‘Poor financial literacy drives vulnerability risks, exclusion’
A lack of financial literacy and unfamiliarity with digital technologies are key drivers of financial vulnerability and exclusion, Europe’s three financial sector supervisors said in a collective report.
Access to digital channels and digital infrastructure has become a prerequisite for consumers to make use of financial services, the report said, adding that a lack of digital financial skills also makes consumers more prone to be targets of digital scams and fraud.
Citing inflation, Máxima wants action on financial literacy
Queen Máxima of the Netherlands has called on European financial supervisors to review financial services for their health impact and urged the banking, payments and investment industries to do more to make sure that their clients make well-informed decisions.