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Designing disclosures to inform consumer financial decisionmaking: lessons learned from consumer testing

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Abstract

The Federal Reserve Board has studied ways to improve the disclosures that consumers draw on when they purchase and use financial products and services. This article examines lessons learned from the Board's consumer testing projects, suggests potential best practices for disclosure content and presentation, and identifies challenges involved in crafting effective disclosures for financial products.

Suggested Citation

  • Jeanne M. Hogarth & Ellen A. Merry, 2011. "Designing disclosures to inform consumer financial decisionmaking: lessons learned from consumer testing," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 97(August), August.
    • Handle: RePEc:fip:fedgrb:y:2011:i:august:n:v.97
    DOI: 10.17016/bulletin.2011.97-3
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    File URL: http://www.federalreserve.gov/pubs/bulletin/2011/articles/DesigningDisclosures/default.htm
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    Cited by:

    1. J. Luzak & A. J. Wulf & O. Seizov & M. B. M. Loos & M. Junuzović, 2023. "ABC of Online Consumer Disclosure Duties: Improving Transparency and Legal Certainty in Europe," Journal of Consumer Policy, Springer, vol. 46(3), pages 307-333, September.
    2. O. Seizov & A. J. Wulf & J. Luzak, 2019. "The Transparent Trap: A Multidisciplinary Perspective on the Design of Transparent Online Disclosures in the EU," Journal of Consumer Policy, Springer, vol. 42(1), pages 149-173, March.
    3. D. Scheld & O. Stolper & A. Walter, 2021. "Double Dutch Finally Fixed? A Large-Scale Investigation into the Readability of Mandatory Financial Product Information," Journal of Consumer Policy, Springer, vol. 44(2), pages 151-178, June.
    4. M. G. Ceravolo & V. Farina & L. Fattobene & L. Leonelli & G. Raggetti, 2021. "Gender-Related Variability in Information Processing of Disclosure Documents," Journal of Consumer Policy, Springer, vol. 44(2), pages 217-233, June.

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    Keywords

    Consumers;

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