National Financial Literacy Strategy for Greece

The Commission is supporting the adoption and implemention a national strategy on financial literacy in Greece, composed of a high-level document and a roadmap with concrete steps (defined structure, timing, activities and methodologies).

This national strategy will enable the Greek citizens to raise adequate levels of financial literacy and, as a result, make effective and sustainable financial decisions and use traditional and innovative financial services safely.

Context

Evolving lifestyle, consumer behaviour, financial markets sophistication, innovation in financial services and even the Covid-19 crisis make financial literacy increasingly important in Greece, all the more so as financial literacy rates are low and unequally distributed among the Greek population (gender, social and geographical differences).

These low levels have negative consequences for both individuals (irrational consumer behaviour, over-indebtedness, negative impact on investing and saving for retirement) and the entire society and economy.

Greece does not have a dedicated strategy on financial literacy, despite several unrelated initiatives in the field, and there is no comprehensive measurement of financial literacy levels in the population. There is a need to collect further evidence about financial literacy and to develop a coordinated approach amongst competent authorities aiming at the creation of a national strategy and roadmap for its implementation.

This project is linked to a European Commission priority, in particular in the context of the Capital Markets Union and to the Sustainable Development Goals.

Support to be delivered

The project is realised with the support of the OECD, which has substantial experience in financial literacy.

During 24 months, the OECD analyses current financial literacy activities in Greece through a specific mapping and an assessment against international good practices, performing a written consultation with the relevant stakeholders, desk research and a workshop, as well as two surveys to measure the financial literacy level of both young people and adults. Then, a high-level document and a roadmap with a defined structure, timing, activities to develop and proposed methodology, will be designed, so that the national strategy may be launched.

Results to be achieved

This national financial literacy strategy will enhance levels of financial literacy (i.e. financial awareness, knowledge, skills, attitudes, behaviours) in Greece as a way to empower people to make informed financial decisions for purchasing financial products and services, make sustainable financial choices, ensure adequate retirement income, in relation to their personally disposable income and to use traditional and innovative financial services safely, so that they become more resilient to online fraud attempts and cybersecurity attacks. This will be implemented in the framework of the Recovery and Resilience Facility from Q1 2023.

More about the project

You can read the documents related to the project here: