The European Commission presented a strategy on September 30, 2024, to enhance the financial⁤ education of european citizens ‍and introduce a new pan-European investment ​tool: European savings and investment accounts. Commissioner for financial services, Maria Luís Albuquerque, stated these accounts will aim to provide citizens with “better yields” while concurrently supporting “EU companies’ financing, economic growth and creation of jobs.”

The initiative‍ shares​ similarities with Italy’s existing individual savings plans (PIR). The⁣ broader strategy for financial literacy intends‌ to empower citizens to make informed financial ⁤decisions, improving their overall well-being, financial security, and independence. Brussels believes that a combination of knowledge and‍ skills will enable citizens to better manage budgets,avoid financial ⁤scams,save effectively,and confidently⁢ invest for the future.

Financial Literacy Levels in the EU

Current financial literacy levels across the European⁣ Union remain low. According to a 2023 Eurobarometer survey,less than 20% of EU citizens demonstrate a high level of financial literacy,with significant variations between ⁣Member States. The new strategy includes measures to improve financial awareness for all ‍citizens and support Member⁢ States’ existing efforts to enhance financial literacy.