The EESC has adopted two complementary opinions aimed at building a more resilient and financially empowered Europe. By backing the Commission’s plan for a Savings and Investments Union (SIU) and calling for a major push on financial literacy, the Committee stresses that integrated markets and citizen empowerment must go hand in hand.

One opinion, led by rapporteur Petru Sorin Dandea, supports the Commission’s strategy to mobilise Europe’s untapped wealth, more than EUR 10 trillion in bank deposits, and channel it into investments for businesses, innovation and infrastructure. The EESC calls for stronger supervision, harmonised tax and insolvency rules, and safe, transparent and cost-effective investment products, alongside a reinforced European Securities and Markets Authority.

The second opinion, by rapporteur Giuseppe Guerini, focuses on financial literacy as the missing link for the SIU. With only 18% of Europeans demonstrating a high level of financial literacy, many citizens lack the tools to manage their money, avoid scams and plan for the future. The EESC sees financial education as a social right and calls for it to be taught in schools, supported through adult education, and targeted at vulnerable groups, young people, the elderly and new entrepreneurs.

The Committee warns that without trust and understanding, citizens will not participate in financial markets. With digitalisation fuelling new risks such as online ‘finfluencers’ and AI-driven scams, the EESC calls for a clear regulatory framework and stronger action against fraud. Financial literacy is also key to preparing for ageing societies, ensuring people can navigate pensions, long-term care and savings.

Better financial education, the EESC argues, promotes inclusion by reducing inequality and empowering groups often left behind. To measure success, it recommends Key Performance Indicators such as increased retail investment and reduced costs.

In the EESC’s view, Europe must invest not only in capital, but also in people. Without financial literacy, there is no inclusion, and without inclusion, the SIU cannot succeed. (tk)