On financial literacy and the rise of finfluencers in the context of the savings and investments union
ECON-PR-779350
Committee on Economic and Monetary Affairs · Rapporteur: Lídia Pereira
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This draft report addresses financial literacy and the role of finfluencers in the EU. It calls for integrating financial literacy into school curricula, workplace programmes, and tailored initiatives, and proposes an EU repository and a pan-European network.¶¶¶ It welcomes the Commission's Financial Literacy Strategy, asks for a report by end of 2027, and stresses policy coherence. It also highlights finfluencers' responsibility, calls for a code of conduct and a summit, and proposes a study on legislative needs.¶¶¶
Committee position. The rapporteur proposes a resolution that calls for enhanced financial literacy through education, workplace programmes, and tailored initiatives, and for regulating finfluencers via a code of conduct and summit.¶¶¶
Key points
- Encourages Member States to integrate age-adequate financial literacy into school curricula and support teachers.¶
- Exhorts Member States to incentivise workplace-based financial education, especially on pensions.¶
- Rejects one-size-fits-all; calls for tailored initiatives for women, youth, rural citizens, and less literate groups, involving social partners and civil society.¶
- Calls on authorities to enforce legislation ensuring financial instruments are accessible and transparent.¶
- Proposes a pan-European network of stakeholders and authorities to enhance financial literacy and behavioural change.¶
- Welcomes the Commission's Financial Literacy Strategy and asks for concrete follow-up measures.¶
- Invites the Commission and ESAs to create and update an EU repository of financial education initiatives.¶
- Calls on the Commission to report by end of 2027 on the Strategy's uptake and effectiveness.¶
- Asks the Commission to consider financial literacy principles in banking, financial markets, and insurance initiatives.¶
- Stresses policy coherence across financial literacy, investor protection, SIAs, and other SIU initiatives.¶
- Proposes a Commission-commissioned report to identify need for legislative initiatives on financial, digital, data, and media literacy.¶
- Highlights finfluencers' responsibility; encourages Commission to cover them in a code of conduct with a voluntary seal; calls on platforms to label commercial content and implement risk warnings; calls on finfluencers to contribute to the European Financial Strategy; proposes a pan-European finfluencer summit.¶¶¶
Who is affected
- Member States: to integrate financial literacy into curricula and workplace programmes.¶¶
- Finfluencers: to comply with standards of independence and transparency, and participate in initiatives.¶
- Platforms hosting financial content: to label commercial communications and implement risk warnings.¶
- Commission and ESAs: to create and maintain an EU repository of financial education initiatives.¶