Ensuring Financial Education and Consumer Protection for All in the Digital Age
Based on an overview of worldwide trends in the development of digital financial services, this report discusses the implications of the digitalization of finance for financial education and relevant consumer protection issues. It also explores the challenges and opportunities resulting from today’s digital revolution for consumers, small businesses and particularly disadvantaged groups. The report then highlights the need to further enhance consumer protection and financial education frameworks to more effectively target digital finance, and identifies financial literacy initiatives and policy options that can help consumers better manage any potential digital risks and benefits. It illustrates the use of digital tools to deliver financial education, while addressing the role of public, private and other relevant stakeholders in this regard.
The report is based on initial contributions from 38 public institutions in Africa, Asia, Europe and the Americas through a stocktaking survey and an extensive desk research and literature review.