European Trade Union Committee for Education

The European Banking Federation (EBF) launches the European Money Week to promote the idea of financial education in elementary and secondary schools in Europe. Member banks of EBF launch events, such as school lessons and games for children to teach them a responsible financial management. The projects take place in different member states of the European Union, like Italy, France and Spain.

ETUCE criticises that EBF tries not only to influence the school curriculum through the European Money Weeks, but to take on public education responsibilities. During this action week national banks are organising events for pupils in the elementary and primary schools and the topics are not confirmed by a democratic institution. Although financial education is an important subject and the education sector should face the responsibility to prepare students and pupils for a difficult and complicated financial world, ETUCE highlights that education should not be considered a competitiveness training. Frist and foremost, primary and secondary schools should teach their pupils democratic skills and the ability to analyse information critical to prepare them for lifelong learning.

In this context, ETUCE would like to call attention to ETUCE's Resolution on the impact of neoliberal policies on Education, which criticises the promoting of "market values of entrepreneurship and competitiveness in the education sector at the expense of universal human values". EBF represents 32 national banking associations all over Europe and promotes the European Money Week, among other things, with the justification that less financial knowledge in low-income families are the main reasons for 50% of the income gap in Europe. ETUCE questions this shortened and insufficient interpretation of poverty and precariousness in Europe. The income gap in the European Union cannot be tackled by financial education, instead with an education that enhances all pupils regardless of gender, race or class.

To see more about ETUCE's publications on Entrepreneurship skills and education, click here.