Sittings · Document
OPINION (2025/2209(INI)) 2026-01-27
On financial literacy and the rise of finfluencers in the context of the savings and investments union
Committee on Culture and Education · Rapporteur: 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)
| Motion for a resolution | Amendment |
| – 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 realities1a (AVMSD), | |
| _________________ | |
| 1a OJ L 303, 28.11.2018, p.69, ELI: http://data.europa.eu/eli/dir/2018/1808/oj. |
Amendment 2
Motion for a resolution
Citation 10 b (new)
| Motion for a resolution | Amendment |
| – 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)1a, | |
| _________________ | |
| 1a OJ L 277, 27.10.2022, p. 1, ELI: http://data.europa.eu/eli/reg/2022/2065/oj. |
Amendment 3
Motion for a resolution
Citation 10 c (new)
| Motion for a resolution | Amendment |
| – having regard to the Commission communication entitled ‘A Digital Decade for children and youth: the new European strategy for a better internet for kids (BIK+)’ (COM(2022)0212), |
Amendment 4
Motion for a resolution
Citation 10 d (new)
| Motion for a resolution | Amendment |
| – having regard to the resolution of 28 November 2018 of the Council and the Representatives of the Governments of the Member States meeting within the Council on a framework for European cooperation in the youth field: The European Union Youth Strategy 2019-20271a, | |
| _________________ | |
| 1a OJ C 456, 18.12.2018, p. 1. |
Amendment 5
Motion for a resolution
Citation 10 e (new)
| Motion for a resolution | Amendment |
| – having regard to European Court of Auditors Special Report 22/2021 entitled ‘Sustainable finance: More consistent EU action needed to redirect finance towards sustainable investment’, |
Amendment 6
Motion for a resolution
Citation 10 f (new)
| Motion for a resolution | Amendment |
| – having regard to the reports of the European Regulators Group for Audiovisual Media Services (which preceded the European Board for Media Services) on the regulation of vloggers, |
Amendment 7
Motion for a resolution
Citation 10 g (new)
| Motion for a resolution | Amendment |
| – having regard to the joint reports of the EU and the Organisation for Economic Co-operation and Development (OECD) entitled ‘Financial competence framework for adults in the European Union’ and ‘Financial competence framework for children and youth in the European Union’, published in 2022 and 2023 respectively, |
Amendment 8
Motion for a resolution
Recital A
| Motion for a resolution | Amendment |
| A. whereas financial literacy is an essential life skill and fundamental instrument that allows citizens to better manage their personal and family budget, leading to informed decisions on savings, investments and the prevention of fraud and over-indebtedness; | A. whereas financial literacy is an essential life skill and a fundamental instrument that allows citizens to better manage their personal and family budget and that is developed through formal, non-formal and informal education, leading to informed decisions on savings and investments and better understanding of financial risks and the prevention of fraud and over-indebtedness; whereas public institutions, in particular independent media regulators, and civil society should play a fundamental role in promoting financial literacy from an early age; |
Amendment 9
Motion for a resolution
Recital B
| Motion for a resolution | Amendment |
| B. whereas the Commission’s 2023 Flash Eurobarometer proves the urgent need to enhance financial literacy in Europe, as only 18 % of EU citizens display a high level of financial literacy; | B. whereas the Commission’s 2023 Flash Eurobarometer proves the urgent need to enhance financial literacy in Europe, as only 18 % of EU citizens display a high level of financial literacy, with wide disparities between Member States and social groups; |
Amendment 10
Motion for a resolution
Recital C
| Motion for a resolution | Amendment |
| C. whereas the lack of financial literacy affects, in a disproportionate manner, women, young people and older citizens, as well as those with a lower income or lower professional qualifications; | C. whereas to effectively address the lack of financial literacy, financial education should be tailored to the specific needs and challenges of different demographic groups, including women, younger people and people with lower incomes or lower levels of formal education, who, on average, tend to have fewer opportunities to acquire financial knowledge and build practical financial skills; whereas better financial literacy contributes to social inclusion, helps reduce inequality and supports and empowers vulnerable or marginalised groups; |
Amendment 11
Motion for a resolution
Recital D
| Motion for a resolution | Amendment |
| D. whereas, in this context, the role of ‘financial influencers’ (‘finfluencers’) creates new opportunities for outreach and inclusion, but can also pose risks, such as conflicts of interest, misleading advertising or fraudulent communication; | D. whereas in this context, the role of ‘financial influencers’ (‘finfluencers’) may create new opportunities for outreach and inclusion, but can also pose risks, such as conflicts of interest or misleading, surreptitious or fraudulent commercial communication; whereas the 2024 digital fairness fitness check1a found that just 20 % of influencers systematically indicated the commercial nature of the content they shared; |
