2007/2288(INI) | [ParlTrack]

Motion for a resolution
Recital B

B. whereas raising the level of financial literacy of consumers should be a priority for policy-makers both at Member State and at European level, not only because of the benefits for individuals but also because of the benefits for society and the economy, such as reducing the level of problem debt, increasing savings, increasing competition, making appropriate use of insurance products and making adequate provision for retirement,

Amendment 10 #

Motion for a resolution
Paragraph 2

2. Stresses the importance of establishing~~, by means of thorough studies at national and EU level,~~ an understanding of the level of financial literacy ~~of any~~in the Member State,s and the added value the EU can provide, as well as of defining educational needs for specific target groups in society, according to a mix of criteria such as age, income and level of education;

Amendment 11 #

Motion for a resolution
Paragraph 2

2. Stresses the importance of establishing, by means of thorough studies at national and EU level, ~~the level of~~benchmarks for financial literacy of any Member State, and of defining educational needs for specific target groups in society, according to a mix of criteria such as age, income and level of education;

Amendment 12 #

Motion for a resolution
Paragraph 2

2. Stresses the importance of establishing, by means of thorough studies at national and EU level, the level of financial literacy of any Member State, and of defining educational needs for specific target groups ~~in society~~, according to a mix of general criteria such as age, income and level of education, social class, etc.;

Amendment 13 #

Motion for a resolution
Paragraph 3

3. Stresses the role of private initiatives, the financial services industry and consumer organisations in defining the specific needs of target groups for financial education, in notifying weaknesses and shortcomings in existing education schemes, and in providing financial information to consumers, such as through internet-based tools for financial planning;

Amendment 14 #

Motion for a resolution
Paragraph 3

3. Stresses the role of consumer organisations, at both community and national level, in defining the specific needs of target groups for financial education, in notifying weaknesses and shortcomings in existing education schemes, and in providing financial information to consumers, such as through internet-based tools, media and educational campaigns, etc. for financial planning;

Amendment 15 #

Motion for a resolution
Paragraph 3

3. Stresses the role of consumer organisations in defining the specific needs of target groups for financial education, in notifying weaknesses and shortcomings in existing education schemes, and in providing financial information to consumers, ~~such as~~including through internet- based tools for financial planning;

Amendment 16 #

Motion for a resolution
Paragraph 3

3. ~~Stres~~Recognises the role of consumer organisations in defining the specific needs of target groups for financial education, in notifying weaknesses and shortcomings in existing education schemes, and in providing financial information to consumers, such as through internet-based tools for financial planning;

Amendment 17 #

Motion for a resolution
Paragraph 4

4. Is of the opinion that financial education programmes can only be effective if they are tailored to the needs of specific target groups and, if appropriate, if they are as personalised as possible; is of the opinion, moreover, that all financial education programmes should contribute to the improvement of a conscious and realistic handling of each individual's financial possibilities; consideration should be given to the development of programmes that improve adults’ financial capability skills, either in the workplace or by making use of landmark points in the life of an individual, such as the birth of a child, marriage, divorce or bereavement, and which are supported by a range of independent consumer tools;

Amendment 18 #

Motion for a resolution
Paragraph 4

4. Is of the opinion that financial education programmes can ~~only be~~be most effective if they are tailored to the needs of specific target groups and, ifwhere appropriate, ~~if they are as personalised as possible~~personalised;

Amendment 19 #

Motion for a resolution
Paragraph 5

5. Calls on the Commission to develop, at EU level, basic educational programmes in the field of personal finances, based on common rules and principles which can be adapted to the needs of, and applied in, all Member States; suggests that the Open Method of Coordination be used for setting benchmarks and promoting the exchange of best practice;deleted

Amendment 2 #

Motion for a resolution
Recital C

C. whereas studies reveal that consumers tend to overestimate their knowledge of financial services and need to be ~~persuaded~~informed of the fact that they are not as financially literate as they believe, and of the consequences thereof,

Amendment 20 #

Motion for a resolution
Paragraph 5

5. Calls on the Commission to ~~develop, at EU level,~~assist Member States in developing basic educational programmes in the field of personal finances, based on common rules and principles which can be adapted to the needs of, and applied in, all Member States; ~~suggests that the Open Method of Coordination be used for setting benchmarks and promoting the exchange of best practice;~~

