Briefing Notes on Consumer Financial Education

On the request of the Committee on Internal Market and Consumer Protection five briefing papers have been prepared by a panel of experts to serve as a background to the Public Hearing on Financial Education and to an expert panel discussion on the same topic. Hereunder a summary of the main findings of the papers. Financial education is beneficial both for the individual and society Financial education allows consumers to better understand complex financial products, to develop ability to compare offers, to weigh up major financial decisions and it helps them to acquire a realistic view of their ability to meet financial commitments. On the level of society, financial awareness leads to less problem debts, an increased level of savings, the appropriate use of insurance products, adequate provision for retirement and could prevent poverty.