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This paper uses a panel of personal income tax return data for the population of Thai tax filers to examine how individuals respond to tax subsidy for long-term savings. We utilize the 2013 tax reform that lowered the price subsidy for long-term savings in order to obtain causal identification. Our difference-in-difference analysis illustrates that there is a considerable heterogeneity in the individual responses to the subsidy cut—with middle-income taxpayers responding much more than their high-income counterparts. Among the middle-income group, we also find that the subsidy reduction has larger effects on decisions of smaller contributors. Our findings shed light on the heterogeneity of individual responses which are crucial for policymakers who consider an incremental change in the existing tax incentive scheme. Supplementary Information The online version contains supplementary material available at 10.1007/s10797-021-09687-w.

Life is a natural course, full of uncertainty and temptation of every human being. In order to make our lives more peaceful and have a more peaceful future, we are trying in various ways to secure ourselves and make our lives safer. Savings through insurance is a life-saving type of savings that involves the material protection of an individual against the risk of premature death and loss or loss of ability to earn money. In conditions where the solidarity-based pension system is unsustainable, it is necessary to develop voluntary pension insurance and savings through life insurance, as sources of long-term savings and additional sources of financing. The subject of this research is to answer the question of what people think about saving through life insurance. The main objective of this research is to evaluate the attitude of the residents of the Republic of Serbia towards saving through life insurance. The survey was conducted on the territory of the entire Republic of Serbia, on a suitable sample of 500 respondents. Through this paper, the citizens' attitude towards saving through life insurance in the Republic of Serbia is analyzed in one place. By analyzing the data from the survey, we can conclude that the general hypothesis is confirmed: Residents are not satisfied with the current state of savings through life insurance in the Republic of Serbia. Живот је природан ток, пун неизвесности и искушења сваког човека. Да бисмо свој живот учинили мирнијим и имали мирнију будућност, на разне начине покушавамо да се осигурамо и учинимо свој живот сигурнијим. Штедња путем осигурања је врста штедње која спашава живот и укључује материјалну заштиту појединца од ризика од превремене смрти и губитка или губитка способности за зараду. У условима када је солидарни пензијски систем неодржив, неопходно је развити добровољно пензијско осигурање и штедњу кроз животно осигурање, као изворе дугорочне штедње и додатне изворе финансирања. Предмет овог истраживања је да одговори на питање шта људи мисле о штедњи кроз животно осигурање. Основни циљ овог истраживања је процена односа становника Републике Србије према штедњи кроз животно осигурање. Истраживање је спроведено на територији целе Републике Србије, на одговарајућем узорку од 500 испитаника. Кроз овај рад на једном месту се анализира однос грађана према штедњи кроз животно осигурање у Републици Србији. Анализом података из анкете можемо закључити да се потврђује општа хипотеза: Становници нису задовољни тренутним стањем штедње кроз животно осигурање у Републици Србији.

This paper uses a panel of personal income tax return data for the population of Thai tax filers to examine how individuals respond to tax subsidy for long-term savings. We utilize the 2013 tax reform that lowered the price subsidy for long-term savings in order to obtain causal identification. Our difference-in-difference analysis illustrates that there is a considerable heterogeneity in the individual responses to the subsidy cut—with middle-income taxpayers responding much greater than their high-income counterparts. Among the middle-income group, we also find that the subsidy reduction has larger effects on decisions of smaller contributors. Our findings shed light on the heterogeneity of individual responses which are crucial for policymakers who consider an incremental change in the existing tax incentive scheme.

The existence of a sound financial consumer protection framework is fundamental to increasing access to and usage of financial services, and the quality of those financial services, along with supporting further financial sector deepening. Financial consumer protection is a necessary precursor to building trust in the formal financial sector and thus in encouraging financial inclusion. Further, consumer protection helps ensure that expanded access benefits consumers and the economy as a whole. While increased access can result in significant economic and societal benefits, it can be neutral or even harmful if consumers: (i) cannot exercise their rights as consumers, (ii) cannot select the financial products that suit them best; and (iii) are not protected from mis-selling, fraud, and other market abuses. The main objective of a CPFL Review is to assess the legal, regulatory, and institutional frameworks for financial consumer protection in a country, with reference to the good practices. The following areas are addressed: (i) institutional arrangements, (ii) the legal and regulatory framework, (iii) transparency and disclosure, (iv) business practices, (v) complaints handling and dispute resolution mechanisms and (vi) financial literacy/capability. All parts of a financial sector can be considered, including banking, non-bank credit institutions, insurance, securities, private pensions, and credit reporting.

La reciente reforma del sistema público de pensiones español ha reducido el gasto destinado a las mismas a un 10% del PIB para las próximas décadas. En este sentido la Comisión Europea y otros organismos internacionales han felicitado a las autoridades españolas por lograr transformar el sistema de la Seguridad Social en un sistema más sostenible a largo plazo. Sin embargo, a raíz de estas reformas, se pone en cuestión la suficiencia de las futuras pensiones públicas en España. Por otro lado, la reforma de la Ley del IRPF ha abierto la ventana a que los productos que conforman la previsión social complementaria se puedan liquidar a diez años vista, poniendo en riesgo, en algunas ocasiones, la naturaleza complementaria de dichos ahorros privados que solventarían el problema de la insuficiencia de las pensiones públicas. Recent public pensions reform in Spain has reduced to 10% GDP the public expenditure on public pensions expected for the next decades. In this regard the European Commission and other international organizations have congratulated the Spanish authorities for making more sustainable the public finances. However, it raises the issue of the adequacy of future public pensions in Spain. On the other hand, recent reforms of the treatment of savings aiming for a private pension (annuity) imply more liquidity for these savings, putting at risk the complementary nature of these savings to solve the adequacy problem. Ciencias Jurídicas

Financial consumer protection sets clear rules of conduct for financial firms regarding their retail customers. It aims to ensure that consumers: 1) receive information to allow them to make informed decisions, 2) are not subject to unfair or deceptive practices, and 3) have access to recourse mechanisms to resolve disputes. Complementary financial literacy initiatives are aimed at giving consumers the knowledge and skills to understand the risks and rewards of using financial products and services-and their legal rights and obligations in using them. Clear rules of conduct for financial institutions, combined with programs of financial education for consumers, will increase consumer trust in financial markets and will support the development of these markets. International and regional non-government organizations are also playing an increasingly important role in financial consumer protection. The responsible finance forum lists financial consumer protection regulation and financial capability as two of the three pillars of the framework for responsible finance. This summary is not exhaustive but helps illustrate the many ongoing international initiatives that support financial consumer protection. All the initiatives are helpful in strengthening the global response to weaknesses in financial consumer protection. Nevertheless, still more could be done by civil society organizations, particularly those operating at a global level. The World Bank is also supporting the international dialogue on financial consumer protection through development of good practices based on country-level experience and ongoing technical assistance. The good practices provide a comprehensive diagnostic tool to help identify the consumer protection issues in all parts of the financial sector.