Amendment 21 #

Motion for a resolution
Paragraph 5

5. Calls on the Commission to develop, at EU level, basic educational programmes in the field of personal finances, based on common rules and principles which can be adapted to the needs of, and applied in, all Member States; calls on the latter to develop national medium- to long-term plans coordinated by multi-stakeholder bodies (public/private); suggests that the Open Method of Coordination be used for setting benchmarks and promoting the exchange of best practice;

Amendment 22 #

Barbara WEILER

Motion for a resolution
Paragraph 5

5. Calls on the Commission, in cooperation with the Member States, to develop, at EU level, basic educational programmes in the field of personal finances, based on common rules and principles which can be adapted to the needs of, and applied in, all Member States; suggests that the Open Method of Coordination be used for setting benchmarks and promoting the exchange of best practice;

Amendment 23 #

Motion for a resolution
Paragraph 6

6. Emphasizes that financial education can complement but cannot be a substitute for robust consumer protection provisions in financial services legislation and the regulation and strict supervision of financial institutions;

Amendment 24 #

Motion for a resolution
Paragraph 6

6. Emphasizes that financial education can complement but cannot be a substitute for ~~robus~~coherent consumer protection provisions in financial services legislation and the regulation of financial institutions;

Amendment 25 #

Motion for a resolution
Paragraph 6

6. Emphasizes that financial education can complement but cannot be a substitute for robust consumer protection provisions in ~~financial services legislation~~legislation of the individual Member States, including both general legislation and specific legislation in the financial services sector, and the regulation of financial institutions;

Amendment 26 #

Emmanouil ANGELAKAS

Motion for a resolution
Paragraph 7

7. Acknowledges the important role of the private sector, and particularly of financial institutions, in providing consumers with information on financial services; emphasises, however, that financial education should be ~~unbiased and fair,~~offered in a fair, unbiased and transparent manner, so as to serve the interests of the consumer and that it must be clearly distinguished from commercial advice or advertising; in order to achieve this goal, encourages financial institutions to develop Codes of Conduct for their staff;

Amendment 27 #

Motion for a resolution
Paragraph 8

8. Acknowledges that a d~~ifficult~~elicate balance needs to be struck between providing consumers with the knowledge they need to make informed financial decisions and overloading the consumer with information; favours ~~high-~~quality ~~information which is accessible, concrete, easy to understand and~~over quantity, for example high-quality, accessible, concrete and easily comprehensible information aimed at enhancing the consumer’s ability to make informed and responsible choices;

Amendment 28 #

Motion for a resolution
Paragraph 9

9. Recommends that financial education schemes focus on important life-planning aspects ~~such as basic saving, debt, insurance and pensions~~;

Amendment 29 #

Motion for a resolution
Paragraph 9

9. Recommends that financial education schemes focus on important life-planning aspects such as basic saving, debt management, insurance and pensions; moreover, specific schemes should also encourage parents to become a role model for financial behaviour and literacy;

Amendment 3 #

Motion for a resolution
Recital E

E. whereas the importance of cross-border financial services is constantly increasing, and the Commission should take initiatives at EU level for the promotion of cross- border and, where necessary, comparable information on financial education,

Amendment 30 #

MARIAN ZLOTEA

Motion for a resolution
Paragraph 9

9. Recommends that financial education schemes focus on important life-planning aspects such as basic saving, debt, credit, insurance and pensions;

Amendment 31 #

Motion for a resolution
Paragraph 10

10. Asks the Commission to continue efforts to promote dialogue between stakeholders~~, for example in the organisation of national and regional conferences~~;

Amendment 32 #

Motion for a resolution
Paragraph 10

10. Asks the Commission to continue efforts to promote dialogue between Community stakeholders~~, for example in the organisation of~~ and the dissemination of existing best practice, for example in the organisation of annual conferences and by encouraging the Member States to hold national and regional conferences with cross-border participation;

Amendment 33 #

Motion for a resolution
Paragraph 11

11. Suggests the creation of a budget line to finance activities at EU level aiming at increasing the awareness of consumers of the importance of financial education and financial literacy; asks the Commission to contribute to raising awareness at EU level through supporting the organisation of conferences and media campaigns;deleted