| _________________ | |
| 1a Commission staff working document of 3 October 2024 entitled ' Fitness check of EU consumer law on digital fairness’ (SWD(2024)0230). |
Amendment 12
Motion for a resolution
Recital D a (new)
| Motion for a resolution | Amendment |
| D a. whereas the professional qualifications and economic incentives of finfluencers may vary and, therefore, it may often be challenging for consumers to assess the trustworthiness of their content; whereas some finfluencers gain remuneration through brand partnerships or advertising agreements, which may call into question the objectivity of the information they provide to consumers; |
Amendment 13
Motion for a resolution
Recital D b (new)
| Motion for a resolution | Amendment |
| D b. whereas in certain cases, finfluencers operate in a similar manner to media service providers when providing their audiences with information on financial affairs, but without adhering to regulatory or self-regulatory instruments related to the transparency and qualitative standards of commercial communications or the accuracy, trustworthiness or veracity of the content provided; |
Amendment 14
Motion for a resolution
Recital D c (new)
| Motion for a resolution | Amendment |
| D c. whereas while some Member States have started to qualify influencers, including finfluencers, as providers of on-demand media services under the AVMSD, the legislative framework for influencers varies across the EU; |
Amendment 15
Motion for a resolution
Recital E
| Motion for a resolution | Amendment |
| E. whereas a trusted, inclusive and transparent digital environment for finfluencers is a key condition for safeguarding public trust in their work; | E. whereas a trusted, inclusive and transparent digital environment for finfluencers is a key condition for safeguarding public trust in their work and minimising the risk of online harm to their audience’s financial well-being; |
Amendment 16
Motion for a resolution
Paragraph 1 a (new)
| Motion for a resolution | Amendment |
| 1a. Highlights the link between media literacy, digital literacy and financial literacy, recognising that finfluencers’ content has become the main source of information on financial and economic affairs for many people; underlines that media literacy, critical thinking and the findability and prominence of trustworthy information online are crucial for lowering the risk of financial scams, recognising disinformation and empowering people to make informed financial decisions; |
Amendment 17
Motion for a resolution
Paragraph 2
| Motion for a resolution | Amendment |
| 2. Encourages the Member States to integrate age-adequate financial literacy projects into school curricula, as a complement to digital education and in parallel with formal programmes, while promoting teacher support initiatives; | 2. Notes that young people have access to, and are being offered, financial services at an ever earlier age, through pocket money applications, mobile phones, bank accounts, or even credit cards; encourages the Member States to integrate age-appropriate financial literacy projects into school curricula and to include training for teachers and educators; highlights the fact that Member States that include financial education in the national curricula are among the strongest performers in EU financial literacy surveys; |
Amendment 18
Motion for a resolution
Paragraph 2 a (new)
| Motion for a resolution | Amendment |
| 2 a. Encourages the Member States to support projects and training on financial literacy as an important component of adult and lifelong education, and, in particular, to prioritise projects and training for vulnerable groups, reminding people to seek multiple sources of information, verify claims and consider professional advice before making significant financial decisions; |
Amendment 19
Motion for a resolution
Paragraph 2 b (new)
| Motion for a resolution | Amendment |
| 2 b. Calls on the Member States to draw on the expertise of researchers, educators, civil society and other relevant stakeholders, as well as on international best practice, guidelines and tools, such as OECD recommendations and the Commission’s Learning Lab on Investing in Quality Education and Training, when designing, implementing and evaluating educational materials and programmes to promote financial literacy; |
Amendment 20
Motion for a resolution
Paragraph 2 c (new)
| Motion for a resolution | Amendment |
| 2 c. Calls on the Commission to support, through Erasmus+, the digital education action plan, the European Education Area and other relevant EU instruments, the development of teacher training modules and open educational resources that combine financial literacy with digital and media literacy; encourages transparent cooperation between educational authorities and private entities to ensure high-quality, balanced and age-appropriate content; |
Amendment 21
Motion for a resolution
Paragraph 3
| Motion for a resolution | Amendment |
