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Naïm Abou-Jaoudé, President of EFAMA, comments: “Europeans are facing sharp increases to their cost of living but the need to save for the future and personal retirement has not changed. This is a challenging backdrop to most people’s personal finances, which is why now is a critical moment to ensure they are empowered to take more control of their money. The financial literacy gap is a serious issue, but I am confident we can address it, by proactively engaging with end investors and giving them access to the latest educational tools and online learning platforms to develop basic finance skills. Europe’s investment management industry has a particularly important role to play in improving investor education, and in doing so, we will be supporting individuals and the regions’ economy over the long term.”
The report, prefaced by Commissioner Mairead McGuinness, is divided into three parts.
Tanguy van de Werve, Director General at EFAMA, comments: “Financial education is not merely necessary but absolutely critical. It is one of the best investments in people’s future as the retirement savings gap is increasing in most European countries. Financial education is also a sine qua non for increasing retail participation in capital markets and empowering citizens”.