Amendment 34 #

Motion for a resolution
Paragraph 11

Amendment 35 #

Motion for a resolution
Paragraph 11

11. Suggests the creation of a budget line to finance activities at EU level with the possibility of granting funds in accordance with specific guidelines laid down by the Commission to bodies in the Member States whose goals are in line with the aim of disseminating financial education and aiming at increasing the awareness of consumers of the importance of financial education and financial literacy; asks the Commission to contribute to raising awareness at EU level through supporting the organisation of conferences and media campaigns;

Amendment 36 #

Motion for a resolution
Paragraph 12

12. Calls on the Commission to further develop and upgrade the Dolceta online tool and to provide this service in all official languages; suggests that the Commission include on the Dolceta website a link to the online database it intends to set up of existing regional and national financial education schemes; suggests that the Dolceta website should include links to the websites of public and private bodies operating in the field of financial education, broken down by country;

Amendment 37 #

MARIAN ZLOTEA

Motion for a resolution
Paragraph 14

14. Calls on the Commission to set up information campaigns in order to raise the awareness of consumers of their rights under EU legislation in the sphere of the provision of financial services, with particular emphasis on credit;

Amendment 38 #

Emmanouil ANGELAKAS

Motion for a resolution
Paragraph 14a (new)

14a. Stresses the need for the Member States, with the support of the Commission, to carry out regular surveys, in cooperation with the various social and population groups of the Member States, concerning current levels of financial literacy among the public, in order to identify priority areas of action and thus ensure the appropriate, prompt and effective implementation of financial education programmes to assist the public;

Amendment 39 #

Motion for a resolution
Paragraph 15

15. Encourages Member States to include combined social and financial education in the primary and secondary school general curriculum, which is designed to develop the skills and understanding needed in everyday life, and to organise systematic training for teachers on this ~~issue~~;

Amendment 4 #

Motion for a resolution
Recital F

F. whereas particular attention should be paid to the educational needs of vulnerable consumers ~~(persons with a low income, the unemployed, ethnic minorities, etc) and of disabled persons, pensioners and workers close to retirement~~, and also to those of young consumers, who face decisions affecting their whole lifetime economic outlook,

Amendment 40 #

Motion for a resolution
Paragraph 15

15. Encourages Member States to include financial education in the primary and secondary school ~~general curriculum~~programmes developed by the competent institutions, designed to develop the skills needed in everyday life, and to organise systematic training for teachers on this issue;

Amendment 41 #

Emmanouil ANGELAKAS

Motion for a resolution
Paragraph 15 a (new)

15a. Stresses the need for an ongoing two- way educational process for both sides, that is to say financial advisors and consumers, so as to ensure the provisions of accurate information in step with the most recent developments in the financial services sector;

Amendment 42 #

Motion for a resolution
Paragraph 17

17. Encourages Member States to pay special attention to the educational needs of pensioners and workers at the end of their professional career, and also to young people starting their professional career who are faced by the challenge of determining how to make appropriate use of their first income;

Amendment 43 #

Motion for a resolution
Paragraph 17

17. Encourages Member States to pay special attention to the educational needs of pensioners and ~~worker~~persons at the end of their professional career;

Amendment 44 #

Motion for a resolution
Paragraph 17

17. Encourages Member States to pay special attention to the educational needs of pensioners and workers at the end of their professional career, who may be at risk of financial exclusion;

Amendment 5 #

Motion for a resolution
Recital F

F. whereas particular attention should be paid to the educational needs of vulnerable consumers (persons with a low income, the unemployed, ethnic minorities, persons with little education, low credit rating or who are over indebted, etc) and of disabled persons, pensioners and workers close to retirement,

Amendment 6 #

Motion for a resolution
Recital G

G. whereas research has shown that those who have learned the basic aspects of personal finance at a very early age have ~~more~~better financial literacy; whereas financial education is closely related to the teaching of basic skills (mathematics and reading), and whereas financial decisions impact greatly on quality of life and as such financial education should be taught in a context of social awareness and social responsibility,

