What changed between the draft committee report and the plenary report

MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

on financial literacy and the rise of finfluencers in the context of the savings and investments union

(2025/2209(INI))

The European Parliament,

Changed:– having regard to the G20/OECDG20/Organisation INFEfor Economic Co-operation and Development International Network on Financial Education (OECD INFE) report on adult financial literacy in G20 countries, published on 8 July 2017,

Removed:– having regard to the EU/OECD-INFE financial competence framework for adults in the European Union, published on 11 January 2022,

Added:– having regard to Directive (EU) 2018/1808 of the European Parliament and of the Council of 14 November 2018 amending Directive 2010/13/EU on the coordination of certain provisions laid down by law, regulation or administrative action in Member States concerning the provision of audiovisual media services (Audiovisual Media Services Directive) in view of changing market realities1,

Changed:– having regard to the ThematicEU/OECD Reportfinancial ofcompetence theframework Jointfor Committeeadults ofin the European Supervisory Authorities on national financial education initiatives on digitalisation, with a focus on cybersecurity, scams and fraud,Union, published on 1211 January 2023,2022,

Added:– having regard to Regulation (EU) 2022/2065 of the European Parliament and of the Council of 19 October 2022 on a Single Market for Digital Services and amending Directive 2000/31/EC (Digital Services Act)2,

Added:– having regard to the thematic report of the Joint Committee of the European Supervisory Authorities on national financial education initiatives on digitalisation, with a focus on cybersecurity, scams and fraud, published on 12 January 2023,

Added:– having regard to the document by the think tank Bruegel entitled ‘The state of financial knowledge in the European Union’, published in February 2024,

– having regard to the Commission’s Flash Eurobarometer 525 on monitoring the level of financial literacy in the EU, published in July 2023,

Added:– having regard to the EU/OECD financial competence framework for children and youth in the European Union, published on 2 October 2023,

Added:– having regard to the document published by the European Securities and Markets Authority on 6 February 2024 entitled ‘Warning – For people posting Investment Recommendation on social media’,

– having regard to the Council conclusions of 14 May 2024 on Financial Literacy,

Changed:– having regard to the report by the OECD publicationof 27 June 2024 entitled ‘PISA 2022 Results:Results (Volume IV): How Financially Smart Are Students?’, published on 27 June 2024,

Removed:– having regard to the opinion of the European Economic and Social Committee on financial literacy and education for Europeans, adopted in July 2025,

Added:– having regard to the final reports of the Board of the International Organization of Securities Commissions (IOSCO) of May 2025 entitled ‘Finfluencers’, ‘Online Imitative Trading Practices: Copy Trading, Mirror Trading, Social Trading’ and ‘Digital Engagement Practices (DEPs)’,

Changed:– having regard to the Commission communicationopinion of 30the SeptemberEuropean 2025Economic and Social Committee on afinancial Financialliteracy Literacyand Strategyeducation for theEuropeans, EUadopted (COM/2025/0681),on 17 July 2025,

Added:– having regard to the Commission communication of 30 September 2025 on a Financial Literacy Strategy for the EU (COM(2025)0681),

– having regard to Rule 55 of its Rules of Procedure,

Changed:– having regard to the reportopinion of the Committee on EconomicCulture and Monetary Affairs (A10-0000/2025),Education,

Change 1

Removed:A. whereas financial literacy is an essential life skill and fundamental instrument that allows citizens to better manage their personal and family budget, leading to informed decisions on savings, investments and the prevention of fraud and over-indebtedness;

Added:– having regard to the report of the Committee on Economic and Monetary Affairs (A10-0082/2026),

Removed:B. whereas the Commission’s 2023 Flash Eurobarometer proves the urgent need to enhance financial literacy in Europe, as only 18 % of EU citizens display a high level of financial literacy;

Added:A. whereas financial literacy is an essential life skill and fundamental instrument that allows citizens to better manage their personal and family budget and engage in productive investment and entrepreneurship, leading to informed and appropriate decisions on savings, plans for retirement and other goals and investments; whereas financial literacy is essential to the prevention of fraud, misinformation and over-indebtedness and must therefore encompass robust knowledge of digital finance, cybersecurity and the identification of online financial scams; whereas public institutions, in particular independent regulators, and civil society should play a fundamental role in this regard;

