In the presence of Her Royal Highness Princess Mathilde, the regional meeting of Child & Youth Finance International (CYFI) began this morning at the offices of the FSMA. During the opening session of the conference, the speakers highlighted the importance of financial education.
This 6-7 November, the Financial Services and Markets Authority (FSMA) is hosting at its premises a conference organized by the CYFI, the aim of which is to develop the financial education of young consumers. Princess Mathilde addressed the opening session of the conference and stressed the importance of financial education for young people. The president of the European Council, Mr Herman Van Rompuy, for his part, sent a video message to the assembly, attesting to the importance which the European Council attaches to the subjects addressed at the meeting.
"The FSMA is delighted to host at its offices this regional meeting of the Child & Youth Finance International. Contributing to the financial education of consumers is indeed one of the missions entrusted to the FSMA by the Belgian legislature. It is for this reason that the Financial Services and Markets Authority is currently developing a financial education website and others initiatives aimed at enhancing the knowledge of savers and investors", stated Mr Jean-Paul Servais, Chairman of the FSMA.
"In order to draw lessons learned from the financial crisis, we must ensure that financial products are easy to comprehend for consumers. Considerable steps have already been taken in this regard. These reforms must go hand in hand with strengthening the financial knowledge of all consumers, from an early age. Familiarising young people with the world of finance is a sound preparation for the future." stated Steven Vanackere, Deputy Prime Minister and Minister of Finance.
One of the FSMA's key objectives is to equip financial consumers with the tools necessary for saving and investing in a thoughtful and responsible manner, notably in order to reduce the risk that they purchase products that do not fit their profile. The FSMA intends to develop further its activities relating to financial education, notably by way of collaborating with Belgian and foreign partners such as CYFI.
The objective of this conference is to share experiences among the various partners on the subject of financial education in Europe. To this end, several working groups are being set up. These groups take on matters such as the development of financial education in schools, the design of banking products suited to young consumers, and the implementation of a certification system for such products.