There is a strong need for financial education in the digital environment and especially regarding cybersecurity, scams and fraud, the European Supervisory Authorities (ESAs) - ESMA, EBA and EIOPA - said in a thematic report published on Thursday 12 January.
The report focuses on national financial education initiatives on digitalisation, with an emphasis on cybersecurity, scams and fraud. The ESAs have identified good practices that national competent authorities (NCAs) and other public entities can follow when designing and implementing their financial education initiatives.
The ESAs recommended publishing a blacklist of fraudulent providers to help digitally literate consumers properly assess the financial risks arising from financial products and services linked to new technologies, such as crypto-assets.
In their view, financial education should also be provided in non-digital formats to teach the technologically adverse how to use digital tools to access financial services safely.
Education should also be done in close collaboration with teachers to understand their specific educational needs and to help them develop and test appropriate teaching materials so that they can serve as multipliers for students’ financial education.
The report also suggests that NCAs should optimise search engines to ensure that their financial education websites appear among the top search results when consumers are looking for information on specific financial topics.
The ESAs are committed to continuing their coordination of national financial education initiatives at European level. However, they recalled that financial education and culture will need to be supported by an appropriate regulatory and supervisory framework to protect consumers.
Financial education is an integral part of the European Commission’s action plan to strengthen capital markets (see EUROPE 12840/6).
To view the report: https://aeur.eu/f/4vt (Original version in French by Anne Damiani)