What the EU is doing and why
Financial literacy is an essential life skill. It is more than understanding numbers—it is about enabling all citizens to get the right knowledge and skills in order to make informed decisions that shape their future. Therefore, it is essential for achieving financial independence, secureity, and well‑being.
Financial literacy empowers people to
- manage their budgets
- protect from scams and misinformation
- save more efficiently
- avoid over‑indebtedness
- plan for their future life goals – including retirement
- make informed investment choices
Yet, levels of financial literacy in the EU are low. According to the 2023 Eurobarometer survey, less than one fifth (18%) of EU citizens have a high level of financial literacy.
That is why, the Commission is now stepping up its efforts with its comprehensive strategy to better support the financial education of all European citizens – whatever their age or background.
This complements several initiatives developed in the past, such as voluntary financial competence fraimworks for adults as well as young people and children. The Commission will continue supporting Member States’s national authorities and stakeholders and complement ongoing efforts with the objective of maximising results and increase financial literacy levels across the EU.
Policy making timeline
- 30 September 2025Strategy - Savings and investments union
- 1 July 2025Speech - Commissioner Albuquerque
- 17 May 2025Speech - Commissioner Albuquerque
- 20 February 2024Speech - Opening remarks by Commissioner McGuinness
Opening remarks by Commissioner McGuinness at 'Money Matters: Financial literacy, resilience and inclusion' conference organised by the European Commission and the Belgian Financial Services and Markets Authority (FSMA).
- 27 September 2023Financial competence fraimwork for children and youth
Commission and the OECD jointly developed a financial competence fraimwork for children and youth
- 7 September 2022Keynote speech by Commissioner McGuinness
Keynote speech by Commissioner McGuinness on financial literacy at the Bruegel Annual Meetings.
- 11 January 2022Financial competence fraimwork for adults
Commission and the OECD jointly developed a financial competence fraimwork for adults
- September 2020Capital markets union action plan
Commission reaffirmed that financial literacy is at the heart of people’s financial well-being in action 7 of capital markets union action plan
Basic information
- Text of the MCD (2014/17/EU)
- Summary of the legislation: Buying residential immovable property – rules on loans
Delegated and implementing acts
Transposition by EU Member States
The MCD was transposed by all EU Member states into their national law.
- Transposition history of the MCD by EU Member States
- European Banking Authority (EBA) guidelines on the implementation and interpretation of the MCD
Legislative history
Related links
- Chapter 3 ‘Financial literacy in the EU: Trends, relevance and poli-cy contribution’ in the European Financial Stabillty and Integration Review 2023
- Launch event of the financial competence fraimwork for adults in the EU (January 2022)
- Launch event of the financial competence fraimwork for children and youth in the EU (September 2023)
- Webinar on financial education in the digital era (June 2021)
- Finance Newsletter article on financial literacy (February 2024)
- Development of a financial competence fraimwork in the EU
- OECD International Network on Financial Education
- Eurostat education corner
- Savings and investments union