Amendment 7 #

Motion for a resolution
Paragraph 1

1. Welcomes the Commission initiatives in the field of the financial education of consumers, in particular the recent setting- up of the Expert Group on Financial Education, and its intention to publish an online database of financial education schemes and research in the EU; is of the opinion that this Expert Group on Financial education should be representative of public and private interests in the Member States and should have clear responsibilities and powers; suggests that this group be asked to draw up ~~basic~~ financial education programmes at ~~EU level~~Community level based on the different needs of those targeted, check that they are properly applied in the Member States and propose the budget line for these programmes;

Amendment 8 #

Motion for a resolution
Paragraph 1

1. Welcomes the Commission initiatives in the field of the financial education of consumers, in particular the recent setting- up of the Expert Group on Financial Education, and its intention to publish an online database of financial education schemes and research in the EU; is of the opinion that this Expert Group on Financial education should have clear responsibilities and powers; suggests that this group be asked ~~to draw up basic financial education programmes at EU level~~in particular to look into the added value of, and best practices in, EU financial education and pcro~~pose the budget line for these programm~~ss-border financial services;

Amendment 9 #

Motion for a resolution
Paragraph 1

1. Welcomes the Commission initiatives in the field of the financial education of consumers, in particular the recent setting- up of the Expert Group on Financial Education, and its intention to publish an online database of financial education schemes and research in the EU; is of the opinion that this Expert Group on Financial education should have a clear ~~responsibilities and powers~~mission statement; suggests that this group be asked to draw up basic financial education programmes at EU level and ~~propose the~~be provided with a sufficient budget ~~line~~ for these programmes;

source: PE-409.542

2008/07/28 ECON 21 amendments...

Amendment 1 #

Draft opinion
Paragraph -A (new)

-A. Stresses that the progressive evolution of financial knowledge is a key element for improving the workings of the financial markets, encouraging their development and exploiting their potential.

Amendment 10 #

Draft opinion
Paragraph C

C. Considers that effective, clear and comprehensible information, particularly in advertisements for financial products, is necessary and that financial institutions should provide sufficient information before contracts are concluded and, in particular, strictly apply the rules laid down in Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments1 (Mi~~fid~~FID) and Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers2; ~~1 OJ L 145, 30.4.2004, p. 1. 2 OJ L 133, 22.5.2008, p. 66.~~ calls on the Commission to put forward, in a coherent manner specific legislative proposals for a harmonised system of consumer information and protection in the framework of mortgage credit (such as a harmonised, simple and comparable European standardised information sheet including common indications on the annual percentage rate of charge, etc.);

Amendment 11 #

Draft opinion
Paragraph C a (new)

Ca. Calls for the development of specific programmes for both children and immigrants, aimed at instructing future consumers regarding the products of the banking system and facilitating awareness of European financial practices on the part of those arriving in the EU;

Amendment 12 #

Draft opinion
Paragraph C a (new)

Ca. Calls on Member States' governments and local authorities and the banking and financial services sectors to adopt and coordinate measures and initiatives to raise financial literacy among citizens, including children, young, employees and retired people, with the view to empowering and educating consumers to enable them to seek better, cheaper and more appropriate products and services, and to make safe investment decisions;

Amendment 13 #

Draft opinion
Paragraph C b (new)

Cb. Underlines that empowered and educated consumers help to foster competition, quality and innovation within the banking and financial services industries and recalls that educated and confident investors can provide additional liquidity to capital markets for investment and growth; highlights, moreover, that financial education contributes to establishing financially literate consumer organisations that are able to play a positive stakeholder role in the process of preparing banking and financial services regulation at national and EU level;

Amendment 14 #

Draft opinion
Paragraph D

D. SIs concerned about the increase in indebtedness among young people; suggests that an introduction to economics and finances should be ~~introduc~~provided into teaching and adapted to the different levels of education~~, and that it should stress sound management of the family budget in particular~~; takes the view that the training and qualifications of teachers need to keep pace with the growing demand for qualified economics and finance teachers and should be organised by Member States accordingly;

Amendment 15 #

Draft opinion
Paragraph D

D. ;Suggests that an introduction to or basic courses in economics and finances should be introduced into teaching and adapted to the different levels of education, ~~and that it should stress~~stressing, at the basic levels, sound management of the family budget and proper use of the most common financial products in particular;

