As part of the CMU action plan published in September 2020, the European Commission committed to work on joint EU/OECD financial competence frameworks for adults and youth. The work started in April 2021 and, on 11 January 2022 the joint EU/OECD-INFE financial competence framework for adults was officially published.
The framework builds upon the existing G20/OECD INFE core competencies framework on financial literacy for adults and adapted it to the EU context with the contributions of EU Member States.
Key features of the framework:
- Includes diverse competences such as digital finance, sustainable finance and financial resilience
- Includes personal finance competences such as budget planning, saving, investing, borrowing or retirement planning
- Covers the knowledge/awareness, skills/behaviours and confidence/attitudes/motivation that individuals need to have in order to support their financial well-being throughout their lives
- The Commission and the OECD are planning targeted exchanges in 2022 with national public authorities and private bodies to disseminate these policies and educational tools. Such events include a conference organised by the OECD and the European Commission on 25 January to launch the framework and exchanges during an ESAs High-Level Conference on 3 February
- The Commission services and the OECD will establish a similar framework for children and youth by 2023
How does the ABBL encourage financial literacy
The ABBL follows EU and OECD actions closely and is further developing its contribution to the broader uptake of financial literacy amongst its community. Specific actions include projects for children (Money Week), young adults (European Money Quiz), and also vulnerable adults, and is extending its activities in raising awareness on sustainable finance. Find out more about financial education on our website.
By Aurélie Cassou, Senior Adviser - European Affairs