Financial literacy: Commission and OECD-INFE publish joint framework to improve individuals’ financial skills

The European Commission and the OECD International Network on Financial Education (OECD-INFE) have printed the joint EU/OECD-INFE monetary competence framework for adults. This framework goals to enhance people’ monetary abilities in order that they will make sound choices relating to their private funds. It will help the event of public insurance policies, monetary literacy programmes and academic supplies by member states, academic establishments and trade. It may even help the alternate of excellent practices by coverage makers and stakeholders within the EU.

Having a greater understanding of finance empowers people in managing their private funds and permits them to extra safely and confidently take part in monetary markets. Today’s monetary competence framework follows on from measures announced in the 2020 Capital Markets Union Action Plan. It marks a key milestone within the Commission’s work on monetary literacy and is a vital follow-up to OECD/INFE work on monetary literacy.

The joint monetary competence framework for adults printed as we speak: outlines key abilities to assist people make sound monetary choices; and builds upon the competences outlined within the G20/OECD INFE core competencies framework on monetary literacy for adults, adjusting them to the EU context, and integrating digital and sustainable finance abilities.

Mairead McGuinness, commissioner for monetary providers, monetary stability and the Capital Markets Union, mentioned:  “Equipping people with the know-how to make informed decisions about their personal finances promotes financial well-being and a more assured participation in financial markets. This is all the more important given the increasing digitalisation of finance. Current levels of financial literacy in the EU are regrettably low, and disproportionately impact the most vulnerable in society. Today’s announcement, and the joint work of the Commission and the OECD-INFE, is a significant step forward in strengthening financial literacy in the EU by providing Member States and other stakeholders with the tools to develop financial literacy policies and programmes. This framework is a key part of our CMU Action Plan and brings us closer to completing a single market where consumers can safely navigate capital markets.”


Next steps

Commission and OECD efforts will now deal with the uptake of the joint EU/OECD-INFE monetary competence framework for adults by nationwide authorities and practitioners. Exchanges with member states and with stakeholders can be organised and can be moderated by Commission providers and the OECD as of early 2022.

In parallel, the Commission and the OECD, in cooperation with Member States, will begin work on a joint EU/OECD-INFE monetary competence framework for kids and youth, which is anticipated to be finalised in 2023.



Financial literacy, in response to the 2020 OECD Recommendation on Financial Literacy, refers to a mix of monetary consciousness, information, abilities, attitudes and behaviours essential to make sound monetary choices and finally obtain particular person monetary well-being. However, the extent of monetary literacy amongst people stays low, making it a precedence for policymakers and different stakeholders within the EU.

This is why the Commission had included two measures within the 2020 Capital Markets Union Action Plan that purpose to extend the monetary literacy ranges of people within the EU:

  • to conduct by Q2 2021 a feasibility evaluation on the event of an EU monetary competence framework:

The feasibility evaluation for the event of a monetary competence framework within the EU was printed in April 2021 and supported the creation of EU-wide monetary competence frameworks in collaboration with the OECD-INFE.

  • topic to a optimistic influence evaluation, desk a legislative proposal requiring Member States to advertise measures that help the monetary schooling of shoppers:

This motion can be additional refined within the context of the retail funding initiative to be adopted in This autumn 2022.

Today’s joint EU/OECD-INFE monetary competence framework for adults was developed by the Commission and the OECD-INFE via coordinated work. Member States and consultants shared their views and feedback on the event of the framework via a devoted subgroup of the EU Government Expert Group on Retail Financial Services (GEGRFS). In addition, technical consultants offered enter on the usability of the framework via a technical dialogue organised by the Commission providers and the OECD.

This monetary competence framework will purpose to supply a typical EU-level terminology and framework to tell the event of monetary literacy insurance policies and programmes, figuring out gaps within the provision of coaching, and to create analysis instruments.

More info

Financial competence framework 

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