Citizens need the financial literacy skills to remain economically resilient
Financial education has a vital role to play in ensuring that European citizens are equipped with the knowledge, confidence and skills necessary to improve their understanding of financial products and concepts.
It is a core life skill that needs to be developed and nurtured as early as possible to encourage responsible financial behaviour and to engender the necessary confidence to take charge of one’s own financial future.
While education is a matter for national governments, Insurance Europe welcomes efforts at EU level to promote financial literacy. It was pleased to see that one of the actions in the European Commission's Capital Markets Union 2020 action plan focuses on empowering citizens through financial literacy. Insurance Europe is also looking forward to contributing to the joint project by the European Commission and the Organisation for Economic Co-operation and Development to develop a financial competence framework for children and youth in the EU.
Insurance Europe and its member associations have long been actively engaged in efforts to raise levels of financial literacy, specifically in relation to risk awareness, insurance and long-term saving for retirement.
Since 2018, Insurance Europe's financial education activities are brought together in its “InsureWisely” campaign. The campaign material includes videos, a booklet and a series of infographic facsheets on different insurance topics with useful tips for consumers to for example reduce risks, choose the right policy and make a claim. This material is also used by Insurance Europe members in their national markets.
The European insurance industry is engaged in numerous initiatives across Europe to increase financial literacy and the understanding of insurance in all parts of society, ranging from young children in schools to adults and professionals in the workplace, reflecting the industry’s belief that financial education should be a lifelong process.
Our Consumer Hub showcases a broad cross-section of the insurance industry’s many initiatives across Europe.
European Platform for Financial Education
Insurance Europe is a founding member of the European Platform for Financial Education, which was launched in February 2017. The Platform’s aims are to pool knowledge and coordinate initiatives to promote financial education and boost financial literacy, particularly among young people and entrepreneurs, and to encourage EU-level leadership in this field.
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