Consumers of financial products and services experience a fast-evolving and complex landscape. The rise in financial scams and frauds poses material threats to consumer confidence and financial well-being, while the rapid digitalisation of the financial sector is transforming how consumers access, use and manage financial products and services, creating both new benefits and challenges. At the same time, macroeconomic conditions may increase borrowing costs and put pressure on many household budgets. When these pressures interact with pre-existing vulnerabilities affecting certain households, such as low levels of financial literacy and high debt levels, they amplify risks to financial well-being. These can be compounded by risks stemming from market conduct, such as unclear disclosures and misleading financial advice.
The second edition of the OECD Consumer Finance Risk Monitor examines the risks affecting financial consumers, the financial products and services most likely to harm consumers, and trends in consumer complaints. The report also provides recommendations on strengthening regulatory and supervisory frameworks for financial consumer protection, enhancing market conduct supervision, and empowering consumers.
