Kann guter Verbraucherschutz finanzielle Bildung ersetzen?

2021 ◽  
Vol 90 (1) ◽  
pp. 125-138
Author(s):  
Sally Peters ◽  
Hanne Roggemann
Keyword(s):  
Decision Making ◽  
Information Asymmetry ◽  
Consumer Protection ◽  
Financial Services ◽  
Bargaining Power ◽  
Financial Education ◽  
Limited Range ◽  
Social Contexts ◽  
Vulnerable Consumers ◽  
The One

Zusammenfassung: Finanzdienstleistungen werden im Regelfall zwischen Parteien mit einem ungleichen Status abgeschlossen. Diese Ungleichheit resultiert aus der Informationsasymmetrie und der Entscheidungshoheit über die angebotene Produktpalette. Dies beschränkt die Verhandlungsmacht auf Seiten der Verbraucherinnen und Verbraucher. Durch finanzielle Bildung kann ein Beitrag geleistet werden, um Informationsasymmetrie zu reduzieren. Auf Seiten des Verbraucherschutzes begegnet der Gesetzgeber dieser Ungleichheit mit Regulierungen im Bereich der Informations- und Beratungspflichten. Kritisch bleibt aber, dass durch die Entscheidungshoheit über die angebotene Produktpalette, gerade für rupundbare Verbraucherinnen und Verbraucher, die womöglich hinsichtlich ihres Geldbedarfs unter einem besonderen Leidensdruck stehen, das Angebot im Bereich der Finanzdienstleistungen beschränkt ist. Insofern müssen finanzielle Bildung und Verbraucherschutz hier Hand in Hand gehen, um zu vermeiden, dass die Ungleichheit in der Verhandlungsmacht zu Überschuldung und unverhältnismäßigen Zugangsbeschränkungen führt. Finanzieller Allgemeinbildung im Kontext des sozialen Verbraucherschutzes kommen insofern vielfältige Funktionen zu. Sie müssen soziale Problemlagen und den Umgang mit Lebensrisiken einbeziehen, sie bedürfen eines Grundlagenverständnisses und einer Sensibilisierung für die eigene Einstellung zu Geld und sie sollten die Fähigkeit und Bereitschaft zur Vertretung eigener Interessen fördern. Summary: Typically, financial services are contracted between parties with an unequal status. This inequality results from information asymmetry and the one-sided decision-making authority over the range of products offered. It thus limits the bargaining power on the part of consumers. Financial education can help reduce such information asymmetry. On the consumer protection side, legislators are countering this inequality with regulations regarding information and advisory duties. However, it remains problematic that due to the decision-making authority over the product range offered, particularly vulnerable consumers can only access a limited range of financial services. At the same time, these consumers may already be under extreme pressure in terms of their monetary needs. Therefore, financial education and consumer protection are both crucial tools to avoid inequality in bargaining power, and consequently over-indebtedness and disproportionate restrictions on access. In this respect, general financial education in the context of social consumer protection has multiple functions. It must include social contexts and how to deal with life risks, it requires a basic understanding and awareness of one’s own attitude toward money, and it should promote the ability and willingness to represent one’s own interests.

Financial Education and Inclusion

2018 ◽  
pp. 140-162
Author(s):  
Omar Alonso Patiño Castro
Keyword(s):  
Decision Making ◽  
Venture Capital ◽  
Financial Services ◽  
Financial Education ◽  
Financial Sustainability ◽  
Short Term ◽  
Wrong Decision ◽  
Financial Pressure ◽  
In The Beginning

One of the greatest drawbacks for entrepreneurship is to achieve the financial sustainability of a project in the short term. This is a phase of the venture in which mistakes can be made and ideas can be considered; in the beginning, they can be considered as good ideas, but they are usually not brought to a happy end because of wrong decision making. Being the access to venture capital a vital need for a project, it is very possible that the decisions that are made are not accurate and with this, financial pressure is placed on a project that, at its outset, requires support in this regard. Due to the above, the improvement in the levels of financial education and the early insertion in the financial services is a decision that helps to improve the quality of decision making and with this, to have greater certainty about the possibilities of success that an entrepreneurship project can have.

scholarly journals (The Role of Financial Inclusion in Providing Protection to Beneficiaries of Financial Services in the Palestinian Banking Sector (2013/2017: دور الشمول المالي في توفير الحماية للمستفيدين من الخدمات المالية في القطاع المصرفي الفلسطيني- الفترة (2013- 2017)

2019 ◽  
Vol 3 (6) ◽  
Author(s):  
Yasser Ahmed Shaheen
Keyword(s):  
Consumer Protection ◽  
Financial Services ◽  
Financial Stability ◽  
Banking Sector ◽  
Secondary Data ◽  
Financial Education ◽  
Financial Inclusion ◽  
Banking Services ◽  
Degree Of Protection