| 3. Exhorts the Member States to incentivise, through adequate policy measures, workplace-based financial education and well-being programmes to improve informed decision-making, in particular with regard to pensions; | 3. Encourages the Member States to incentivise, through adequate policy measures, workplace-based financial education and well-being programmes that support sound, long-term decision-making, including on pensions, in cooperation, where appropriate, with social partners and adult education providers; |
Amendment 22
Motion for a resolution
Paragraph 4
| Motion for a resolution | Amendment |
| 4. Reiterates the need for tailored and community-focused initiatives, and rejects the ‘one-size-fits-all’ logic; underlines the situation of women, youth and citizens from rural areas, and the need to count on social partners, retail investor organisations and civil society movements in the common effort to identify specific needs and concrete projects that are as close to citizens and communities as possible, in particular citizens who are less financially literate and, therefore, most exposed to financial shocks; | 4. Underlines the need for tailored and community-focused initiatives, and rejects the ‘one-size-fits-all’ logic; underscores the importance of addressing the diverse financial education needs of different demographic groups, including women, youth, older people and citizens from rural areas, and the need to count on social partners, retail investor organisations and civil society movements in the common effort to identify specific needs and concrete projects that are as close to citizens and communities as possible, in particular citizens who are less financially literate and, therefore, most exposed to financial shocks; |
Amendment 23
Motion for a resolution
Paragraph 6
| Motion for a resolution | Amendment |
| 6. Proposes the creation of a pan-European network of stakeholders and competent authorities both at the national and European level to build on concrete transversal and comprehensive solutions to enhance financial literacy levels and bring about long-term behavioural changes in areas such as budgeting, saving and selecting appropriate products; | 6. Proposes the creation of a pan-European network of stakeholders and competent authorities both at the national and European level, including academia, education and training providers, teacher organisations, youth and adult education organisations, youth representatives and civil society, to build on concrete transversal and comprehensive solutions to enhance financial literacy levels and bring about long-term behavioural changes in areas such as budgeting, saving and selecting appropriate products; |
Amendment 24
Motion for a resolution
Paragraph 6 a (new)
| Motion for a resolution | Amendment |
| 6 a. Calls on the Commission to integrate into the EU financial literacy strategy a permanent, multilingual and EU-wide awareness campaign, developed in cooperation with national authorities, public service broadcasters, cultural networks, libraries, consumer protection associations and independent fact-checking organisations, aimed at debunking financial disinformation, explaining in simple terms how financial services function, warning about the risk of financial scams and highlighting the role of professional financial advisors; |
Amendment 25
Motion for a resolution
Paragraph 6 b (new)
| Motion for a resolution | Amendment |
| 6 b. Calls on the Commission to support comparative research on the effectiveness of financial literacy initiatives in formal, non-formal and informal education in order to identify evidence-based methods that improve financial decision-making; encourages the relevant expert community and academia to explore further how financial information received through online platforms and finfluencers, including online financial misinformation, shapes consumers’ financial perceptions and behaviour; |
Amendment 26
Motion for a resolution
Paragraph 7
| Motion for a resolution | Amendment |
| 7. Welcomes the Commission’s communication of 30 September 2025 on a Financial Literacy Strategy for the EU and takes note of its four pillars, underlining that such an important initiative must be followed up with concrete measures as soon as possible; | 7. Welcomes the Commission’s communication of 30 September 2025 on a Financial Literacy Strategy for the EU and takes note of its four pillars, underlining that such an important initiative must be followed up with concrete measures; emphasises that timely implementation is essential, particularly in the light of the fast-changing digital environment in which financial narratives, including those spread by finfluencers, evolve rapidly; |
Amendment 27
Motion for a resolution
Paragraph 8
| Motion for a resolution | Amendment |
| 8. Invites the Commission and the European Supervisory Authorities (ESAs) to create, maintain, expand and regularly update a searchable and accessible EU repository of financial education initiatives, as described in the Commission’s communication, including best practices on workplace programmes, youth engagement projects and community-based approaches to support scaling-up on Member States’ good examples; | 8. Invites the Commission and the European Supervisory Authorities (ESAs) to create, and regularly update and expand, a searchable, accessible and user-friendly EU repository of financial education initiatives; calls for this repository to also capture best practice on countering misleading online financial content, youth engagement in safe digital learning spaces, and community-based projects that combine financial, digital and media literacy; stresses that the repository should include materials adapted for teachers, parents, older people and first-time investors; |