Amendment 16 #

Draft opinion
Paragraph D

D. Suggests that an introduction to economics and finances should be ~~introduc~~provided into teaching and adapted to the different levels of education, and that it should stress sound management of the family budget in particular; recalls that financial education can be carried out at all school levels and spread widely among consumers and citizens by means of the media and all available IT technologies and through specific and targeted programmes;

Amendment 17 #

Draft opinion
Paragraph D a (new)

Da. Encourages the Commission further to promote the financial education of consumers (including of teachers, students and adults) at EU level; invites the Commission to use accessible and user-friendly interactive tools in raising awareness of financial services among consumers;

Amendment 18 #

Draft opinion
Paragraph E

E. Believes that training in household economics and finance should be given to social workers in contact with families at risk of excessive debt or financial exclusion in order to be able to provide them with useful advice ~~and warn them of the risks~~to improve their dealing with financial matters relating to the household;

Amendment 19 #

Draft opinion
Paragraph F

F. Believes that governments should strengthen and encourage action by organisations, industry associations and businesses involved in educating and raising the awareness of consumers as regards finance and credit.; calls for better cooperation and coordination between the private and public sector in improving the financial education of consumers;

Amendment 2 #

Draft opinion
Paragraph -A a (new)

-Aa. Stresses that financial education can be developed through information, teaching and evaluation activities aimed at instructing citizens so that they become more aware regarding financial risks and opportunities, can take decisions on an informed basis, and know where to obtain help and take effective action in order to improve their financial wellbeing.

Amendment 20 #

Draft opinion
Paragraph F a (new)

Fa. Recognises the important role of the financial service industry in continuing to help improve consumers' understanding of choices in relation to their financial situation during the different stages of life.

Amendment 21 #

Ieke van den BURG

Draft opinion
Paragraph F a (new)

Fa. Stresses that consumer education can never replace prudent consumer protection and supervision.

Amendment 3 #

Draft opinion
Paragraph -A b(new)

-Ab. Stresses the need for financial education programmes conceived so as to meet the diverse needs of the community, progressively covering all financial products and services and correctly utilising the various communication platforms available; calls on public authorities, financial institutions, players in society, the media, education and assessment professionals and consumer organisations to cooperate closely in improving the financial information provided to the public; calls on the Commission to submit a European programme for financial education.

Amendment 4 #

Draft opinion
Paragraph A

A. Stresses that the objective of educationg and raising the awareness of consumers as regards finance and credit is to improve their ~~understanding~~awareness of economic and financial realities with a view to ~~avoiding risky commitments~~understanding economic commitments and avoiding unnecessary risk, excessive debt and financial exclusion; considers that training and the provision of information should allow them to take a ~~critical approach~~n independent approach, based on their own judgement, to the financial products offered to them or which they are considering using;

Amendment 5 #

Draft opinion
Paragraph A

A. Stresses that the objective of educationg and raising the awareness of consumers as regards finance and credit is to improve their ~~understanding~~awareness of economic and financial realities with a view to avoiding risky commitments, excessive debt and financial exclusion; considers that training and the provision of information, by way of harmonised, comparable, simple and comprehensible information sheets for retail consumers, should allow them to take a critical approach to the financial products offered to them or which they are considering using;

Amendment 6 #

Draft opinion
Paragraph B

B. ~~Not~~Recognises that the ‘US 'sub-prime’' crisis was primarily created by the irresponsible actions on the part of agents, such as mortgage brokers, but notes that, to a certain extent, it illustrates the dangers not only of inadequate information for borrowers but also of the lack of understanding and knowledge of such information leading to consumers ~~not~~ being insufficiently concerned about the risks of insolvency and excessive debt;

Amendment 7 #

Draft opinion
Paragraph B a (new)

Ba. Is concerned at the growth in the financial information deficit among some population groups arising from such phenomena as immigration and the increasing sophistication of financial products.

Amendment 8 #

Draft opinion
Paragraph B a (new)

Ba. Recalls the importance of developing financial education as a complement to adequate consumer protection, in particular in the field of retail banking and financial services (such as loans, mortgages and diversified and safe saving and investment), and as a means to assess information provided to retail consumers and investors;

Amendment 9 #