  The study aimed at examining some of the indicators of financial inclusion in the Palestinian banking sector through published secondary data on the Palestinian banking sector during the period (2013- 2017), as well as to measure the degree of protection for beneficiaries of financial services in the Palestinian banking sector. The researcher used the descriptive analytical method to suit the purposes of the study. The secondary data published and prepared by the researcher were used to examine the state of financial coverage in the banking sector. A questionnaire has been designed for the purpose of collecting preliminary data regarding the level of protection provided by the banking sector to users of financial banking services through 8 areas of protection developed after reference to literature and previous studies. The study population consisted of all the beneficiaries of banking financial services in the West Bank. In view of the large size of the study society, a soft sample of (100) conditional on the characteristics of the respondents was used in terms of (banking culture, years of experience in dealing with banks, Sectoral& banking diversification).The researcher reached the following results: - The Palestinian banking sector promotes the reality of financial inclusion, which contributes significantly to enhancing financial stability. Where banks are strengthening protection for users of banking services, although the level of protection was average (2.78) overall score through the eight areas covered by the study. - The regulatory and supervisory role of the Palestinian Monetary Authority in this important sector was medium. Consumer protection bodies are required to have an active and proactive role to organize the required protection. The researcher recommended the importance of financial education to improve the financial personality of individuals and institutions, help them understand their rights and duties in dealing with the services discharged, the importance of the consumer protection associations roles in enhancing banking protection.    

scholarly journals Estrategia Didáctica Basada En La Lúdica Para La Adquisición De Competencias Financieras En Estudiantes De La Licenciatura En Administración

2018 ◽  
Vol 14 (7) ◽  
pp. 69
Author(s):  
Armando Sánchez-Macías ◽  
Virginia Azuara-Pugliese ◽  
Ma Lourdes Martínez-Cerda
Keyword(s):  
Financial Services ◽  
Financial Education ◽  
Social Contexts ◽  
Control Group ◽  
Financial Risks ◽  
Board Game ◽  
Didactic Strategies ◽  
Management Students ◽  
And Control ◽  
The Impact

Financial competencies are about knowledge and understanding of both, financial concepts and financial risks, as well as the confidence to put them into practice. Ludic didactic strategies can be oriented towards knowledge acquisition of such skills. This paper aims to describe the impact of the use of a ludic didactic strategy to acquire financial competencies in undergraduate Management students in the CARAO –UASLP. This study is correlational, longitudinal with a quantitative approach that includes a quasiexperiment. A previous financial competencies diagnosis was performed as well as a latter one in an experimental and control group using a test and a survey. All of the students allocated in the second semester were tested and surveyed. The intervention done only in the experimental group was through a board game called “Cashflow 101” during a period of time of two months. The test outcomes show that most students require financial education and according to the survey approximately 70% has never used financial services altogether. Nevertheless, a relationship was found among financial competencies and various aspects of social contexts, such as owning a house or a car, which seem to increase the chances of having used financial services. Overall, it is clear that the use of the board game serves as a ludic tool for developing financial skills in a ludic form.

Information asymmetry on financial market and protection of credit services consumers’ rights in the Russian Federation

2015 ◽  
Vol 2015 (6) ◽  
pp. 17-39
Author(s):  
Rostislav Kokorev ◽  
Tatyana Plotnikova ◽  
Anna Solodukhina ◽  
Irina Surkova ◽  
Sergey Trukhachev
Keyword(s):  
Information Asymmetry ◽  
World Bank ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Education ◽  
Joint Project ◽  
Rights Protection ◽  
The World Bank ◽  
Retail Credit ◽  
The Russian Federation

The article is based on the results of the monitoring of financial services consumers’ rights protection, held within the framework of the joint project «Financial Education and Financial Literacy»оf the Russian Мinistry of Finance and the World Bank. The results show the influence of information asymmetry on consumers’ and financial organizations’ behavior in the retail credit market (broken into such segments as consumer credits, mortgages, car credits, microfinance lending). The paper identifies the most serious violations of consumers’ rights provoked by the asymmetry and offers recommendations for diminishing the information asymmetry.

Blockchain in Supply Chain: Case Study of Lottemart Ciputat

2019 ◽  
Vol 5 (1) ◽  
pp. 38-49 ◽  
Author(s):  
B. K. Handoyo ◽  
M. R. Mashudi ◽  
H. P. Ipung
Keyword(s):  
Decision Making ◽  
Supply Chain ◽  
Supply Chain Management ◽  
Information Asymmetry ◽  
New Technology ◽  
Business Case ◽  
Analysis Method ◽  
Chain Management ◽  
Production Processes

Current supply chain methods are having difficulties in resolving problems arising from the lack of trust in supply chains. The root reason lies in two challenges brought to the traditional mechanism: self-interests of supply chain members and information asymmetry in production processes. Blockchain is a promising technology to address these problems. The key objective of this paper is to present qualitative analysis for blockchain in supply chain as the decision-making framework to implement this new technology. The analysis method used Val IT business case framework, validated by the expert judgements. The further study needs to be elaborated by either the existing organization that use blockchain or assessment by the organization that will use blockchain to improve their supply chain management.

