“I am firmly convinced that our societies need to take a major step forward towards better promotion of financial education initiatives. We need to pass on knowledge and skills to the people of Europe in order to empower them to take the right decisions when managing their personal finances.
Unfortunately, studies on financial literacy show that even basic financial concepts such as interest rates, inflation and risk diversification are not clearly understood by many people. This lack of knowledge makes people vulnerable, and can ultimately lead to problems of over-indebtedness and financial exclusion.
A more robust, safe and transparent financial system requires there to be informed and responsible consumers who are actively involved in improving their financial awareness. For this reason, a dedicated dialogue needs to be encouraged between governments, the financial industry and civil society on regulation, self-regulation, financial education and access to transparent financial products and services.”
Joost van Iersel
President of the Section for Economic and Monetary Union and Economic and Social Cohesion, EESC
Related document: EESC opinion (ECO/297) "Financial education and responsible consumption of financial products"