ESBG welcomes the financial competence framework by the European Commission and OECD

BRUSSELS, 25 January 2022 – The European Savings and Retail Banking Group (ESBG) applauds and welcomes the ‘Financial competence framework for adults in the European Union’ launched today by the European Commission (EC) and the OECD’s International Network on Financial Education (INFE).

“This framework provides much needed guidance to ensure citizens are prepared to make sound financial decisions that help them prosper and build resilience across all Member States”, said ESBG Managing Director, Peter Simon, who participated in a panel discussion to launch the initiative.

“Building financial education and literacy is part of European Savings and Retail Bank’s DNA and history, who have been carrying out for decades a number of different financial education programmes with the greatest dedication. Together with our members, ESBG can only celebrate an initiative from the public sector that aims at the same goal, which is to empower citizens to make the right choices for their financial well-being”, he added. “We all need to work together”.

In particular, ESBG applauds the fact that this framework, which includes 563 personal finance competences, focuses not only on building knowledge but also skills across all age groups.

The framework builds on the OECD’s existing one, updating it to the EU context and enriching it with more detailed digital and sustainable finance competences. It is made available for voluntary uptake in the EU by public authorities, private bodies and the civil society.

It was published on 11 January and launched today on a virtual event by European Commissioner Mairead McGuinness, and OECD Secretary General, Mathias Cormann. The announcement was followed by a panel discussion with industry experts.