By Viktoriia Omelianenko

How confident do Europeans feel when managing their personal finances? Do they feel strongly about sustainability? Are EU citizens aware of the possible introduction of the digital euro? The European Commission asked these and 13 other questions in the Eurobarometer survey on retail financial services and products, published on 13 October. The overall aim of the survey was to get a view of how Europeans bank, save and invest across the EU, in particular in the context of ever-increasing digitalization and the development of sustainable finance. The results are broken down by Member State, as well as showing a picture at EU level. They reveal how diverse the provision of financial services are across Europe, and how EU citizens feel about them. Here are a few highlights from the results.

Main take-aways

Europeans feel confident managing their personal finances, but there is a need for continued attention to financial literacy

Some 86% of Europeans say that they feel confident in managing their personal finances, and 73% feel confident when banking online. However, the results vary across Member States, gender, age, and level of education. On the whole, women appeared to feel less confident about managing their personal finances than men. And 32% of 55+ respondents said they were not very confident, not confident at all, or have never managed their money online via a banking app or website.

When it comes to advice on managing their personal finances, 45% of respondents said they make decisions based on the recommendations of bank staff or other financial advisors. Only 5% of Europeans base their decisions on information from social media or influencers, according to the survey.

Most Europeans use digital financial services

Most Europeans use mobile banking apps or websites to authenticate their identity and check their bank balance. They also use mobile banking or payment apps or websites to pay in shops or online. Again, the frequency of use of digital financial services varies across Member States and depends on different habits and levels of financial inclusion.

When it comes to the digital euro, 23% of respondents said they are not entirely clear what a digital euro is, but are interested in knowing more.

Europeans care about sustainable finance

More than six in 10 Europeans believe it is important that their savings and investments do not fund economic activities that have a negative impact on the planet. However, only 34% know whether their private savings and investments are being invested in sustainable economic activities.

What comes next?

The results offer some food for thought for Commission policy making, in particular regarding financial literacy, retail payments, retail investment, digital and sustainable finance.

In the coming months, beyond the instant payments proposal of 26 October, the Commission is preparing an initiative on data access in financial services, a legislative proposal on the digital euro, and a strategy for retail investment.

The results also suggest that a more granular survey about financial literacy would be useful in order to understand the level of financial education of European citizens, including through a possible dedicated Eurobarometer survey.

Read more about the Eurobarometer survey

Viktoriia Omelianenko is a Blue Book trainee at the European Commission