Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-17-Speech-1-205"

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"en.20081117.25.1-205"2
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". The crisis over risky mortgage loans has confirmed that the level of financial awareness among EU citizens is low. Consumers are not sufficiently familiar with the risks of bankruptcy and excessive debt. Information on financial products from financial institutions, mainly provided through advertisements, is hard to understand and sometimes confusing. They do not provide consumers with enough information prior to signing contracts. The job of informing consumers about finance and loans should begin in school, where the consumers of tomorrow should be familiarised with the products of the banking sector. Particular emphasis must be placed on programmes for young people, pensioners and vulnerable groups. I firmly believe that the Commission should create a budget item for financial education programmes at an EU level, which could bring together all of the relevant bodies, such as the state, non-governmental organisations, consumer organisations and financial institutions. I would like particularly to emphasise the role of the consumer organisations at a Community level and also at an intra-state level, since they know best the special needs of the target groups in the area of educational programmes. Many Member States fail to assign adequate funding in their budgets to consumer protection policies and fail to give attention or financial support to the activities of consumer organisations. There are few consumers who can afford the services of personal financial advisers and I therefore firmly believe that consumers should be provided with independent advice on proper training courses via EU educational programmes and within the framework of consumer organisations."@en1

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