What changed

MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

P10_TA(2026)0156

on financialFinancial literacy and the rise of finfluencers in the context of the savings and investments union

(2025/2209(INI))

Committee on Economic and Monetary Affairs

PE779.350

European Parliament resolution of 30 April 2026 on financial literacy and the rise of finfluencers in the context of the savings and investments union (2025/2209(INI))

The European Parliament,

– having regard to the G20/Organisation for Economic Co-operation and Development International Network on Financial Education (OECD INFE) report on adult financial literacy in G20 countries, published on 8 July 2017,

– having regard to Directive (EU) 2018/1808 of the European Parliament and of the Council of 14 November 2018 amending Directive 2010/13/EU on the coordination of certain provisions laid down by law, regulation or administrative action in Member States concerning the provision of audiovisual media services (Audiovisual Media Services Directive) in view of changing market realities1,realities,

– having regard to the EU/OECD financial competence framework for adults in the European Union, published on 11 January 2022,

– having regard to Regulation (EU) 2022/2065 of the European Parliament and of the Council of 19 October 2022 on a Single Market for Digital Services and amending Directive 2000/31/EC (Digital Services Act)2,Act),

– having regard to the thematic report of the Joint Committee of the European Supervisory Authorities on national financial education initiatives on digitalisation, with a focus on cybersecurity, scams and fraud, published on 12 January 2023,

3. Affirms that improving financial literacy can support the EU’s growth and help boost private investment, complementing a dedicated investment strategy backed by sustainable public funding to steer the necessary investments to increase the EU’s productivity, to support the green and digital transition, to strengthen EU security and industrial sovereignty, and to create quality jobs;

4. Encourages the Member States to update the Council Recommendation on key competences for lifelong learning3learning in order to designate financial literacy as an independent key competence;

5. Considers that measures taken at Member State level, when well coordinated with the Commission, have proven most effective in promoting retail participation in capital markets, including through pension systems; considers that empowering retail investors to decide how and where to allocate their savings by improving financial literacy can foster greater market participation;

12. Exhorts the Member States to incentivise, through adequate policy measures, workplace-based financial education, lifelong learning and financial well-being programmes to improve informed decision-making, in particular with regard to pensions, medium- and long-term saving and investing, supplementary retirement provision and personal budgeting; highlights, in this regard, the role of civil society, especially retail investor organisations, and relevant social partners in supporting and implementing these measures, as well as the need for effective communication to citizens about their pensions and expected income;

13. Urges the Member States to participate in the OECD’s Programme for International Student Assessment (PISA) financial literacy tests for youth and to establish regular surveys for adults; reiterates that financial literacy is an outcomes-based concept, and that national strategies should have clear and measurable indicators of progress, drawing upon the OECD/INFE Toolkit for Measuring Financial Literacy and Financial Inclusion4;Inclusion; notes, moreover, that the setting of targets and deliverables should encourage national ownership of strategies; advises the Commission and the Member States to incorporate a level of flexibility into financial literacy strategies so that they may be adapted in the light of the findings of any efficacy assessment;

14. Reiterates the need for tailored and community-focused initiatives, and rejects the ‘one-size-fits-all’ approach; notes that these initiatives should build on national measures and reflect the varying levels of financial literacy in different contexts, thereby helping to increase financial knowledge more widely and consistently; underlines the situation of women, young people, older people, persons with disabilities and impairments, and people from rural areas, and highlights the need to mobilise social partners, trade unions, retail investor organisations, chambers of commerce, the fintech sector, SME networks and civil society movements, as well as the financial services sector, in the common effort to respond to such specific needs and develop concrete projects that are as close to citizens and communities as possible, in particular citizens who are less financially literate and, therefore, more exposed to financial shocks and more vulnerable to financial fraud; calls for dedicated and targeted programmes for the most vulnerable groups, including those outside formal education;

73. Declares its willingness to help evaluate the added value of EU guidance on finfluencer communications, given the potentially negative impact of advertising risky products and unverified or misleading advice promoted by some actors without proper accountability;

74. Draws attention to the fact that if finfluencers share, on social media, any opinion in relation to the value or price of a financial instrument, or recommend an investment strategy, even for educational purposes, they may be posting an investment recommendation falling under the scope of the Market Abuse Regulation5;Regulation; notes that some public communications posted on social media can carry risks in relation to market abuse, i.e. market manipulation, insider dealing and unlawful disclosure of inside information6;information;

75. Urges the European Securities and Markets Authority and the Member States’ national authorities to issue practical guidance on when social media posts qualify as investment recommendations under EU market-abuse rules, and clarify disclosure duties;