Amendment 28
Motion for a resolution
Paragraph 9
| Motion for a resolution | Amendment |
| 9. Calls on the Commission to report, by the end of 2027, on the uptake and effectiveness of the Financial Literacy Strategy, including the outcome of the ambassadors’ network, the proposed code of conduct and the EU-wide communication campaign, proposing further action if deemed necessary; | 9. Calls on the Commission to report, by the end of 2027, on the uptake and effectiveness of the Financial Literacy Strategy, including the outcome of the ambassadors’ network, the proposed code of conduct and the EU-wide communication campaign, proposing further action if deemed necessary; stresses that the Commission should report specifically on the impact of its strategy on young audiences and older learners; |
Amendment 29
Motion for a resolution
Paragraph 11
| Motion for a resolution | Amendment |
| 11. Stresses the need for systematic policy coherence across financial literacy, retail investor protection rules, the blueprint for Savings and Investment Accounts (SIAs), other SIU initiatives, and banking and financial market regulations; | 11. Stresses the need for systematic policy coherence across financial literacy, retail investor protection rules, the blueprint for Savings and Investment Accounts (SIAs), the EU regulatory and policy framework promoting sustainable and responsible finance, other SIU initiatives, and banking and financial market regulations; |
Amendment 30
Motion for a resolution
Paragraph 12
| Motion for a resolution | Amendment |
| 12. Proposes the launch of a comprehensive report, commissioned by the Commission, to identify the need and added value of possible targeted legislative initiatives to adapt essential legislation to the political objectives of enhancing financial, digital, data and media literacy. | 12. Calls on the Commission to thoroughly evaluate the need for possible targeted legislative initiatives to adapt essential legislation to the political objectives of enhancing financial, digital, data and media literacy; |
Amendment 31
Motion for a resolution
Paragraph 13
| Motion for a resolution | Amendment |
| 13. Highlights the role of finfluencers as emerging intermediaries of relevant financial information who reach young and previously underserved audiences; notes their significantly increased responsibility and accountability towards their audience; | 13. Highlights the role of finfluencers as emerging intermediaries of relevant financial information who often target young or low-income audiences; notes their significantly increased responsibility and accountability towards their audience; underlines that, unlike licensed financial advisors, finfluencers often lack the necessary qualifications to provide appropriate advice and recommendations and their content often presents potential gains more prominently than risks, thereby exposing followers to harm without helping them to fully understand the possible consequences1a; |
| _________________ | |
| 1a Sáez-Linero, C. and Jiménez-Morales, M. ‘Young, lower-class, and algorithmically persuaded: exploring personalized advertising and its impact on social inequality’, Communication & Society, Vol. 38, Issue 2, 2025, pp. 63–80. |
Amendment 32
Motion for a resolution
Paragraph 14 a (new)
| Motion for a resolution | Amendment |
| 14 a. Calls on the very large online platforms to take action in relation to the activities of influencers, including finfluencers, that may be considered a systemic risk and consequently affect the high level of consumer protection enshrined in Article 38 of the Charter of Fundamental Rights of the European Union; |
Amendment 33
Motion for a resolution
Paragraph 14 b (new)
| Motion for a resolution | Amendment |
| 14 b. Underlines the importance of effective oversight and the enforcement of the European regulatory framework, in particular the Digital Services Act and the AVMSD, in relation to online commercial communications, with the aim of safeguarding consumers’ well-being and reducing the risk of financial harm online; |
Amendment 34
Motion for a resolution
Paragraph 14 c (new)
| Motion for a resolution | Amendment |
| 14 c. Calls on the Commission to evaluate the European legal framework related to influencers, including finfluencers, to ensure the highest standards of user and consumer protection, in particular for minors and vulnerable users, and, if deemed necessary, to propose targeted provisions in the Digital Fairness Act and the revision of the AVMSD, while ensuring that these instruments fully complement and are aligned with one another and while recognising new models of information consumption among users; |
Amendment 35
Motion for a resolution
Paragraph 14 d (new)
| Motion for a resolution | Amendment |
