European Supervisory Authorities form a Joint Committee – a forum promoting cooperation between the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA) and European Securities and Markets Authority (ESMA). The organisation has developed good practices for financial education initiatives in the field of digitisation, in particular cybersecurity and protection against scams and fraud in EU Member States. The report was published on 12 January 2023.
The publication provides 12 good practices that can be implemented by national supervisory authorities to increase the efficiency of financial education. The recommendations indicate how to reach specific target groups, increase the reach of educational campaigns and improve their effectiveness. A special focus is placed on communications addressed to young consumers, who are familiar with technology, in regard to financial risk arising from financial products and services related to new technologies such as cryptocurrencies.
The 12 elements of good practices include the publication of a ‘black list’ of unfair providers, the use of non-digital channels to reach individuals whose level of technological literacy is lower, the use of ‘entertaining elements’, such as games, in educational materials, and the cooperation with teachers to help reach students.
The report is available at: https://www.eiopa.europa.eu/document-library/report/esas-thematic-report-national-financial-education-initiatives-digitalization_en.