Involving businesses in financial education policy: a natural choice

At its September 2026 plenary session, the European Economic and Social Committee responded, through Opinion ECO/699, to a request from the European Commission on how organised civil society can contribute to financial education. 

The Commission rightly considers that awareness of the risks and opportunities associated with financial services in the lives of economic actors is a key factor in the success of the policy aimed at advancing the Capital Markets Union or, to use the more recent name for the EU action programme, the Savings and Investments Union. There is also broad agreement that, although disparities exist both between Member States and within their populations, there is a significant lack of knowledge, understanding and follow-through on good intentions in this area. This undermines the goal of a high-performing European economy and has considerable social consequences.

Organised civil society recognises the importance of this challenge. Civil society organisations act as a link, and even a catalyst, in implementing a policy that public authorities cannot deliver alone. The family environment and education system are, of course, essential channels. Incentives such as the German proposal to involve citizens from an early age by allocating part of child benefits to a retirement savings account are also welcome, as they encourage families to take part in the related financial decisions.

In light of this, for the business community, several issues arise.

First, financial education should not be limited to citizens in their private lives. It is equally relevant to self-employed workers and the managers of SMEs and mid-sized companies. Depending on their status, they must manage specific risks and opportunities. Market authorities, among others, regret that economic operators who are absorbed by the day-to-day running of their businesses often overlook threats and opportunities of which they should be more aware. Organisations representing farmers and SMEs, to name but two, therefore have an important role in supporting EU policy, particularly by helping young entrepreneurs through training and the sharing of experience. These organisations must be able to participate in the cross-sector platforms established by Member States on financial education and qualify for the same types of support as family, trade union and consumer organisations, among others.

The stakes are also high in the workplace, starting with young people’s career choices and even their choice of studies. Once they enter the labour market, they should be able to obtain guidance from both trade unions and employers to help them make informed short- and long-term decisions. This is particularly important when remuneration packages offer different options and given the growing importance of supplementary pensions in many Member States, with varying levels of guarantee and risk. The EESC’s recent opinion on supplementary pensions reflects this diversity, which also shapes the link between such savings and business financing.

Companies in the financial services sector must clearly take part in this policy. They should not be excluded because of their commercial interests. On the contrary, they have a major role to play in supporting the public interest by clearly distinguishing between commercial communication and their contribution to a sound understanding of the issues. This would also strengthen consumer trust. Situations in which users confirm that they have read information they barely understand must be addressed. When the Commission seeks to promote pan-European products, it should likewise ensure that they are transparent and easy to understand. In the same spirit, users must have easy access to advice, with full knowledge of the conditions under which financial guidance is provided and with the necessary safeguards in a world where cryptocurrencies and “finfluencers” (financial influencers) can easily capture attention.

By Wautier ROBYNS, Member of the EESC Employers' Group and President of the Study Group of Opinion ECO/699 The role of civil society in improving financial skills.