Children and Finance: Consumer Protection and Security of Savings and Payments

Paper
Date Published: 
Oct 2017
Author: 
Imaeva, G.R., Aymaletdinov, T.A., Smirnov, K.V., Baymuratova, L.R., Sharova, O.A. & Avakyan, K.E.

Overview of recommendations, guidelines and best practices

Children are a key target group and a starting point for the development of a "financially literate society of the future" in any country. However, at the same time, children are one of the most vulnerable categories of citizens. While children and adolescents have great potential to learn and to adapt to innovative products, the ability of young people to make and be accountable for independent decisions is limited. Therefore, considering the limited capacity of minors, it is imperative to ensure the maximum protection of all financial transactions, as well as to develop children’s interest in learning more about the financial products.

This report can be useful for all market participants interested in developing a long-term strategy to serve this segment, taking into account the regulatory framework, the needs of children and their parents, as well as learning about the international guidelines and recommendations and existing opportunities for the financial institutions themselves. The study is another important step towards the formation of a sophisticated financial market, where financially literate and responsible consumers have access to safe financial products and services. The report includes an overview of international recommendations, guidelines and best practices in this area, with practical examples, cases and tools on youth-specific products.

Type: 
Paper