Removed:C. whereas the lack of financial literacy affects, in a disproportionate manner, women, young people and older citizens, as well as those with a lower income or lower professional qualifications;

Added:B. whereas reducing the excessive complexity of the legal framework governing the financial system in the EU would improve its accessibility;

Removed:D. whereas, in this context, the role of ‘financial influencers’ (‘finfluencers’) creates new opportunities for outreach and inclusion, but can also pose risks, such as conflicts of interest, misleading advertising or fraudulent communication;

Added:C. whereas financial literacy enables people to understand debt, financial markets, taxation, and insurance as a risk-management tool, helping them to manage financial risks, make informed decisions and plan for retirement; whereas given this, understanding how money works should not be something extraordinary, but rather something that is necessary for personal financial freedom; whereas evidence shows there is a link between higher financial literacy levels and greater financial inclusion; whereas financial literacy is an outcome-focused concept measuring the financial awareness, knowledge, skills, attitudes and behaviours necessary to make sound financial decisions and ultimately achieve financial well-being;

Removed:E. whereas a trusted, inclusive and transparent digital environment for finfluencers is a key condition for safeguarding public trust in their work;

Added:D. whereas higher levels of financial literacy can motivate citizens to save more effectively, invest more wisely and participate actively in capital markets, thus promoting inclusive growth and innovation throughout the Member States, contributing to macroeconomic stability and reducing inequalities;

Added:E. whereas the Commission’s 2023 Flash Eurobarometer on financial literacy in the EU proves the need to improve financial literacy in Europe, as the results show that only 18 % of EU citizens display a high level of financial literacy, with wide disparities in this respect between individual Member States – the percentage of citizens displaying a high level of financial literacy ranges from 11 % in two countries to more than 25 % in only four countries;

Added:F. whereas according to the Eurobarometer survey, almost 50 % of adults in the EU lack the emergency savings they would need to cover three months’ worth of living expenses, while 16 % have no emergency savings at all; whereas such factors, coupled with substantial use of consumer credit in some regions, increase the risk of over-indebtedness, make it harder for households to respond to unexpected events, may have an adverse impact on economic and social cohesion, and may limit savings from being channelled into productive investments in the real economy;

Added:G. whereas, according to the 2023 Eurobarometer survey, only 38 % of EU respondents are confident that the investment advice they receive from their bank, insurer or financial advisor is primarily in their best interest, while 45 % do not trust it;

Added:H. whereas the results of recent EU surveys show that, on average across the EU, one in two adults can answer at least three out of five basic financial-knowledge questions correctly, underscoring persistent gaps in understanding inflation, compound interest, the concept of risks and returns, and diversification; whereas it is important to consider these surveys to identify key financial skills and possible follow-up measures;

Added:I. whereas the 2024 Global Retail Investor Outlook shows that financial knowledge is negatively correlated with financial fragility in both the short and long terms, showing that individuals who are more financially knowledgeable are more likely to have adequate means for retirement;

Added:J. whereas the lack of financial literacy disproportionately affects women, young people, older people, people with a lower income or limited formal education, and the most vulnerable groups in society;

Added:K. whereas better financial literacy contributes to social inclusion, helps to reduce inequality, and supports and empowers vulnerable or marginalised groups;

Added:L. whereas retail investors’ participation in capital markets remains uneven across the Member States, and higher financial literacy correlates with enhanced financial resilience and investment uptake;

Added:M. whereas studies show that Generation Z investors (i.e. people born between 1997 and 2012), in particular, predominantly use social media, internet searches and personal connections to learn about investing and financial issues; whereas social media has become a dominant source of information for younger age groups, according to the 2024 Global Retail Investor Outlook;

Added:N. whereas the digital transition expands access to savings and investment products, but also increases citizens’ exposure to aggressive marketing strategies and online fraud, making digitalisation both an opportunity and a risk;

Added:O. whereas EU policy on financial literacy can only be successful if it is accompanied by easily accessible and risk-appropriate financial instruments;

Added:P. whereas public–private cooperation platforms and pan-European initiatives have proven effective in mobilising schools, civil society and industry across the Member States;

