Croatia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1. Key Findings and Recommendations

As financial markets develop and deepen, one of the key issues for a fair, open and efficient market is effective consumer protection and financial literacy. The European Union takes the approach that an effective regime of financial consumer protection should allow consumers to have access to: sufficient information to make informed decisions about their financial choices; cost-effective recourse mechanisms to redress violations of financial service contracts; and programs of consumer education and financial literacy that empower them to understand their financial rights and obligations. This review has found that the quality of consumer protection in financial services in Croatia has improved in recent years. In particular, the approval of the 2007 Consumer Protection Act incorporated many of the EU Directives related to financial consumer protection. In addition, the National Council on Consumer Protection was established in 2008 to advise the Government on its national strategy for consumer protection in the coming years. A nation-wide baseline survey of financial literacy would provide useful information in designing programs in financial education and consumer awareness. As pioneered in the United Kingdom, financial literacy surveys can identify which part of the population is most vulnerable to financial abuse. The baseline survey should be segmented by age, gender, geographic area, household income, and formal education. After a period of three to five years, a follow-up survey could be done to evaluate the effectiveness of the programs of financial education and consumer awareness.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2010-02
Subjects:	ACCESS TO CREDIT, ACCURATE INFORMATION, ADVERTISEMENTS, ANNUAL INTEREST RATE, ANNUAL PERCENTAGE RATE, ANNUAL RETURN, APR, ATM, AUTOMATIC TELLER, BANK ACCOUNT, BANK CREDIT, BANK LENDING, BANK LOANS, BANK PRODUCTS, BANKING INDUSTRY, BANKING PRODUCTS, BANKS, BASIC FINANCIAL SERVICES, BEST PRACTICES, BORROWER, BROCHURES, BUDGETING, CALCULATION, CAPITAL MARKET, CAPITAL MARKETS, CHAMBERS OF COMMERCE, COMMERCIAL BANK, COMMERCIAL BANKS, COMPARISONS OF LOAN, CONSUMER, CONSUMER COMPLAINTS, CONSUMER COUNSELING, CONSUMER CREDIT, CONSUMER CREDITS, CONSUMER EDUCATION, CONSUMER FINANCE, CONSUMER GOODS, CONSUMER LENDING, CONSUMER LOAN, CONSUMER LOANS, CONSUMER ORGANIZATIONS, CONSUMER PROTECTION, CONSUMER PROTECTION LAWS, CONSUMER RIGHTS, CONSUMER UNDERSTANDING, CONSUMERS, CONTRIBUTIONS, CREDIT BUREAU, CREDIT BUREAUS, CREDIT CARD, CREDIT HISTORIES, CREDIT INSTITUTIONS, CREDIT PRODUCTS, CREDIT RECORD, CREDIT REPORT, CREDIT RISK, CREDIT SCORES, CREDIT SCORING, CREDITORS, CURRENT ACCOUNT, DEBT, DEBT COLLECTION, DEBTOR, DEBTORS, DELINQUENCY, DELINQUENCY RATES, DEPOSIT, DEPOSIT INSURANCE, DEPOSIT PRODUCTS, DEPOSITS, DISPOSABLE