In 2007, The EU Commission contracted Evers and Jung Financial Services Research and Consulting, to research the financial literacy schemes within the EU. The findings were published in November 2007 and identified 154 core schemes.
The distribution of schemes varied greatly throughout the EU. Most of the core schemes found were based in the UK (32%), Germany (22%) and Austria (10%). The strongest country in eastern Europe was Poland (6%).
The main target groups for schemes were children and young adults. With almost two-thirds of all schemes targeting these groups, they are clearly the dominant type. Most of these schemes were set up in classrooms or universities and they mainly enabled the participants to understand the nature of money and provide information about day-to-day money management and financial planning for the future.
25% of schemes specifically targeted those on low-incomes or with lower education. Most schemes were provided by non-profit associations or consumer protection agencies. They typically covered several content areas such as day-to-day money management and financial planning for the future.
66% of all core schemes used the internet channel or the internet was employed in combination with printed handbooks, leaflets or brochures. The main content areas were day-to-day money management, financial planning for the future and choosing financial products. Most of these schemes targeted adults but some were also designed as computer games.
Schemes used multiple instruments and channels to get their message out with 48% using four or more channels/instruments and 17% using six or more channels/instruments. Channels used most frequently were websites, leaflets/brochures, printed handbooks and training courses.
65% of schemes used intermediaries to provide their service and 32% provided their service solely through intermediaries
Most schemes were provided nationally or regionally within a country because large parts of the content have national relevance or are language dependent. Very few schemes crossed national borders.
Ireland’s performance can be judged by the following statement in the Report “Unfortunately, prominent organisations such as the NALA (National Adult Literacy Agency) and the MABS (Money Advice and Budgeting Service) did not respond despite several attempts to contact them.”