The financial education rightfully enters schools. After years of battles, agreements and initiatives of various kinds, financial education enters the school curriculum, inserted within the teaching of the'civics. He expects it the article 21 of the bill Capital competitiveness approved last April 11 by the Council of Ministers which introduces the principle of "full and conscious participation in the civic, cultural, economic and social life of the communities" and that of the "right to health, personal well-being and financial education, with particular regarding personal finance, savings and investing”. A small step forward aimed at promoting financial, economic and social inclusion of girls and boys, but above all to improve the level of financial literacy of Italians, among the lowest in Europe.
Financial education: what the Competitiveness Bill provides
The Competitiveness bill inserts financial education in the teaching of civic education in order to give students a central role in the educational pathto finance, al saving andinvestment, with the aim of making young people aware citizens, capable of participating fully in the economic life of the country.
“The growing complexity of the economic and financial systems that characterizes the current and future context makes today even more Must have financial skills that facilitate the orientation, protection and allocation of savings. The importance of financial literacy is now widely recognized internationally,” he said Magda White, head of the Client Protection and Financial Education Department of Bankitalia, in his hearing at the Culture Committee of the Senate on financial education at school.
In particular, the guidelines for teaching financial education will be defined “in agreement with the Bank of Italy , Consob and consult the associations most representative of banking and financial operators and users". Furthermore, the Committee for the planning and coordination of financial education activities set up by law 15 of 2017 has the task of approving the "three-year activity plan". It will then be the task of Ministry of Education sign agreements with Bank of Italy and Consob to "promote the culture of financial education, in compliance with school autonomy and within the limits of available resources" after having heard the committee.
Financial education: Italians in last place among OECD countries
According to a survey conducted by theOECD in 2020, internationally Italy is one of the countries with the lowest level of financial literacy. Out of 26 countries involved in the analysis, our country is in fact placed in last place in basic financial knowledge, with a score of 11,1 out of 21. The report also points out that women, the elderly and people with a low level of digital literacy face greater delays, while men between 30 and 59 have more tools . Low scores also for young people, who however are also the category most exposed to a risk of excessive and unaware debt due to the use of the internet and virtual payments which make spending much easier even for those who do not have the tools to do so aware.
The OECD data confirm those published in the S&P Global FinLit Survey, according to which, compared to a European average of 52%, the financial literacy of Italians stops at 37%, with only 17% of citizens who can be considered experts compared to 30% of inexperienced people and 21% of the population excluded from any financial responsibility.
Precisely for this reason, the entry of financial education into schools represents a first step in the right direction. “Surveys show us that Italians have low financial skills in international comparison. This is why it is urgent promote financial education from a young age; we therefore positively evaluate the introduction of financial education at school. The school reaches everyone, regardless of socio-economic backgrounds and gender,” said Bianco.