76. Notes the growing use of AI-generated financial content, and calls for standards on the disclosure of AI origin and on watermarking, in line with the Artificial Intelligence Act7Act and sectoral guidance on AI use in retail investment services;

77. Calls on the Commission to fully enforce the EU’s digital rules, notably the Digital Services Act, to ensure that online platforms fully live up to their responsibility to mitigate risks and protect consumers from online fraud and financial scams, including AI-generated deepfakes; calls, furthermore, on the Commission, the Member States and the European Supervisory Authorities to strengthen their monitoring and early detection capabilities, including through the use of advanced analytical tools, to better protect investors and safeguard confidence in the financial market, as public trust is key for building financial literacy and unlocking private investments;

83. Instructs its President to forward this resolution to the Council and the Commission.

EXPLANATORY STATEMENT

This own-initiative report intends to respond to a structural challenge for the European Union: citizens face increasingly complex financial decisions at every stage of life, while average levels of financial literacy remain low and uneven across Member States and social groups. These gaps reduce citizens’ and households’ financial resilience and weaken trust in financial markets. They also limit retail participation in capital markets, depriving European businesses, namely SMEs, of a broader and more informed investor base. Improving financial literacy is therefore not only a question of education; it is a condition for financial inclusion, consumer protection and Europe’s competitiveness agenda.

The proposals of this report align with the European Commission’s Financial Literacy Strategy and support its comprehensive approach which is based on coordination and the sharing of best practices, communication and awareness-raising, funding (including research) and monitoring of progress. The Rapporteur’s objective is to translate this strategy into a clear political path for implementation, with measurable outcomes and a focus on groups that are disproportionately exposed to low financial literacy and financial vulnerability.

Concerning its financial literacy dimension, the report is guided by three core principles: i) lifelong learning, ii) inclusion and proximity and iii) evidence-based measurement.

First, it calls for age-appropriate financial education to be embedded throughout the life course: in school curricula, vocational education and training, and adult learning. This should be supported by adequate teacher training and accessible, high-quality educational materials. It also encourages the use of “teachable moments” linked to pivotal life decisions, such as entering the labor market, renting or buying a home, starting a family or planning for retirement, as these moments increase citizens’ motivation and improve learning outcomes.

Second, the report stresses that financial literacy policies must be inclusive and targeted. It calls for tailored initiatives for women, young and elderly people, persons with disabilities, low-income households and those living in rural or remote areas. It argues in favour of community-based delivery through local hubs, social partners, trade unions, consumer organisations, retail investor associations, and SME networks. Moreover, it underlines that financial literacy must increasingly encompass digital and media competences including basic cybersecurity awareness, the ability to identify fraud and scams and critical thinking skills to assess online financial content.

Third, the report emphasises outcomes and accountability. It supports regular measurement through comparable surveys and encourages rigorous evaluation of initiatives, including where feasible counterfactual methods, to ensure public funding is directed to interventions that demonstrably work. The report proposes building on existing European and international competence frameworks and improving the availability of comparable indicators so that progress can be tracked over time and strategies can be adjusted based on evidence.

At the same time, the report is clear: education cannot replace investor protection. Financial literacy initiatives must complement (not substitute) robust rules on fair, clear and non-misleading communications and strong enforcement against fraud. The report therefore links literacy to consumer protection priorities in the digital environment and supports initiatives aimed at tackling manipulative online practices, strengthening enforcement cooperation and improving prevention and redress for victims of online financial fraud.

The Rapporteur also intended to connect financial literacy with the savings and investments inion (SIU)’s objective of enabling citizens to invest savings under appropriate risk conditions and to participate in capital markets on a safer and more informed basis. The report supports policy coherence across financial literacy initiatives, retail investor protection rules and practical market-enabling tools that help citizens compare products and understand costs and risks. It stresses the importance for straightforwardness and transparency, including the development of accessible comparison tools for fees and key product features and the promotion of long-term, diversified investment approaches.

The second dimension of the report addresses the rise of finfluencers and the broader attention to financial and investment aspects in online communication. Social media has become, especially for younger generations, a primary source of financial information and can play a positive role in awareness and engagement. However, it also creates a high-risk environment for hidden advertising, conflicts of interest, misleading claims and the rapid spread of scams, including AI-enabled deepfakes. The report therefore seeks a balanced approach: it does not aim to thwart creators but encourages raising standards and protecting citizens through proportionate obligations, transparency and enforcement of existing rules also in the digital area.

