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Behavioural economics and financial consumer protection

Author

Listed:
  • Anne-Francoise Lefevre

    (OECD)

  • Michael Chapman

    (OECD)

Abstract

The G20/OECD Task Force on Financial Consumer Protection has highlighted that "regulators and supervisors can use the insights gained through behavioural economics research to inform their approach to potential remedies to help consumers". This paper, prepared under the aegis of the G20/OECD Task Force, first provides some historical context for the development of the field of behavioural economics and its increased application to policy. It then looks more specifically at the application of behavioural economics in the area of financial consumer protection. Common biases that individuals demonstrate in the context of making financial decisions are identified, and an overview of how numerous governments are testing and implementing the application of behavioural economics for policies promoting financial consumer protection is provided. The paper concludes by highlighting the opportunity for behavioural economics to help provide cost-efficient ways of making policy more effective at promoting positive outcomes for consumers, and stressing the need to continue an open dialogue with policy makers, regulators and supervisors to exchange experiences and good practices.

Suggested Citation

  • Anne-Francoise Lefevre & Michael Chapman, 2017. "Behavioural economics and financial consumer protection," OECD Working Papers on Finance, Insurance and Private Pensions 42, OECD Publishing.
    • Handle: RePEc:oec:dafaad:42-en
    DOI: 10.1787/0c8685b2-en
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    Cited by:

    1. Carton, F.L. & Xiong, H. & McCarthy, J.B., 2022. "Drivers of financial well-being in socio-economic deprived populations," Journal of Behavioral and Experimental Finance, Elsevier, vol. 34(C).
    2. Legenzova Renata & Leckė Gintarė, 2022. "Exploring Lithuanian Real Estate Crowdfunding Investors’ Rationality," Management of Organizations: Systematic Research, Sciendo, vol. 87(1), pages 83-102, June.
    3. Giulia Sonetti & Martin Brown & Emanuele Naboni, 2019. "About the Triggering of UN Sustainable Development Goals and Regenerative Sustainability in Higher Education," Sustainability, MDPI, vol. 11(1), pages 1-17, January.

    More about this item

    Keywords

    behevioural economics; financial consumer protection;

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D18 - Microeconomics - - Household Behavior - - - Consumer Protection
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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