Good morning, ladies and gentlemen,
First, let me thank Tanguy and the entire EFAMA team for organising this event and for placing financial literacy at the centre of todays discussions.
The timing could not be better. Our adoption of the European Financial Literacy Strategy comes just as IOSCO launches again its World Investor Week.
I looked into some of the themes of this years World Investor Week-digital finance, AI, and fraud prevention. These are key areas that capture the key trends shaping todays financial landscape. New and dynamic market entrants are making investing easier and cheaper. And while these developments help open up new opportunities, the use of digital channels and some of the related products also come with risks.
Retail investors need to be equipped to navigate these new realities and be in a position to confidently make informed decisions.
This challenge has been at the very heart of our work to build the Savings and Investments Union.
As many of you will be aware, my services have been working very hard in recent months to deliver the concrete actions outlined in the SIU strategy.
The Communication on the EU Financial Literacy Strategy, as well as our Recommendation on Savings and Investment Accounts, which were adopted last week, are just the latest building blocks.
They will be followed by two further important proposals before the end of the year. The first one will aim at strengthening supplementary pensions, and the second one will focus on removing the barriers, both supervisory and cross-border, that continue to fragment our capital markets.
But today I am here to speak about financial literacy.
Ive said this before, and it bears repeating. Financial literacy is a key driver of economic strength. It starts a critical chain reaction, from informed individual decisions to efficient capital allocation, which then fuels the growth and innovation that defines a truly dynamic economy.
Financial literacy is often seen as a broader and less technical issue than many others in our strategy. Yet meaningful progress frequently starts with the most elemental changes, and this is certainly one of them.
So today I would like to take the time to explain our strategy, and the benefits I believe it can bring, first for our citizens, but also for European companies and markets.
Financial literacy is an essential life skill. One that empowers people to make informed decisions about their future. It should concern every citizen, not only those investing in capital markets, but all who wish to manage their resources wisely and plan with confidence.
Financial decisions impact us daily, from more basic choices such as deciding where to buy your groceries or what utility providers to choose, to more complex decisions such as getting a mortgage to purchase a home, or planning for retirement.
Most of us will face all of these questions throughout our lifetimes, and even basic financial literacy training can help us ask the right questions and make better financial decisions.
And making the right decisions can have a real impact on financial well-being and resilience - helping households plan with confidence and build greater financial security.
However, financial literacy is not a static skill. Our ability to act with confidence must evolve alongside the market itself. Just think of the changes weve witnessed in the past decade, or even in the last five years alone.
Digital finance, artificial intelligence, and the rise of new technologies are transforming how people save, invest, and manage risk. These innovations bring new opportunities, but also new responsibilities — for policymakers, for industry, and for every citizen navigating this rapidly changing landscape.
Through our Financial Literacy Strategy, we want Europeans to approach these changes with confidence — to understand new financial tools, recognise risks, and seize the opportunities that innovation can offer. Because in todays world, knowledge is not only protection; it is empowerment.
This is the premise of our Financial Literacy Strategy, which is built on four pillars.
First, coordination and best practices. I want to acknowledge that a lot of good work is already being done. Most Member States have put in place financial literacy strategies. And there are many very interesting and positive initiatives by both public and private stakeholders.
We want to build on those efforts, and ensure that the most successful approaches are being amplified across Europe. We will therefore strive to better link up the different stakeholders involved in financial literacy initiatives, and enable them to learn from each other by facilitating the exchange of best practices.
Second, communication and awareness-raising. Financial literacy initiatives can only work if people know and engage with them.
For communication to be effective, it needs to reach the different target groups where they are, and the messages need to be delivered in a manner that their recipients can relate to.
We will launch an EU-wide campaign to build on and strengthen existing national efforts, supported by a new network of national financial literacy ambassadors.
Third, monitoring and evaluation. We need to know what works. The Commission will continue to measure progress through Eurobarometer surveys and will encourage Member States to develop tools to evaluate progress.
The final pillar is funding. Ambition needs resources. We are encouraging Member States to ensure efficient use of available funding channels, both at EU and national level, to support financial literacy initiatives and research that can address the diverse needs of the population.
These four blocks of our strategy will mutually reinforce each other and together have the potential to make a real difference in the lives of many Europeans.
But it is important to remember that this wont happen overnight. The full benefits will only materialise over time. That is why we must act now and turn ambition into action.
The second part of the package adopted last week – our Recommendation on the Savings and Investment Accounts (SIAs) – is a concrete step in that direction.
SIAs can be a powerful tool for citizens to put their financial knowledge into practice – turning awareness into action and learning through experience.
They are meant to take away some of the complexity that could otherwise act as a disincentive to invest into capital markets. And they aim to make such investments accessible for all citizens, even those that may only be able to contribute with low amounts.
The Recommendation builds on lessons learned from existing best practices, which have shown how such accounts can meaningfully contribute to financial literacy, fostering a spirit of “learning by doing”.
When I speak about financial literacy as a driving force in our economy, I see it as an equation. Apologies, for a former professor of economics, old habits die hard.
On one side of the equation, I see citizens building up a financial safety net and earning a good return on their savings. On the other side, I see an increasingly liquid European market for capital.
In a moment when Europe needs significant additional forms of investment, especially equity investment, to fuel our growth, this is a chance to create a true virtuous circle in Europe.
This is how we can ensure that our citizens dont just observe the economy but actively participate in it - and directly benefit from it.
In closing, I want to thank the organisers for inviting me to speak today.
Before we move to the panel, let me leave you with one thought: take ownership of your financial literacy journey.
No matter your age or experience, there is always more to learn — about how to save, how to invest, and how to make informed choices for your future. Financial literacy is not static; it evolves as our markets and technologies evolve. Staying curious and engaged is the best way to stay empowered.
Because understanding finance is not only about managing money — it is about gaining confidence, independence, and the ability to shape your own future.
This is our shared responsibility — for ourselves, for the next generation, and for the strength of Europes economy.
Thank you.
