ECB's Bini Smaghi warns over financial know-how

European Central Bank board member Lorenzo Bini Smaghi told a news briefing on new OECD financial education guidelines that individuals' lack of understanding of financial products could lead to economic problems in future.

Without improved financial awareness, 'we may face serious economic and social problems in the near future,' said Bini Smaghi.

'Unless (individuals) have at their disposal a minimal set of instruments to guide their decisions, they can make huge mistakes which can be disrup