Financial education, where do we stand? A comparison between Italy and some EU countries

And if it is complicated to appeal to young people through schools, it is even more difficult to engage adults, who daily face not only the risk of incurring too high costs or procrastinating on strategic choices (only one third of workers have a supplementary pension), but above all what has become a real national emergency: financial fraud. Last year, 900,000 Italians fell victim to fraud or financial scams, for an average loss of EUR 740; 15.4 per cent of them were robbed of sums over EUR 900. The economic damage caused by criminal organisations is estimated at around EUR 630 million.

To give an idea of the phenomenon, the figure recorded when the anti-spoofing regulations came into force, which block calls from abroad masquerading as local numbers, is relevant: in just two days, something like 10 million calls were blocked. A scourge capable of endangering social cohesion, as well as the well-being and peace of mind of individuals. Having adequate financial education to be able to recognise attempted scams, or to know that offers and promises of outsized profits are not credible, has become crucial in facing this emergency.

Croatia has adopted a national strategic framework for financial culture for the period 2021-2026, with the aim of strengthening the financial education of citizens and adapting programmes to different age groups. The plan focuses on money management, debt, savings, investments and consumer protection. There are also two-year action plans defining measures, implementers, funding and indicators.

Financial education is present as a cross-curricular subject in primary and secondary schools through the 'Entrepreneurship' curriculum, published in 2019, which integrates economic and financial skills in all disciplines. In secondary schools, there is also the subject 'Politics and Economics', which, however, is in danger of being eliminated in vocational colleges, prompting criticism from NGOs.

Surveys conducted in 2023 by HANFA and the SNB show a steady improvement: the level of financial literacy has risen to an average of 60%, a significant increase compared to 2015 and 2019. However, the translation of knowledge into concrete behaviour remains low (59%). Croatia is among the few countries without gender differences in literacy levels, but lags behind in digital financial literacy (49%).

Among the most active public-private initiatives is the European money quiz, organised annually by the Croatian Banking Association in schools.

More than a quarter of Spaniards consider their ability to manage money insufficient, according to the latest survey by Funcas. The perception of low literacy is more widespread among women and the elderly, especially in rural areas. Already in 2022, a Bank of Spain survey revealed that 81% of the population could not answer basic questions correctly.

Since 2014, financial education has been part of the school curriculum: in primary through the topics of 'money and savings', and in secondary with the Economics course. Despite this, the PISA results, the OECD's Programme for International Student Assessment, show a deterioration in the financial competence of 15-year-olds: 486 points against an OECD average of 498, a drop of six points compared to 2018.

The Spanish strategy is largely based on the 'Financial Education Plan', promoted by the CNMV, the Bank of Spain and the Ministry of Economy, which aims to equip citizens with tools for responsible decisions. Other initiatives, both public and private, complete the picture with training programmes and educational platforms.

Despite the urgency of the issue, Greece does not yet have a fully institutionalised national strategy, although it is working with the OECD to define one. The country has very low levels of financial literacy, exacerbated by structural factors such as low wages, high cost of living, growth of gambling and the absence of a dedicated subject in secondary school. Research shows that only 19% of Generation Z university students possess adequate skills; the majority do not save, do not invest and fear for their financial future.

The most advanced projects often arise from public-private partnerships. These include the financial literacy programme promoted by ActionAid and Alpha Bank, which involves teachers and students from all regions. In the school year 2024-2025, it trained 500 teachers and almost 5,000 students with experiential classroom activities.

The 2022 OECD surveys of adults (18-79 years) and high school students confirm the widespread fragility: average literacy score 61/100 for adults and 54/100 for students. Adults have little understanding of key concepts such as inflation (62% correct answer) or compound interest (44%), and only 30% save actively. Among students, the greatest difficulties relate to understanding financial concepts despite having relatively more responsible behaviour.

In Bulgaria, financial education is not compulsory in schools, but there is a national strategy (2021-2025) and a large network of private initiatives and NGOs offering practical workshops on personal budgets, loans, investments and money management. Many teachers take training courses and then transfer the skills to students. The public portal tvoitefinansi.bg collects dedicated educational materials.

Despite this, financial literacy remains low, especially among the vulnerable who resort to 'quick' loans, often with unclear conditions. Lack of knowledge encourages over-indebtedness and financial scams in some cases. Savings habits remain very traditional: people accumulate liquidity in interest-free bank accounts or invest in real estate, while the capital market is little used. Insurance is also little used: property cover is less than 10% and many policies are only taken out because they are required by banks in the case of mortgages.

This article is part of theEuropean collaborative journalism project "Pulse"