Bid rigging in public procurement market according to the decisions of the President of the Office of Competition and Consumer Protection

2018 ◽  
Vol 5 (2) ◽  
pp. 161
Author(s):  
Konrad RÓŻOWICZ
Keyword(s):  
Decision Making ◽  
Comparative Analysis ◽  
Consumer Protection ◽  
Design Research ◽  
Public Procurement ◽  
Appeal Chamber ◽  
Interesting Issue ◽  
Market Control ◽  
The Public ◽  
Bid Rigging

Aim: In the practice of awarding public contracts, sometimes the behavior of market actors, instead of competing with other entities, are aimed at illegal cooperation, including bid rigging. The above shows that healthy competition is not possible without efficient market control. In public procurement market this control is, primarily, carried out by public procurement entities: the President of the Public Procurement Office (Prezes UZP) and the National Appeal Chamber (KIO), and furthermore by President od the Office of Competition (Prezes UOKiK) and Consumer Protection and the Court od Competition and Consumer Protection. and Consumer Protection (SOKiK). The interesting issue is how the activities of the President of Office of Competition and Consumer Protection targeted  to contend with bid rigging affects on the activities of President of the Public Procurement Office (Prezes UZP) or the National Appeal Chamber (KIO). Design / Research methods: analysis and comparison decisions/ judgment issued by the President of the Public Procurement Office, National Appeal Chamber, the President of  the Office of Competition and Consumer Protection and the Court of Competition and Consumer Protection. Conclusions: The analysis has shown that the existence of specificities in the activities of the decision-making bodies and the judgments examined. However, in keeping with the specificity of the forms and objectives of control, these entities should cooperate, to a greater extent than before. Expanding the scope of cooperation would make it possible to better contend with bid rigging without changing the competition protection model. The introduction of institutionalized instruments for cooperation between the authorities seems to be valuable in terms of system solutions. Value of the article: The main value of the article is the comparison of selectively selected decisions and judgments representative of the problem under consideration and their comparative analysis in order to achieve the research objectives. The article deals with issues relevant to both public procurement practitioners and the state bodies dealing with procurement matters.

A Study on Investment Decision of Investors With Reference to Penetration of Mutual Funds in India

2016 ◽  
Vol 5 (2) ◽  
Author(s):  
Ratish C Gupta ◽  
Dr. Manish Mittal
Keyword(s):  
Decision Making ◽  
Real Estate ◽  
Mutual Funds ◽  
Capital Markets ◽  
Mutual Fund ◽  
Financial Services ◽  
Investment Decision ◽  
Fund Industry ◽  
Mutual Fund Industry ◽  
The Impact

The Indian mutual fund industry is one of the fastest growing and most competitive segments of the financial sector. The extent of under-penetration in the market is a sore point with the financial services industry, with a large amount of savings being channelized into fixed deposits, gold and real estate rather than the capital markets. The mutual fund industry is yet to spread its reach beyond Tier I cities. The top fifteen cities contribute to 85% of the pie, with the remaining 15% distributed among other cities. The study seeks to determine the impact of decision making of investors on current situation of mutual fund industry.

Mega-Regional Trade Agreements: CETA, TTIP, and TiSA

2017 ◽  
Keyword(s):  
International Economic ◽  
Financial Services ◽  
Dispute Settlement ◽  
Economic Relations ◽  
Economic Law ◽  
Legal Perspective ◽  
International Economic Law ◽  
Regional Agreements ◽  
The One ◽  
International Experts

The contributions in this volume examine CETA, TTIP, and TiSA as prime examples of ‘mega-regional’ agreements that are central to a new orientation in international economic law in general and EU external economic relations in particular. While concentrating on CETA, TTIP, and TiSA as the main EU instruments in the worldwide turn to regional and mega-regional agreements, the book places these initiatives in the broader context of other mega-regional projects such as TPP. In the first two chapters, this book examines main motivations for negotiating mega-regional agreements and changing conceptions of international economic law. In nine further contributions, international experts examine sectoral issues such as the trade, investment, and dispute settlement disciplines envisaged in these ‘mega-regional’ agreements. Moreover, the progress made in intellectual property protection, the problems associated with data protection, disciplines on financial services, human rights, labour and environmental standards, issues of transparency and legitimacy, and the relationship between CETA, TTIP, and TiSA on the one hand and EU law on the other are analysed. Finally, four short contributions discuss fundamental questions surrounding these mega-regional agreements from an economic, a political science, and a legal perspective. The last chapter of this volume summarizes principal conclusions presented in the chapters of the book and highlights themes that recur in them.

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