Sittings · Document
DRAFT OPINION (2025/2209(INI)) 2025-11-27
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, | |
| _________________ | |
| 1a OJ L 303, 28.11.2018, p.69, ELI: http://data.europa.eu/eli/dir/2018/1808/oj. |
Or. en
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. |
Or. en
Amendment 3
Motion for a resolution
Citation 10 c (new)
| Motion for a resolution | Amendment |
| – having regard to the reports by the European Regulators Group for Audiovisual Media Services (which preceded the current European Board for Media Services) on the regulation of vloggers1a, | |
| _________________ | |
| 1a 2023 Report – Learning from the practical experiences of NRAs in the regulation of vloggers. |
Or. en
Amendment 4
Motion for a resolution
Recital A a (new)
| Motion for a resolution | Amendment |
| A a. whereas it is of key importance to ensure financial literacy from an early age and provide lifelong learning opportunities to empower society with essential and up-to-date skills; whereas public institutions, in particular independent regulators, and civil society should play a fundamental role in this regard; |
Or. en
Amendment 5
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 significant differences between Member States and social groups; |
Or. en
Amendment 6
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 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 limited formal education; |
Or. en
Amendment 7
Motion for a resolution
Recital C a (new)
| Motion for a resolution | Amendment |
| C a. whereas better financial literacy contributes to social inclusion, helps to reduce inequality and supports and empowers vulnerable or marginalised groups; |
Or. en
Amendment 8
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’) creates 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 Digital Fairness Fitness Check 2024 found that just 20 % of influencers systematically indicate the commercial nature of the content shared; |
Or. en
Amendment 9
Motion for a resolution
Recital D a (new)
| Motion for a resolution | Amendment |
| D a. whereas there is concern about the growing number of widely reported influencers who promote 'get-rich-quick' services, thus exposing consumers to potential financial harm; |
Or. en
Amendment 10
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 it comes to providing information on financial affairs to their audiences, but without adhering to regulatory or self-regulatory instruments related to the transparency and qualitative standards of commercial communications or to the accuracy, trustworthiness or veracity of the content provided; |
Or. en
Amendment 11
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 on-demand media services under the Audiovisual Media Services Directive (AVMSD), the overall legislative landscape concerning influencers in the Union varies; |
Or. en
Amendment 12
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; |
Or. en
Amendment 13
Motion for a resolution
Recital E a (new)
| Motion for a resolution | Amendment |
| E a. whereas the professional qualifications and economic incentives of finfluencers may vary, and thus 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; |
Or. en
Amendment 14
Motion for a resolution
Paragraph -1 (new)
| Motion for a resolution | Amendment |
| -1. Highlights the link between media 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, as well as findability and prominence of trustworthy information online, are crucial for lowering the risk of financial scams and the manipulation of financial decisions of users of online platforms; |
Or. en
Amendment 15
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-adequate financial literacy projects into school curricula, as a component of digital literacy, and to include training for teachers and educators; |
Or. en
Amendment 16
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 lifelong education, and, in particular, prioritise projects and training addressed to marginalised communities; |
Or. en
Amendment 17
Motion for a resolution
Paragraph 2 b (new)
| Motion for a resolution | Amendment |
| 2 b. Encourages the development of joint educational programmes and materials by regulators, educators and civil society, in consultation with finfluencers and brands to foster financial literacy and promote responsible investing; |
Or. en
Amendment 18
Motion for a resolution
Paragraph 6 a (new)
| Motion for a resolution | Amendment |
| 6 a. Calls for public awareness campaigns that explain the functioning of financial services in simple terms, warn against the risk of financial scams and highlight the role of professional financial advisors; |
Or. en
Amendment 19
Motion for a resolution
Paragraph 6 b (new)
| Motion for a resolution | Amendment |
| 6 b. Calls on the Member States to promote training for finfluencers on the legal rules and ethical standards they must follow when promoting financial products; |
Or. en
Amendment 20
Motion for a resolution
Paragraph 10
| Motion for a resolution | Amendment |
| 10. Notes the Commission’s commitment to a regulatory simplification agenda and the concrete efforts to reduce the administrative burden, which is leading to several targeted legislative initiatives; asks the Commission to consider the principles that informed its communication on a Financial Literacy Strategy in the context of possible initiatives on banking, financial markets or insurance regulatory frameworks; | 10. Asks the Commission to consider the principles that informed its communication on a Financial Literacy Strategy in the context of possible initiatives on banking, financial markets or insurance regulatory frameworks; |
Or. en
Amendment 21
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; |
Or. en
Amendment 22
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 vulnerable audiences; notes their significantly increased responsibility and accountability towards their audience; recognises the increasing significance of finfluencers as the main vehicles of commercial communication on financial or investment services; |
Or. en
Amendment 23
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 qualified as 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; |
Or. en
Amendment 24
Motion for a resolution
Paragraph 14 b (new)
| Motion for a resolution | Amendment |
| 14 b. Underlines the importance of effective oversight and enforcement of the European framework, in particular the Digital Services Act and the AVMSD, related to online commercial communications, in view of safeguarding consumers’ well-being and reducing risk of financial harm online; |
Or. en
Amendment 25
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 under the Digital Fairness Act and the revision of the AVMSD, while ensuring that these instruments fully complement and align with each other; |
Or. en
Amendment 26
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 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 around financial products, which should include easy to understand information on potential financial risks related to such products; |
Or. en
Amendment 27
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 platforms to continue promoting trustworthy educational content on financial literacy and reiterates the importance of implementing further innovative features in the field of 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; |
Or. en
Amendment 28
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 and transparency; |
Or. en
Amendment 29
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 harmonised 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; |
Or. en
Amendment 30
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; |
Or. en
Amendment 31
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 concerning financial literacy and finfluencers when applying their measures aimed at developing media literacy skills; |
Or. en
Amendment 32
Motion for a resolution
Paragraph 18 b (new)
| Motion for a resolution | Amendment |
| 18 b. Calls on the European Board for Digital Services, as well as on the European Media Services Board, 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; |
Or. en
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 register, 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.