Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-18-Speech-2-985"
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I voted in favour of Mrs Iotova’s report on improving consumer education and awareness regarding credit and finance. This is a necessary and welcome committee-initiative report.
The crisis caused by subprime loans (high-risk housing credit) has shown that borrowers have been kept too much in the dark. This lack of information and understanding has led to a situation where they are not properly concerned about the risks of insolvency and over-indebtedness. It also has to be said that consumer awareness and advice have not kept up with the pace of complex financial products.
An adequate level of financial know-how would, in many cases, reduce the risk of over-indebtedness and defaults on payments. It would also give consumers more scope for comparing the competitiveness of loan providers, which in turn would boost the viability of the market.
I particularly support the suggestion in the report to include financial education more obviously in the national school curriculum and provide young people with all the financial information they need when embarking on their professional career in the face of new challenges with regard to how to use their income."@en1
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