Boosting financial literacy key to ensuring growth and stability in European economy
Improving people’s financial literacy and understanding of insurance will play an important role in underpinning economic growth and in enabling society to overcome the significant pension challenge it faces.
Increasing people’s awareness of financial risks and opportunities from an early age will help them to make informed decisions about which financial services meet their needs. As a result, they are better prepared to engage in economic activity, which in turn helps to drive growth in the European economy.
The European insurance industry is engaged in a wide range of initiatives to increase people’s financial literacy and understanding of insurance, a selection of which can be found in our publication Financial education in a digital age — initiatives by the European insurance industry and in our online consumer focus tool.
Owning your future
A prominent example of this work is the industry’s initiatives to inform people about the need to save for their retirements. Europe’s insurers have developed a variety of initiatives to address this issue, including teaching programmes in schools and in the workplace, as well as applications that allow people to track their pensions.
Raising awareness of the need to save money for retirement can help to take the strain off governments which continue to face a huge challenge in providing for their retired citizens. Given that retired populations are set to grow even larger over time, addressing this challenge now will be fundamental in ensuring stability and prosperity in European society.
Protecting your family
Insurance Europe has developed a short animation to explain the role of insurance in our society and the contributions it makes to the economy.
Insurance Europe supports the Global Money Week. The Global Money Week aims to teach children and youth about money, saving, creating livelihoods, gaining employment and becoming an entrepreneur. Every year activities are organised to create awareness, challenge out of date financial policies and give young people the tools and inspiration they need to shape their own future.