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Other Issues (19-12-2007)

Communication on financial education

On 18 December 2007, the European Commission adopted a Communication on financial education.

A number of developments such as innovation, globalisation, liberalisation and completion of the European single market, are increasing the range and complexity of financial services offered to consumers. At the same time, consumers are taking on a lot more responsibility for their financial security than they had done in the past. This is why education of citizens in financial matters is becoming increasingly important.

The Communication has three main objectives:

  1. To draw attention to the growing importance of financial literacy and to provide a context for EU action in this area.
  2. To give an overview of existing financial education schemes in the EU and to promote the exchange of the best practices. To this end the Communication provides a number of planned initiatives and practical assistance to help financial education providers.
  3. To set out guidelines for the provision of high quality financial education schemes, that could help public authorities, financial service providers, consumer organisations, employers and other stakeholders in their efforts to launch and run financial education schemes. 

In the Communication, the Commission calls upon all Member States authorities, financial institutions, consumer organisations and other relevant stakeholders to consider actively developing appropriate financial education programmes. In particular it calls upon Member States to give consideration to the development of a national strategy on financial education, in co-operation with the relevant stakeholders.