Insurance Europe has welcomed the European Commission’s initiative to develop a comprehensive EU Financial Literacy Strategy, calling it a pivotal opportunity to strengthen citizens’ financial resilience and support the EU’s broader goals on inclusion, sustainability and long-term investment.
Financial and insurance literacy are essential to enabling individuals to manage risk, plan for the future and make informed financial decisions. Insurance Europe stressed that improving literacy is not only a matter of consumer protection, but also a strategic lever to unlock the full potential of the Savings and Investments Union (SIU) by encouraging greater participation in long-term savings and capital markets. The federation has also made a clear appeal to include insurance education explicitly in the upcoming EU strategy.
The Advancing financial and insurance literacy in the EU paper highlights that only 18% of EU citizens currently demonstrate high financial literacy, with young people particularly underserved. A joint survey with the European Youth Parliament revealed that just 11% of youth felt they had received adequate financial and insurance education in school.
The federation called on the Commission to embed financial and insurance education in national school curricula, promote lifelong learning through teachable life moments, and ensure inclusion and accessibility.
In addition, Insurance Europe recommends:
The success of the EU’s Financial Literacy Strategy will depend on its ability to deliver measurable behavioural change, close knowledge gaps, and foster public–private collaboration to reach all citizens.