The role of civil society in improving financial literacy

Key points

The EESC:

• calls on Member States to cooperate with social partners and civil society organisations on national financial literacy strategies;
• recommends active institutional and financial support to allow civil society organisations to draw on their local networks and expertise;
• suggests that EU and Member States support the development of learning materials by trade unions, business organisations, social economy and civil society organisations (organised civil society), that are reliable, neutral and unbiased, as well as the implementation of initiatives for vulnerable groups; 
• calls to focus on a number of key financial topics, that organised civil society can adapt in a way that makes them understandable;
• advises developing awareness campaigns aimed at families; 
• reiterates its recommendation to include financial education in school curricula. Civil society organisations can help co-designing education programmes for students, trainees and young workers; 
• believes that civil society and social partners have significant potential to act as a bridge between different actors, and can be particularly effective in reaching adults who do not benefit from traditional classroom-based learning;
• encourages digital awareness campaigns to overcome the risks of increasing digitalisation, such as fraud and exclusion. The effectiveness of such awareness campaigns should be regularly evaluated through measurable indicators;
• suggests including social parties in publicly funded national programmes and initiatives to promote financial literacy. Trade unions are best placed to provide accessible and tailored information on wages, pensions, savings investment options, etc. In addition, companies are in a privileged position to provide information and guidance – which is easy to understand and regularly updated – on potential benefits for employees, particularly on matters relating to wages, provided that such information is not of commercial nature.
• highlights the importance of raising awareness about individuals’ pension prospects and stresses the need for continuous financial education throughout working life, and the importance of easy access to guidance and advice.

The EU Youth Test at the EESC has been applied to this opinion. Human Development Research Initiative (HDRI) was chosen by a group of interested youth organisations to represent all of them during the opinion-making process.