INCOME, DOMESTIC CURRENCY, DURABLE GOOD, EXCHANGE RATES, FAMILY MEMBERS, FEDERAL RESERVE, FINANCE COMPANIES, FINANCE COMPANY, FINANCIAL ABUSE, FINANCIAL ACTIVITIES, FINANCIAL AGENCY, FINANCIAL BEHAVIOR, FINANCIAL CONSUMER, FINANCIAL CONSUMERS, FINANCIAL CRISIS, FINANCIAL CUSTOMERS, FINANCIAL DECISIONS, FINANCIAL EDUCATION, FINANCIAL EDUCATION PROGRAMS, FINANCIAL EXPERIENCE, FINANCIAL GROUP, FINANCIAL HEALTH, FINANCIAL INDUSTRY, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL INTERMEDIARIES, FINANCIAL INVESTMENTS, FINANCIAL ISSUES, FINANCIAL LITERACY, FINANCIAL LITERACY PROGRAMS, FINANCIAL LITERACY SURVEYS, FINANCIAL MARKETS, FINANCIAL OPTIONS, FINANCIAL PRACTICES, FINANCIAL PRODUCT, FINANCIAL PRODUCTS, FINANCIAL PROFESSIONAL, FINANCIAL REGULATORS, FINANCIAL RESPONSIBILITY, FINANCIAL SECTOR, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SERVICE, FINANCIAL SERVICE PROVIDERS, FINANCIAL SERVICES, FINANCIAL SERVICES AUTHORITY, FINANCIAL SERVICES INDUSTRY, FINANCIAL SERVICES PROVIDERS, FINANCIAL STABILITY, FINANCIAL SYSTEM, FINANCIAL SYSTEMS, FOREIGN CURRENCIES, FOREIGN CURRENCY, FORMAL EDUCATION, GOOD CREDIT, HEALTH INSURANCE, HIGH SCHOOL STUDENTS, HOUSEHOLD DEBT, HOUSEHOLD FINANCES, HOUSEHOLD INCOME, INDEBTEDNESS, INDIVIDUAL ACCOUNTS, INFORMATION SYSTEM, INFORMED DECISIONS, INSURANCE, INSURANCE COMPANIES, INSURANCE POLICIES, INSURANCE POLICY, INTEREST CHARGES, INTEREST RATES, INVESTMENT ADVISOR, INVESTMENT ADVISORS, INVESTMENT FIRM, INVESTMENT FIRMS, INVESTMENT PRODUCT, INVESTMENT RETURNS, INVESTMENT STRATEGIES, LEGAL RECOURSE, LENDER, LENDERS, LIABILITY, LIFE INSURANCE, LITERACY PROGRAM, LOAN, LOAN AMOUNT, LOAN APPLICATIONS, LOCAL CURRENCY, LONG-TERM FINANCIAL PLANS, LONG-TERM SAVINGS, LOW COST, LOW-INCOME, MARKET PARTICIPANTS, MARKETING, MEDIA CAMPAIGN, MONTHLY PAYMENTS, MORTGAGE, MORTGAGE FINANCE, MORTGAGE LOAN, MORTGAGE LOANS, MORTGAGES, NATIONAL BANK, PARENT COMPANY, PENALTY FEES, PENSION, PENSION FUND, PENSION FUNDS, PENSION PRODUCTS, PENSION SECTORS, PENSION SYSTEM, PENSIONERS, PENSIONS, PERSONAL FINANCIAL INFORMATION, POOR FINANCIAL LITERACY, PREDATORY LENDING, PRIVATE PENSIONS, PROFESSIONAL ASSOCIATION, PROFESSIONAL ASSOCIATIONS, PUBLIC GOOD, PUBLIC-PRIVATE PARTNERSHIP, PURCHASES, REPAYMENT, RESPONSIBILITIES, RETAIL FINANCIAL SERVICES, RETIRED, RETIREMENT, RETIREMENT INCOME, RISK MANAGEMENT, SALARY, SALE, SALES, SAVINGS FOR RETIREMENT, SAVINGS GOALS, SCAMS, SECURITIES, SENIOR, SERVICES FOR LOW-INCOME HOUSEHOLDS, SHARE PRICES, STAKEHOLDERS, STOCK EXCHANGE, STOCKS, TAX LAWS, TERM CONTRACT, TIMELY PAYMENTS, TOTAL COSTS, TRANSACTION, TYPES OF INVESTMENTS, TYPES OF LOANS, UNION, VALUABLE,
Online Access:	http://documents.worldbank.org/curated/en/2010/02/16376817/croatia-diagnostic-review-consumer-protection-financial-literacy-vol-1-2 https://hdl.handle.net/10986/18488
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