Consumers face a complex financial landscape with evolving risks that stem from economic factors, technology and digitalisation, and unfair or deceptive business models. Financial scams and risky products are also on the rise, exacerbated by low financial literacy. While quality financial products can help consumers better manage their financial lives, poor provider conduct undermines this potential role for the financial sector. 

In this context, policymakers should aim to implement comprehensive financial consumer protection frameworks that strengthen supervisory capacity, empower financial consumers and protect those who may be vulnerable. In this respect, the G20/OECD High-Level Principles on Financial Consumer Protection and the OECD Recommendation on Consumer Protection in the field of Consumer Credit can support policy makers. 

The OECD also acts as the Secretariat for FinCoNet, an international network of market conduct supervisors with responsibility for financial consumer protection. This role allows for a greater dissemination of OECD standards and analysis to a wide group of national authorities.

Financial literacy is recognised as a core life skill in the 21st century, one that is essential for empowering individuals and for supporting individual and societies' financial well-being. New risks stemming from increased financial digitalisation and social, economic and financial developments have highlighted the need to strengthen financial literacy skills to help people make sound financial decisions.

The OECD International Network on Financial Education (INFE) helps countries develop and implement sound financial education policies and programmes. In particular, the OECD supports governments and other stakeholders to measure levels of financial literacy globally, develop national strategies for financial literacy and to ensure that financial education addresses the needs of specific population groups, including young people, women, older adults, migrants, and micro and small business owners.

The last decades have seen notable progress globally in increasing individuals’ access to the formal financial system, with the share of adults owning a bank or mobile money account raising from 51% in 2011 to 76% in 2021.

As an implementing partner of the G20 Global Partnership on Financial Inclusion (GPFI), the OECD works with governments to support the development of effective financial inclusion policies, by ensuring that consumers are treated fairly, responsibly and not exploited, and that they are equipped with the financial knowledge and skills to make informed and sound decisions about their finances.