The European Commission Checks the State of Financial Products and Services
“With digitalisation and sustainable finance changing the way we bank, it is essential that Europeans are well informed, treated fairly, and aware of risks and opportunities, so that no one is left behind”. These are the words of the European Commissioner for Financial Stability, Financial Services, and Capital Markets Union, Mairead McGuinness, in response to the recent publication of a Eurobarometer survey on how Europeans interact with the financial services world.
The survey aims to provide insights about topics such as capital markets union, instant payments, retail investment, data access in financial services and the potential introduction of a digital euro. The results of the survey show that citizens’ feelings can vary greatly depending on the topic being asked about. For example, around 86% of Europeans claim that they feel comfortable managing their personal finances, but only 10% claim to be fully aware of the discussions being had about a digital euro.
Furthermore, according to the European Commission’s own conclusions, results vary across member states, gender, age and level of education, “showing the need for continued attention to financial literacy”.
The data shows certain progress in the use of the single market for retail finance and reveals some interesting insights regarding the sources of information used to manage personal finances. For example, only 5% of Europeans use information from social media when making decisions.
All these figures and more can be found on the European Commission’s own website. Here at GDS Modellica, we have taken the liberty of extracting the key takeaways and presenting them here, as usual, in the form of an infographic so that our users can easily digest the key insights of this survey.