Issue link: https://maltatoday.uberflip.com/i/1545412
9 maltatoday | WEDNESDAY • 17 JUNE 2026 OPINION Financial literacy in the age of finfluencers A 20-second video tells you where to invest your savings. It looks confident, polished, may- be even backed by 'data'. Mil- lions watch it. Some follow and trust it. Some lose money. This is no longer an excep- tion. It is becoming part of everyday life. At a time when we are increasingly aware of the risks of social media, from cyberbullying to misinforma- tion, financial vulnerability in the digital space remains large- ly overlooked. We tell people to take re- sponsibility for their financial future. At the same time, they are increasingly exposed to a digital environment that is fast-moving, persuasive, and often unclear. The result is a growing gap between the de- cisions people are expected to make and the tools they have to make them. Financial vulnerability is not a marginal issue. Across the European Union, only one in five citizens has a high level of financial literacy. This means that most Europeans are nav- igating savings, credit, and investment decisions without fully understanding the risks involved. At the same time, exposure to hidden advertising, misin- formation, and increasingly sophisticated fraud, often pow- ered by artificial intelligence and deepfakes, is growing rapidly. The result is simple— people have less control, are more exposed, and are there- fore more at risk of falling into traps. This is why, in the European Parliament, the EPP Group has seen the importance of putting forward a report on financial literacy and the role of so- called 'finfluencers' within the framework of the Savings and Investment Union. The goal is to build a European response that is ambitious, practical, and measurable, focused on the real decisions and challenges peo- ple face in their daily lives. Financial literacy is neither a luxury nor a niche topic for specialists. It is about freedom and security. When people can- not compare costs, understand risks, distinguish reliable infor- mation from disguised market- ing, or recognise online fraud, their autonomy is weakened. And this vulnerability does not exist alone. It is amplified by the way financial informa- tion is now consumed. Today, we are rightly con- cerned about fake news in pol- itics and increasingly focused on digital and media skills; fi- nancial literacy must be treated with the same urgency. Finan- cial decisions, whether about savings, pensions, or invest- ments, have consequences that are just as real. This is the objective of the re- port approved a few weeks ago. It responds to how people en- counter financial information today and how that is changing. First, financial education must be treated as a life skill. It should start early, but it can- not stop at school. The most important financial decisions are made later, when entering the labour market, taking out a loan, buying a home, or plan- ning for retirement. Learning must therefore follow people throughout their lives, sup- ported by schools, workplaces, and EU-wide initiatives. Second, education alone is not enough; we must also protect and simplify. Too often, finan- cial rules designed to increase transparency end up producing complexity that ordinary peo- ple cannot navigate. Financial literacy cannot replace inves- tor protection. If we want more Europeans to save better and invest safely, we must ensure that the system itself is under- standable to everyone. The third challenge, and per- haps the most urgent, is the digital environment and the finfluencers. Social media has become the entry point to fi- nancial information, especially for younger generations. This creates opportunities for inclu- sion, but also serious risks. While one content creator may explain basic financial concepts clearly, another may promote high-risk products without disclosing commercial interests. This distinction is not always visible to the view- er, and the line between edu- cation and advertising is often blurred. But we should be clear: the goal is not to silence creators or restrict innovation. It is to raise standards. That means clear labelling of paid content, honest and visible risk warn- ings, stronger enforcement against scams, and better coop- eration with online platforms. It also means recognising that platforms themselves cannot remain neutral conduits when financial harm is at stake. The online world must be a place where people are in- formed and protected, not misled or exploited. Financial content is not just another cat- egory of online entertainment. It influences real decisions, with real consequences. If we get this wrong, no amount of education will be enough. And if we ignore the digital environment, no amount of regulation will hold. Lídia Pereira & David Casa Pereira is the European Parliament's rapporteur on financial literacy and the role of finfluencers, Casa heads the Maltese delegation in the European People's Party If we get this wrong, no amount of education will be enough. And if we ignore the digital environment, no amount of regulation will hold The third challenge, and perhaps the most urgent, is the digital environment and the finfluencers