Initially expected in the summer, the measures recommended by the European Commission to improve the financial literacy of Europe’s citizens were presented on Tuesday 30 September. Together with its European model for savings and investment accounts, also presented on Tuesday (see other news), this is the second package of measures from the EU institution as part of the ‘Savings and Investment Union’ project launched last March (see EUROPE 13603/5).
In concrete terms, the European Commission has drawn up a non-binding communication in four parts. On the one hand, the EU institution will focus on coordination and the sharing of best practice. The Commission intends to act as “a sort of central hub, bringing together stakeholders from various sectors to share successful financial literacy initiatives”, explained an EU official on Tuesday. In particular, a ministerial-level event specifically devoted to financial education has been announced for 2027.
In addition, it will launch a European campaign to raise awareness of financial literacy to complement efforts at national level. “This campaign will seek to amplify the awareness and understanding of financial concepts, empowering citizens with the knowledge that they need to make informed decisions in their everyday life”, said the official. The creation of a network of recognised “financial literacy ambassadors” is announced for the first quarter of 2026.
In addition, the European Commission will encourage EU Member States to use existing European financial instruments to fund financial education initiatives.
Finally, regular surveys will be carried out by the Commission and Member States will be encouraged to develop evaluation tools, with the support of the EU institution.
The Eurobarometer surveys, a future ‘European code of conduct’ for organisations offering educational initiatives and the inclusion of financial literacy in the ‘European Semester’ are among the arsenal of monitoring tools announced by the Commission on Tuesday.
See the European Commission’s communication: https://aeur.eu/f/ioq
What national initiatives are already in place? The European Central Bank (ECB) has developed a tool bringing together national initiatives aimed at improving financial literacy. These include ‘Wikifin’ in Belgium, ‘Finanznavi’ in Austria, as well as a series of tips offered by the national central banks.
Link to ECB tool: https://aeur.eu/f/ioo (Original version in French by Bernard Denuit)