Added:Q. whereas financial literacy among entrepreneurs and small and medium-sized enterprises (SMEs) is a critical but under-measured aspect of the EU’s resilience and competitiveness, requiring dedicated monitoring and tailored programmes;

Added:R. whereas the Commission’s 2030 Consumer Agenda places digital fairness, the enforcement of rules and cross-border access to retail financial services at the core of competitiveness, and includes the implementation of the EU Financial Literacy Strategy and the roll-out of Savings and Investment Accounts;

Added:S. whereas the 2030 Consumer Agenda proposes a digital fairness act to tackle dark patterns, addictive design and problematic practices by influencers, with stronger protection for minors; whereas the agenda includes the announcement of an EU action plan on online fraud, aimed at improving prevention measures, making law enforcement action more effective and strengthening support for victims of fraud, thus complementing the enforcement of the Digital Services Act;

Added:T. whereas social media is increasingly used to disseminate, share and discuss information about financial markets and investment strategies and products and, in this context, the role of ‘financial influencers’ (‘finfluencers’) creates new opportunities for outreach and inclusion, but can also pose risks, such as conflicts of interest, misleading advertising, misinformation or fraudulent communication, creating real risks in the form of inappropriate investments;

Added:U. whereas the growth of sophisticated online financial fraud, built on the misuse of new technologies and AI, must be seen as an invitation to boost digital financial literacy in order to ensure that consumers not only understand basic financial concepts, but also know how to protect themselves in an increasingly complex, fast-paced and easily accessible digital environment; whereas financial fraud, including attempted financial fraud, erodes trust in the financial system, and underscores that online platforms and search engines have a particular responsibility to identify and mitigate the risks of online investment fraud;

Added:V. whereas in certain cases, when it comes to providing information on financial affairs to their audiences, finfluencers operate in a manner similar to media service providers, but without adhering to regulatory or self-regulatory instruments related to the transparency and quality standards of commercial communications, or to the accuracy, trustworthiness or veracity of the content provided;

Added:W. whereas, while some of the Member States have started to qualify influencers, including finfluencers, as on-demand audiovisual media services under the Audiovisual Media Services Directive (AVMSD), the overall legislative landscape concerning influencers varies across the EU;

Added:X. whereas trustworthiness, inclusivity and transparency in digital communications by finfluencers are key conditions for safeguarding public trust in their work;

Added:Y. whereas short-form digital media is increasingly used as a primary source of financial information, and may lack context or verification;

Added:Z. whereas boosting and incentivising retail market participation is vital for advancing the EU savings and investments union, and for improving long-term financial security and prosperity for all Europeans, while reducing inequalities;

Financial literacy as a common effort and shared responsibility

Change 2

Changed:1. Understands that promoting financial literacy, and implementing financial literacy programmes and initiatives across EuropeEurope, is a key and horizontal priority for the EU and its Member States, and an important condition for guaranteeing equal financial opportunities for its citizens, as the current low level of financial literacy undermines EuropeanEU competitiveness, increases inequalities,inequalities and hinders retail investment in the real economy and its productivity, harms intergenerational fairnessfairness, deprives businesses, especially SMEs, of a well-informed investor base, and severely jeopardises households’ resilienceresilience, well-being and independence, while also slowing down the ability of retail investments to fully benefit from capital markets;markets, and increasing citizens’ vulnerability to scams and misleading advertising;

Change 3

Removed:2. Encourages the Member States to integrate age-adequate financial literacy projects into school curricula, as a complement to digital education and in parallel with formal programmes, while promoting teacher support initiatives;

Added:2. Emphasises that better financial literacy and understanding of the financial sector and financial institutions indirectly contribute to financial stability; stresses that improved financial literacy will enable citizens to make more informed decisions about their spending, savings, pensions, investments and financial planning for the future, thereby contributing to economic security;

Removed:3. Exhorts the Member States to incentivise, through adequate policy measures, workplace-based financial education and well-being programmes to improve informed decision-making, in particular with regard to pensions;

Added:3. Affirms that improving financial literacy can support the EU’s growth and help boost private investment, complementing a dedicated investment strategy backed by sustainable public funding to steer the necessary investments to increase the EU’s productivity, to support the green and digital transition, to strengthen EU security and industrial sovereignty, and to create quality jobs;