

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“…Indeed, overall, financial education is a crucial factor in helping consumers make better financial decisions. Financial education is a process of improving consumers' understanding of financial terms and concepts and acquiring skills and confidence crucial to making efficient and informed financial decisions and, ultimately, achieving personal welfare (Lučić, Uzelac, and Gaćina, 2021). Research has shown that people with more financial literacy make better financial decisions and show positive financial behaviors (Nicolini and Haupt, 2019).…”

Section: Consumer and Business Risksmentioning

confidence: 99%

Open Finance in Latin America and the Caribbean: Great Opportunities, Large Challenges

Herrera,

Pereira,

Volochen

et al. 2023

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This document is a comprehensive study of open finance, its context, and its value for the financial system in Latin America and the Caribbean. It also delves into the intricacies of the open finance ecosystem and analyzes its risks and opportunities. The document describes the status of the development of open finance in the region and discusses the challenges faced in implementing the ecosystem there. Finally, this text guides financial regulators and supervisors, considering international best practices and regional distinctions. This document examines how the regulatory framework can contribute to handing power over data to financial consumers, allowing them to obtain better conditions for accessing and using financial products with security and efficiency. These conditions translate into facilitating access to the financial market for financially excluded consumers, reducing the prices for financial services among those already served, and facilitating portability or switching between providers. A study of the region highlights the benefits of open finance, such as increased competition, greater financial inclusion, and reduced entry barriers for consumers, but also acknowledges the risks, including cybersecurity and consumer-protection risks. The document emphasizes the need for robust data-protection regulations, consumer safeguards, and technological infrastructure to establish a sustainable and secure open finance ecosystem. The objective is to understand open finance, its role in the modern financial landscape, and its potential benefits and challenges. This document also aims to establish principles for a specific regulatory framework that facilitates the development of open finance in the region. This research is a collaborative effort between the Financial Data and Technology Association and the Inter-American Development Bank through its FintechLAC initiative.

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Section: Consumer and Business Risksmentioning

confidence: 99%