A New Approach to Financial Policies and Regulations
Edited by Riccardo Viale, Shabnam Mousavi, Barbara Alemanni and Umberto Filotto
Chapter 12: Behavioral finance: from financial consumer protection to financial education
Based on a survey run by the Bank of Italy, this chapter shows that the financial competencies of the Italian adult population are low compared with international standards, and behavioral biases, overconfidence in particular, are pervasive. We argue that financial consumer protection authorities should explicitly take into account these consumers’ characteristics by implementing policies that synergistically combine regulation and financial education. An approach to financial education geared towards behavioral economics requires the development of a rich set of bias_specific (and target_specific) resources and a multi-disciplinary line of attack. In this respect, national strategies on financial education can play a crucial role by stimulating a closer collaboration not only between public and private players, but also between experts of different fields (such as economists, psychologists, and experts of adult learning or communication).
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