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The International Review of Financial Consumers(IRFC)

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Financial education around the world has been promoted actively. However, the financial literacy level is still low, and financial illiteracy is prevalent. Evidence of the effectiveness of financial education on financial literacy and financial behaviors from previous studies are mixed. Several literature reviews and meta-analyses that discuss causal relationships of financial education, financial literacy, and financial behavior also reported mixed conclusions. Using more recent articles, we reviewed the literature to determine why a consensus has not been reached. We provide suggestions for future studies and evaluations of financial education. We further discuss the implications for policy to improve financial outcomes of individuals.
This paper is concerned with appropriate regulatory remedies to manage and control the overheated speculation and sig nificant fraudulent a ctivities in v irtual a sset markets i n Korea. The c ryptocurrency market h as g rown l ike skyrockets in size as measured by market capitalization and trading volume, particularly during this COVID-19 pandemic period. As the market has been growing too fast, regulatory responses haven’t been prepared and applied to the market in a timely matter, and a lot of speculative and fraudulent activities have risen under the regulatory shadow. In order to make the market develop soundly with integrity, appropriate regulatory measures should be introduced including externality checks and controls, securities and financial conduct regulations, strict investor identification, financial education, and financial consumer protection like in other banking and securities services.
Technologies are reshaping the insurance industry. Technologies are transforming the way insurers distribute, underwrite, manage products, and settle claims. Artificial Intelligence utilizes a wide range of data, and algorithms to access risks, target customers, and recommend products. It is not only that technological innovations improve the efficiency and lower frictions in each step of the value chain, but the industry is undergoing greater change. New market participants such as startups, Big Tech platform firms, manufacturers, and other service providers have entered the insurance industry in one way or another to serve their customers in the ecosystems. Although most changes seem to benefit financial consumers, the widespread and rapid change can create grey areas in financial consumer protection regulations, resulting in unexpected harm to consumers. In this study, I summarize current changes in the insurance industry and provide issues that call for supervisory attention in terms of financial consumer protection.
This study aims to assess the welfare implications of the FinTech service providers on financial consumers, by focusing on one particular subsector - the online capital-raising activities (CRA) including P2P lending and crowdfunding. To t hat end, t he key a rg uments a dvanced b y the recent s tudies are s ynthesized a s follows: T hanks to the r apid deployment of online platforms and digital data in recent years, the CRA service providers have greatly enhanced intermediation efficiency, which results in lower transaction cost and heightened convenience for financial consumers, and have a lso extended f inancial inclusion for marg inal borrowers in both developed and developing countries; These alternative service providers tend to narrow the credit gap caused by information asymmetry between borrowers and lenders by utilizing soft data for ex ante credit evaluation; However, some concerns are raised as to the likelihood of over-leverage by certain segments of P2P platform borrowers as well as the heightened risk of cyber-crimes such as identity theft and voice phishing. Based on these findings, policy implications as to designing effective measures of financial consumer protection, both from demand-side and supply-side of the CRA service sectors, are discussed.
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