EU Defends Financial Education in Schools
A EU defends financial education in schools from the first cycle, in an attempt to combat the high levels of financial illiteracy. Indeed, this measure, announced by the European Council at its meeting on 14 May 2024, aims to better prepare future generations to face economic challenges.
Urgent Need for Intervention
Firstly, the current situation reveals an urgent need for intervention. According to the 2023 Eurobarometer, Portugal ranks second to last in financial literacy among European Union countries, ahead only of Romania. These alarming figures reflect a lack of basic financial knowledge among Portuguese citizens, which can have serious consequences for individual and collective financial stability.
Financial education from childhood
The European Council's recommendation is clear: integrate financial education into the school curriculum from the age of six. Indeed, this early approach allows children to acquire key concepts and develop financial skills relevant to their age. Thus, from an early age, pupils will be better prepared to make informed and secure financial decisions in the future.
Inclusion of Vulnerable Groups
In addition to children, the EU also emphasises the importance of including vulnerable groups in financial literacy strategies. These include people on low incomes, migrants, people with disabilities and the elderly. It is clearly these groups that face the greatest risks of financial exclusion and fraud. It is therefore essential to develop specific programmes that respond to their needs.
Partnerships and Collaborations
To ensure the success of these initiatives, the European Council suggests close collaboration with various organisations. Financial institutions, non-profit organisations and educational bodies play a crucial role. In addition, the use of programmes such as Erasmus+ to fund financial literacy projects is highly recommended. This collaboration will enable the development of teaching materials and activities that facilitate the teaching of financial education in school and out-of-school contexts.
Monitoring and Evaluation
Finally, continuous monitoring of financial literacy levels is essential. In particular, countries must evaluate the impact of the initiatives implemented to ensure the effectiveness of the programmes. Cooperation with international organisations and the sharing of best practices between member states are essential for the advancement of these policies. The exchange of experiences and knowledge will enable financial education strategies to be constantly improved.
To summarise, the EU advocates financial education in schools as a crucial measure to combat financial illiteracy. This initiative aims to empower future generations and vulnerable groups to make more informed and secure financial choices. Thus, with strategic partnerships and continuous monitoring, the European Union hopes to promote greater economic resilience among its citizens. This comprehensive approach not only benefits individuals, but also contributes to the economic stability of the European bloc as a whole.
A Serro & Andradand welcomes the European Council's project and stands ready to contribute in any way that is appropriate.
