Good morning, everyone, it is a pleasure to take part, albeit virtually, in this event for the launch of the European Alliance of Financial Education Practitioners.
Let me begin by congratulating all those involved in bringing this initiative to life.
Many people might not instinctively connect these dots, but having begun my career in academia, I am convinced that the blueprint for a more resilient European economy is drawn in the classroom, not in the boardroom.
Those providing financial education to our citizens are in fact providing an essential service to society.
For many Europeans, managing money is a major source of anxiety – but it doesnt have to be. With the right guidance, financial management becomes a tool for empowerment and independence at every stage of life, especially later, when income opportunities are more limited.
In the European Commission, we place great importance on boosting financial literacy throughout the Union. Just over two months ago the Commission adopted its first ever Financial Literacy Strategy for the EU.
This is a crucial element of our overall strategy to create a more competitive and resilient economy – known as the Savings and Investments Union. Through this strategy we intend to create a better financing ecosystem which enables Europeans to get more out of their savings, and which allows entrepreneurs and businesses to be successful at home, in Europe.
Our Financial Literacy Strategy is a key component of the virtuous and prosperous cycle we aim to build in Europe.
With the right combination of awareness, knowledge, skills and behaviours everyone can be empowered to improve their financial well-being and resilience.
Allowing all citizens to manage their budgets more effectively, reduce debt and set money aside for the unpredictable future.
Europeans are great savers, and they already contribute significantly to financing our economy, primarily through their bank deposits. Yet we also know that a more balanced approach to personal finances – one that includes greater participation in capital markets – can bring substantial benefits.
It helps people build wealth and strengthen their financial resilience, while also supporting investment and growth across the economy. However, for this to happen, citizens need knowledge, and confidence. They must understand not only the risks and opportunities that come with investing, but also the risks of not investing. And this is precisely where financial literacy plays a decisive and enabling role.
In todays fast-changing financial landscape, shaped more and more by digitalisation, citizens gain access to new opportunities, like new financial products and services. At the same time, they are exposed to new and more advanced forms of fraud and scams. To be able to navigate this new ecosystem, financial literacy is not a luxury, it is a basic necessity.
However, the latest Eurobarometer shows that fewer than one in five Europeans have a high level of financial literacy. It means that too many citizens are struggling with choices that affect their daily lives, such as budgeting, managing debt, saving for retirement, or simply navigating alternative financial offers.
And not everyone starts from the same place. Women often earn less or take career breaks, making it harder to build savings over time. Low-income families are more vulnerable to financial shocks. Older citizens may find digital finance less intuitive and can be more vulnerable to fraud and scams.
Thats why we need financial literacy — for everyone, at every stage of life. Teaching children, at school, how money works can help them build confidence for the future. But its never too late to start learning financial skills or improving them.
Our Financial Literacy Strategy is designed not to replace ongoing efforts, but to support, amplify and connect them. Many Member States, including Greece, have already taken significant steps in shaping their own strategies. The EUs role is to complement this work and to help build a stronger, more effective European approach.
There are two specific aspects of our strategy that I want to highlight:
- First, coordination and best practices. Across Europe, there is a wealth of knowledge from schools, NGOs, financial institutions and national authorities. We want to identify what works, bring practitioners together, and enable Member States to learn from each other. And learn from experiences beyond Europe as well.
- Second, communication and awareness. Education is effective only if citizens know it exists and can engage with it. This is why we will launch an EU-wide campaign and create a network of financial literacy ambassadors appointed by each Member State who can bring messages closer to citizens and make financial education relatable and accessible.
The creation of the European Alliance of Financial Education Practitioners fits perfectly within this vision. It will provide a European platform for practitioners to learn from one another, strengthen their capacity, and ensure that those working closest to citizens have a stronger voice in shaping financial education policy and practice.
Let me conclude with a clear message: you have our full support.
As policymakers, we want to learn from your experience on the ground — to understand what truly works, and to make sure our actions reach the people who need them most.
As part of our Financial Literacy Strategy, we will create a pan-European community of experts and organise dedicated workshops. Your alliance — with its unique, hands-on knowledge — can play a central role in that network.
We also stand ready to help connect your work with other policymakers across the EU, so that local experience directly informs European priorities.
I genuinely believe in the power of cooperation between practitioners, educators, and institutions. If we bring our strengths together, we can unlock enormous potential for citizens across Europe.
I wish you every success in this important mission — and I look forward to working with you.
Thank you.
