Users of financial services
A certain level of knowledge of fundamental financial concepts and basic numeracy skills are needed in order to effectively participate in financial markets. To assess people's understanding of financial concepts the Financial Capability and Consumer Protection survey instrument includes core questions relating to 'Financial knowledge'. It covers concepts such as inflation, simple interest, compound interest or money illusion. In addition, it includes questions to test people's basic numeracy skills needed, for instance, to be able to shop around and to identify cheaper bargains. Since knowledge alone does not necessarily translate into sound financial behavior the questionnaire further collects information on people's 'Financial behavior and attitudes'.
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Providers of financial services, policy and regulations
The global survey on Consumer Protection and Financial Literacy (CPFL) 2013 is the first in a planned bi annual series presenting indicators on relevant CPFL topics for loan and deposit taking institutions. The report updates data on access to financial services from a survey of financial regulators in over 100 economies and includes chapters on legal framework, institutional arrangement, disclosure practices, dispute resolution mechanisms and financial literacy. Data were collected through a survey sent to country financial supervisors, such as central banks or consumer protection agencies where available. The survey questionnaire consists of two parts: the consumer protection and financial literacy questions. It includes questions on the 5 identified topic areas under consumer protection. These are the legal framework, institutional framework, disclosure requirements, business practices and dispute resolution mechanisms.
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