| 14 d. Underlines the importance of deontological and ethical standards for finfluencers, as well as for the brands cooperating with them, given the impact on the financial well-being of their audiences; calls for the further development of self-regulatory mechanisms, including deontological and ethical guidelines for finfluencers; stresses that such instruments, developed in cooperation with relevant regulators, should aim to improve communication about financial products, including by requiring finfluencers to provide easy-to-understand information about the potential financial risks, negative externalities and sustainability of the products they are promoting; |
Amendment 36
Motion for a resolution
Paragraph 15
| Motion for a resolution | Amendment |
| 15. Calls on platforms to continue promoting prominent and legitimate educational channels on financial literacy and reiterates the importance of implementing innovative features in the field of labelling commercial communications, risk-warning solutions and fast-track notice-and-action procedures against illegal or clearly harmful content; | 15. Calls on online platforms to promote trustworthy educational content on financial literacy and reiterates the importance of implementing further innovative features in the transparency and labelling of commercial communications, risk-warning solutions and fast-track notice-and-action procedures against illegal or harmful content, in accordance with current EU law; |
Amendment 37
Motion for a resolution
Paragraph 15 a (new)
| Motion for a resolution | Amendment |
| 15 a. Emphasises the need for educational programmes for finfluencers to ensure that they fully understand applicable legal frameworks, ethical standards and transparency and disclosure obligations, and the importance of communicating, clearly and in a balanced manner, both the benefits and risks of the products or services they promote; welcomes the Commission’s efforts in this regard, including the establishment of an Influencer Legal Hub; calls on the Member States also to promote training for finfluencers on the legal rules and ethical standards they must follow when promoting financial products; |
Amendment 38
Motion for a resolution
Paragraph 16
| Motion for a resolution | Amendment |
| 16. Underlines the social responsibility of finfluencers and their valuable contribution to increasing levels of financial literacy; calls, therefore, on these digital actors to contribute to establishing the European Financial Strategy, and to participate in events and initiatives promoted by the Commission and/or the Member States, while complying with the highest standards of independence and transparency; | 16. Underlines the social responsibility of finfluencers and their valuable contribution to increasing levels of financial literacy; calls on finfluencers to contribute to establishing the European Financial Strategy, and to participate in events and initiatives promoted by the Commission and/or the Member States, while complying with the highest standards of independence, transparency and consumer protection; |
Amendment 39
Motion for a resolution
Paragraph 17
| Motion for a resolution | Amendment |
| 17. Declares its availability 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; | 17. Declares its availability to help evaluate the added value of the EU framework on commercial communications for finfluencers, given the potentially negative impact of advertising risky products and unverified or misleading advice promoted by some actors, without proper accountability; |
Amendment 40
Motion for a resolution
Paragraph 18
| Motion for a resolution | Amendment |
| 18. Proposes that the Commission organise a pan-European summit of finfluencers to discuss measures to enhance financial literacy in Europe and discuss how these digital actors should be regulated; | 18. Proposes that the Commission organise a pan-European summit of finfluencers to discuss measures to enhance financial literacy in Europe and to explore how they can contribute positively to inspiring young people to learn about personal finance; proposes to involve teachers, youth organisations, academia, consumer associations and national authorities, in order to exchange best practice on media and financial literacy and discuss proportionate policy options; |
Amendment 41
Motion for a resolution
Paragraph 18 a (new)
| Motion for a resolution | Amendment |
| 18 a. Recalls that Member States have the obligation, under the AVMSD, to promote and take measures for the development of media literacy skills and to report to the Commission on the matter; encourages national media regulators to include topics related to financial literacy and finfluencers when applying their measures aimed at developing media literacy skills; |
Amendment 42
Motion for a resolution
Paragraph 18 b (new)
| Motion for a resolution | Amendment |
| 18 b. Calls on the European Board for Media Services and the European Board for Digital Services to provide further guidance on possible actions aimed at increasing digital and media literacy, including activities related to finfluencers, as well as to continuously take coordinated actions designed to minimise the risk of users becoming victims of financial scams or surreptitious commercial communications related to financial or investment services; |
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
| Date adopted | 27.1.2026 |
| Result of final vote | + : 19 - : 4 0 : 4 |