The EBF has been promoting financial education via various means, including several publications and initiatives on financial literacy highlighting the industry commitment to providing consumers with a more sound understanding of financial services.
The European Banking Federation is also an affiliate member of the OECD International Network on Financial Education.
European banks launched the first-ever European Money Week, on Monday 9 March 2015. The week’s objective is to draw more attention on the benefits of financial education for young people and wants to encourage the sharing of good practices. For the first edition, more than 20 national banking associations have been actively involved in the initiative by organising activities and launching tools and materials at national level.
The importance of the Financial Education
EBF report 2015: Financial Education – National strategies in Europe
EBF report 2012: Financial Education – Special focus on Children and Youth
Where youth influence and feedback on the financial issues and policies that most matter to them.
WOFCHA.org is the new site where youth can take on the World’s Financial Challenge – share opinions, experiences, questions, stories, videos and take action to make a change!
Whilst it cannot be considered a substitute for consumer protection, financial education is an indispensable part of the necessary background for a sound consumer regulatory environment.
Financial Literacy: EBF at the European Commission conference on Dolceta
The Banks’ view on the value of Financial Education
For the EESC financial education is a strategic tool which should go hand in hand with the new process of better regulation of the financial system. A more robust, safe and transparent financial system needs responsible consumers who are actively involved in improving their financial awareness.
The Commission is of the view that the bestway to increase the financial capability of consumers in the Internal Market is through the development of coordinated strategies in individual Member States. The importance of coordinated actions at a national level hasalso been recognised by both the Council and the European Parliament. In 2008, the European Commission established the Expert Group on Financial Education (EGFE).
The OECD and its International Network on Financial Education (INFE) provide a unique policy forum for governments to exchange views and experiences on this issue.
OECD/INFE serves as a platform to collect data on financial literacy, develop analytical and comparative reports, research, and develop policy instruments.
More than 230 public institutions from over 100 countries have joined the OECD/INFE.