Good afternoon, everyone,

Thank you for having me here today at the start of Belgium Money Week 2025.

I am delighted to be here to show my strong support for what I believe is a critically important initiative.

I would like to thank the Belgian authorities, particularly the Financial Services and Markets Authority, for their exemplary work in developing financial literacy among the youth.

The activities during the Belgian Money Week are a positive example of best practices that can inspire other Member States.

Understanding basic finance can truly make a difference in peoples lives and contribute to unlocking funding for the economy.

Most importantly, financial literacy is part of education for citizenship and empowerment.

We simply do not discuss this topic nearly enough. Today, I want to highlight why financial literacy is vital and how it can improve both our personal lives and the broader economy.

The importance of understanding finances is not a new phenomenon. It has always been important.

Managing finances is one of the biggest causes of anxiety that people face.

But we are not being provided with the necessary tools to help us make the right choices.

I wonder how many of you in the room here today received formal education in secondary school on the importance of knowing how to manage your finances. Not many among us have. I know I didnt.

This means that, like me, you learned these critical life skills alone, as you went along.

Or maybe some of you were lucky enough to have these skills handed down to you by your parents, or friends, or close relatives.

But that is not the case for everyone. And being a European citizen in the 21st century, we cannot only rely on chance.

In Europe, according to the most recent Eurobarometer survey, only 18 percent of Europeans have high levels of financial literacy.

Groups that score even worse include young people, women, those with lower levels of education, and those on lower incomes.

The OECD has shown that educational success, level of income, and wealth are strongly correlated with financial literacy levels among adults and young people.

All Europeans must be given the opportunity to learn the skills that will help them make good decisions as a way of enjoying a better life.

Providing financial education in school can shrink disparities linked to differences in students current socio-economic status.

This contributes to reducing income and wealth inequality when these students become adults.

Financial literacy programs in schools also have the power to disseminate more broadly knowledge in society, for example by improving the levels of financial literacy of teachers as well as parents.

This is why the efforts of the FSMA, notably in the context of the Belgian Money Week, are so important. And I am very encouraged to see the high demand, with a record number of participants expected this year.

The earlier young people are taught about finance, the better, as finance is so intertwined in our lives and society.

Finance is a part of many of lifes biggest moments. It is part of lifes big decisions and choices.

Im sure we all remember the excitement of getting our first pocket money, our first paychecks, or trying to get a loan to buy our first car. And the choices we had to make.

Later in life, our needs evolve in line with our demands. We start planning for studying in another country, having children, or buying a home. Our decisions – and our options - become more and more relevant.

We feel the need and are challenged to start a business, invest in our future and that of our children, and plan for retirement.

These are all big moments in life, where having a good grip on how to manage your finances can make a huge difference.

And planning is indeed a relevant part of all those decisions. The earlier we start saving for our retirement, the better. The earlier we understand how our future well-being depends on decisions we take today, the better. And the earlier we understand the consequences of our decisions and options, the better.

Over the past couple of years, digital advancements have profoundly changed the way we interact with financial services.

Due to these developments, it is now more important than ever before to understand the system.

Digital finance has brought significant improvements to how people manage their money. It can help reduce financial exclusion by removing physical and cost barriers and can aid in reducing inequality in society.

It has also been helpful for small businesses and entrepreneurs, who can find alternative funding sources, often with more flexible terms than traditional lenders.

However, it also means that young people – who are often more prone to engage with technologies - are required to make financial decisions and navigate financial risks earlier than previous generations.

Young people are constantly exposed to new and developing trends in the financial system.

For example, we see a growing interest in crypto assets and Buy-Now-Pay-Later schemes, as well as seemingly free and accessible advice from financial influencers, or “finfluencers” as they are known.

Finfluencers are grabbing the attention of young people by making finance relatable and easy to understand through engaging content.

This can be beneficial and educational, as long as these people have the right intentions. But that is not always the case.

As Jean-Paul has just highlighted, there is a clear demand by young people to discuss these topics and get answers to their questions.

If we dont take the responsibility to provide those answers, other actors will fill that space.

And as the financial system becomes more sophisticated, including through the use of artificial intelligence, so do the fraudsters.

Digital finance has brought many benefits to the system, but it has also led to more advanced scamming techniques.

It is now possible, through AI videos, to create deepfake videos of well-known investors or executives who promote fake investment schemes.

These types of scams often rely on emotional pressure and urgency. That is why it is important to maintain a critical eye and seek verification for any generic advice received online.

Financial literacy is a core priority for my mandate as Financial Services Commissioner. It is essential if we want to drive progress in Europe.

Later this week, I will present a strategy for a European Savings and Investments Union.

Europe is falling behind its global peers, and our economy is not as strong as it should and can be.

We have a mismatch in Europe between massive amounts of European citizens savings in low-yield savings accounts and European companies who are desperate for investment.

The Savings and Investments Union intends to link up savers, who can get a better return on their hard-earned savings, and European companies, whom we need to drive innovation and competitiveness.

It will strive to increase the range of available investment options and make it easier and more attractive for citizens to invest.

Financial literacy is a core pillar of this plan. A stronger investment culture will enable citizens to take advantage of these opportunities and improve their financial outcomes.

My vision is clear - I want to see a Europe where retail investment is thriving and where citizens can truly make the most of their savings.

Where they can tell the difference between an interesting offer and a scam. But to achieve this, financial literacy must improve.

Citizens should feel empowered by their finances, not overwhelmed by them.

For me, confidently managing your finances starts with asking the right questions to the right people, gaining confidence, and making important decisions for your future.

But going beyond that, the financial decisions we make have the ability to, when combined with scale, breathe life into the economy.

This is the virtuous circle that I have in mind when I speak about financial literacy being a stepping stone to deeper and more liquid financial markets.

It is a mutually reinforcing economy where citizens can make the decisions to grow their wealth, while simultaneously supporting the European economy.

Before I close, I want to ensure you that you can count on the full support of the European Commission in keeping financial literacy high on the agenda and making it part of the conversation.

This is a topic that affects us all and strengthens our economy and society - so lets make sure it gets the attention it deserves.

Thank you, and I wish you a productive and insightful week ahead.