In practical terms, the report supports the development of guidance and minimum standards for finfluencer communications, including clear labelling of paid partnerships, prominent and plain-language risk warnings for higher-risk products and disclosure of relevant conflicts of interest. It encourages training for content creators on legal obligations and financial-education basics and calls for the development of a European code of conduct that can be adopted voluntarily by creators and platforms. This could include a credibility mechanism (such as a voluntary seal) coupled with auditable complaints-handling procedures. The report also underlines the role of platforms in mitigating risks: enabling “know-your-promotion” tools, providing standardised warning overlays, and cooperating with competent authorities to act swiftly against illegal and clearly harmful content.

Finally, the Rapporteur addresses the fast-evolving role of AI. The report recognises the potential of AI to support financial education at scale and to help detect fraud, scams and deepfakes, but also highlights risks related to opacity, manipulation, and personal-data misuse. The report calls for ongoing assessment and coordination to ensure that innovation in digital finance supports financial well-being and trust rather than undermining it.

Overall, the report proposes a pragmatic architecture combining mainstreaming financial literacy as a lifelong competence; targeted, inclusive delivery for vulnerable groups; evidence-based monitoring and evaluation; strong consumer protection and fraud prevention in the digital environment; coherence with the savings and investments union to support safer participation; and proportionate standards for finfluencers and platforms based on transparency, responsibility and effective enforcement.

The Rapporteur’s aim is to help Europeans move from uncertainty to confidence, enabling more citizens can make informed choices, save better, limit investment risks, and build long-term financial security.

ANNEX: DECLARATION OF INPUT

The Rapporteur declares under her exclusive responsibility that she did not include in her report input from interest representatives falling within the scope of the Interinstitutional Agreement on a mandatory transparency register1, or from representatives of public authorities of third countries, including their diplomatic missions and embassies, to be listed in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

27.01.2026

OPINION OF THE COMMITTEE ON CULTURE AND EDUCATION

for the Committee on Economic and Monetary Affairs

on financial literacy and the rise of finfluencers in the context of the savings and investments union

(2025/2209(INI))

Rapporteur for opinion: Diana Riba i Giner

AMENDMENTS

The Committee on Culture and Education submits the following to the Committee on Economic and Monetary Affairs, as the committee responsible :

Amendment 1

Motion for a resolution

Citation 10 a (new)

Amendment 2

Motion for a resolution

Citation 10 b (new)

Amendment 3

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Citation 10 c (new)

Amendment 4

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Citation 10 d (new)

Amendment 5

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Citation 10 e (new)

Amendment 6

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Citation 10 f (new)

Amendment 7

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Citation 10 g (new)

Amendment 8

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Recital A

Amendment 9

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Recital B

Amendment 10

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Recital C

Amendment 11

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Recital D

Amendment 12

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Recital D a (new)

Amendment 13

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Recital D b (new)

Amendment 14

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Recital D c (new)

Amendment 15

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Recital E

Amendment 16

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Paragraph 1 a (new)

Amendment 17

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Amendment 18

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Paragraph 2 a (new)

Amendment 19

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Amendment 20

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Amendment 21

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Amendment 22

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Amendment 23

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Paragraph 6

Amendment 24

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Amendment 25

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Amendment 26

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Amendment 27

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Amendment 28

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Amendment 29

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Amendment 30

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Amendment 31

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Amendment 32

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Paragraph 14 a (new)

Amendment 33

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Paragraph 14 b (new)

Amendment 34

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Paragraph 14 c (new)

Amendment 35

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Paragraph 14 d (new)

Amendment 36

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Paragraph 15

Amendment 37

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Paragraph 15 a (new)

Amendment 38

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Amendment 39

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Amendment 40

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Amendment 41

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Paragraph 18 a (new)

Amendment 42

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Paragraph 18 b (new)

ANNEX: DECLARATION OF INPUT

The rapporteur declares under her exclusive responsibility that she did not include in her report input from interest representatives falling within the scope of the Interinstitutional Agreement on a mandatory transparency register1, or from representatives of public authorities of third countries, including their diplomatic missions and embassies, to be listed in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

INFORMATION ON ADOPTION IN COMMITTEE ASKED FOR OPINION

FINAL VOTE BY ROLL CALL BY THE COMMITTEE ASKED FOR OPINION

Key:

+ : in favour

- : against

0 : abstentions

INFORMATION ON ADOPTION IN COMMITTEE RESPONSIBLE

FINAL VOTE BY ROLL CALL BY THE COMMITTEE RESPONSIBLE

Key:

+ : in favour

- : against

0 : abstentions