ACCIS is pleased to announce the launch of our Credit and Financial Literacy Report, a collection of best practices from ACCIS members that are aimed at improving credit and financial literacy in Europe.
As Enrique Velázquez, Director General of ACCIS, notes in the report, “according to the ‘OECD/INFE 2020 International Survey of Adult Financial Literacy, about half of the EU adult population does not have a good enough understanding of basic financial concepts. While the overall figure for financial literacy is low, the problem is more acute in some parts of society than others. Low-income groups, for instance, as well as women, young people, and older people, tend to score lower than the rest of the population”.
There are public initiatives aimed at providing education for consumers on financial matters, but ACCIS members are also in the unique position to contribute to this conversation and build upon the good work that is already being done. For instance, Asiakastieto’s initiative TarkkaFyrkka is a financial management development project for youth and inspire them at a young age to be mindful of their finances and teach them about credit.
CRIF also created Faccio Tesoro, a project entirely dedicated to the financial education of Italian consumers. It aims to provide practical and easy-to-use information to increase awareness about borrowing and managing personal finances, focusing on knowledge of the key concepts, the available tools and their use.
Another example is the educational game, Score Hunter, by The Credit Information Bureau BIK, which is a fun and interactive way of teaching youth about financial management and credit scores. And Experian‘s United for Financial Health is a global project focused on empowering vulnerable consumers to improve their financial health through education and action.
You can read more about these innovative projects and others in the report below.