In light of the problems that have arisen in the subprime mortgage market, we are reminded of how critically important it is for individuals to become financially literate at an early age so that they are better prepared to make decisions and navigate an increasingly complex financial marketplace.
The literature on the subject is relatively new, but highlights a number of drivers, in particular economic crises and high unemployment.12 For the EU, the Single Market directives are an important driver of product market reforms.13 Correct sequencing of reforms can also help – product market reforms can facilitate the subsequent implementation of labour market reforms.