BRUSSELS (dpa-AFX) - EU countries must do more to improve financial literacy, especially among women and young people, according to experts. All EU countries have a national financial literacy strategy or are in the process of developing one, according to a report published on Friday by Brussels-based think tank Bruegel. "There is an urgent need to implement these strategies, monitor progress over time and establish best practice," the authors write. Adequate financial support is also needed.

As financial services become increasingly digitalized, particular attention needs to be paid to digital financial literacy skills, the experts say.

Women's financial literacy in particular is lagging behind, which makes them vulnerable to poverty, especially in retirement, they continue. Those with greater financial knowledge are less financially vulnerable - and more likely to participate in the financial markets. The EU wanted more small investors to participate in the financial markets so that more capital is available for the green and digital transition.

Federal Finance Minister Christian Lindner said that Germany had a huge backlog in terms of financial education. "This is also a question of social justice. Because if people make poor judgments about their own money, then they are at a disadvantage compared to those who make better use of their resources," said the FDP politician on Friday at a meeting with his EU counterparts in Ghent, Belgium. The German government had therefore launched a financial education initiative. With a view to older people or people with a migration background, for example, efforts need to be stepped up - for example with more targeted offers from institutions to influencers.

A survey conducted by the EU Commission last summer revealed that only one in two people in the EU had an average level of financial knowledge. The survey also revealed a gender gap between men and women.

At the meeting of EU finance ministers this Friday and Saturday, a discussion on the general financial literacy of EU citizens is on the agenda. Among other things, the Bruegel report will form the basis of the debate./rdz/DP/mis