Even the educated people are not aware of certain financial aspects like banking, insurance etc. Bank accounts and insurance policies are there with most of the people but even these people are not aware about the facilities available to them through theses services. Can awareness measures of such indexes be developed? If yes, which parameters can be applied to measure such indexes?
Do a google search on "financial sophistication index'. You will several papers etc on your topic.
Although, financial products are sold to their customers by providing asymmetric information, a fact being reflected in the Grossman-Stiglitz-Paradox by Nobel laureate Joseph Stiglitz,
http://www.bloombergview.com/articles/2014-04-15/how-much-trading-should-there-be
all kind of awareness for financial products is only based on different levels and kinds of asymmetric information. Of course this awareness could be measured, but there will be no institution or company paying this research.
In Germany nevertheless the governmental "Stifting Warentest" is testing financial products and services.
So if you want to go for that you've been selecting a highly political subject.
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