Financial health is a societal topic in which both the public and the private sector have their role to play. One of the key issues is to have a steady flow of income and one of the roles of Governments is to promote employment and job security. However, simply having a job does not necessarily mean that people are financially healthy, since there are also other factors at play which put pressure on the financial health as outlined in the paper.
For banks and insurers, contributing to financial health is an inherent part of their business strategy and ethical foundation, with the implementation of specific measures already delivering results, which should be pursued.
With this paper, the EFR believes that National and European policymakers should : (1) acknowledge the role banks and insurers play in contributing to financial health and inclusion, (2) leverage digitalisation and technology while paying attention to digital exclusion and (3) foster financial education.
The EFR believes that National and European policymakers could encourage National coalitions on financial health as they can contribute to improving the financial health of households by defining goals, identifying best practices, and measuring progress.