Launch of the Financial competence framework for adults in the European Union

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On 11 January 2022, the European Commission (EC) and the OECD’s International Network on Financial Education (INFE) published the Financial competence framework for adults in the European Union.

This framework was jointly developed by the EC and the OECD/INFE and builds on the existing G20/OECD INFE core competencies framework on financial literacy for adults. The framework promotes a shared understanding of the financial competences adults need to make sound decisions on personal finance. It supports public policies, financial literacy programmes and educational materials to be developed by EU Member States, educational institutions, industry and individuals. It also supports the exchange of good practices by policy makers and stakeholders within the EU.

The framework is accompanied by a tool that facilitates navigation and filtering of competences according to users' needs.

The EC and OECD/INFE efforts will now focus on the uptake of the framework for adults by national authorities and practitioners. In parallel, the Commission and the OECD/INFE, in cooperation with Member States, will start work on a joint EU/OECD-INFE financial competence framework for children and youth, which is expected to be finalised in 2023.

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OECD/INFE Core Competency Frameworks

Online project launch, 26 April 2021

More OECD work on financial education

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PROGRAMME

Keynotes

• Mairead McGuinness, European Commissioner for Financial Services, Financial Stability and Capital Markets Union

• Mathias Cormann, OECD Secretary-General

Panel discussion

The keynotes were followed by a panel of senior policymakers, as well as representatives of academia and the private sector, moderated by Maria Demertzis, Deputy Director, Bruegel.

• Maria Lúcia Leitão, Head of Banking Conduct Supervision Department, Central Bank of Portugal

• Kristof de Witte, Professor, Faculty of Economics and Business, KU Leuven
• Ben Granjé, CEO of the Association of Flemish Individual Investors, Managing Director at Beconomics, and Member of the Advisory Council at Better Finance
• Peter Simon, Managing Director at WSBI-ESBG

Closing remarks

• Marcel Haag, Director for Horizontal Policies, Directorate General for Financial Services, Financial Stability and Capital Markets Union, European Commission
• Nicolas Pinaud, Deputy Director, Directorate for Financial and Enterprise Affairs, OECD