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Social Insurance, Informality, and Labor MarketsHow to Protect Workers While Creating Good Jobs$
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Markus Frölich, David Kaplan, Carmen Pagés, Jamele Rigolini, and David Robalino

Print publication date: 2014

Print ISBN-13: 9780199685233

Published to Oxford Scholarship Online: March 2015

DOI: 10.1093/acprof:oso/9780199685233.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 28 November 2021

Participation in Mandated and Voluntary Social Risk Management Arrangements

Participation in Mandated and Voluntary Social Risk Management Arrangements

The Role and Limits of Financial Education and Other Interventions*

Chapter:
(p.191) 7 Participation in Mandated and Voluntary Social Risk Management Arrangements
Source:
Social Insurance, Informality, and Labor Markets
Author(s):

Robert Holzmann

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199685233.003.0007

Can financial education or related alternative interventions enhance financial literacy/capability and thus promote better use of market-based and government-sponsored social risk management instruments? If so, this would have significant ramifications for the level of mandating and the scope of effective coverage against key social risks. A review of the state of the art provides rich results and offers five main conclusions: firstly, financial capability may not be the binding constraint for better instrument use in view of supply and other demand side limitations; secondly, for a successful application of financial capability, a convincing concept and measurement and evidence-based financial education interventions are lacking; thirdly, there are promising but little tested alternative interventions for influencing financial behavior based on (emotional) persuasion rather than (cognitive) education, such as social marketing and educational entertainment; fourthly, few such alternative interventions have been applied to voluntary market-based social risk management instruments and almost none to mandated government-sponsored ones; and, finally, despite conceptual uncertainty and empirical gaps, continuing the status quo and imposing the same mandate may not be the best way forward. Instead, governments should move on multiple fronts, including working on better access to and structure of risk management instruments, making individuals financially more capable, nudging individuals toward better behavior and outcomes, and advocating good risk management behavior with social marketing, edutainment, and more. But all this will need to happen under an overall results framework and rigorous evaluation.

Keywords:   social risk management, social marketing, financial education, financial capability, social risks

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