Consumers have to face financial decisions on daily basis from making payments, taking loans to finance their studies, to buying a car or a house or opening a bank account. Financial education and financial literacy can help consumers plan and manage their income, be more aware of the importance of saving and make a more responsible use of credit or invest efficiently by paying attention to risks, fraud and potentially cybersecurity.

The European Banking Authority (EBA) takes a leading role in promoting transparency, simplicity and fairness in the market for consumer financial products or services across the internal market, including by reviewing and coordinating financial literacy and education initiatives by the national supervisory authorities.

In March 2020, the EBA published its second Financial Education Report 2019/20. The Report is based on the EBA financial education repository, which consists of more than 120 financial education initiatives taken by national authorities carried out primarily during 2018 and 2019. The Report describes the most common approaches used by national authorities and the lessons learned and experiences gained. Compared to the 2018/19 report, the most recent edition includes new aspects such as the interplay between financial education and financial conduct regulation and supervision of the financial system. In addition, it highlights the increasing role of financial innovation and the growing focus on specific target groups, such as children and youth and elderly. It also identifies a number of developments that could influence future financial education initiatives, including behavioural economics, sustainable finance, and advanced analytics and big data.

In addition, the EBA developed a one-page information sheet providing consumers with tips to protect themselves when choosing online or mobile banking services. This document has been translated in all EU official languages and been disseminated by the national authorities in all Member States.