Consumer financial well-being in the post-Crisis era

The financial services industry has gone through significant changes over the past decade or two. In the wake of episodes of misconduct before and after the Financial Crisis, new rules of conduct were introduced to ensure more robust consumer protection and restore trust in financial services. Side by side with new regulatory frameworks, a consumer financial education ethos was brought to the forefront. At present, technological advances in the financial industry are reinforcing the need for consumer financial education. In this respect, it is worth surveying the role of financial education in the post-Crisis era. Compared to the past, concrete initiatives by involved stakeholders show the prominence that financial education has gained so far regarding the objective of improving the consumer’s financial well-being. This paper highlights such centrality and reflects on the effort required to ensure that financial education is a dynamic and effective process that meets its goals.