Financial literacy is all about managing money wisely, creating a budget, saving for the future, making investments, or understanding financial risks. Just as learning about nutrition and exercise helps us care for our bodies, financial literacy helps us take care of our money and build a secure future. 

We visit doctors to maintain our health and prevent illnesses before they become serious. The same principle applies to our finances. When we understand financial literacy, we can proactively avoid financial troubles, plan for the future, and grow our wealth.  

Consulting financial experts, just like seeing a doctor, can help us develop smart money habits, make informed investment choices, and secure long-term financial stability. 

In Belgium, financial literacy is crucial in helping individuals and businesses make smarter financial decisions.  

Understanding the current financial landscape and improving financial education can empower people to manage their money more effectively, reduce financial stress, and create a more financially secure society. With this blog, you will explore the key initiatives and strategies that can strengthen financial literacy across the country. 

 

The Current State of Financial Literacy in Belgium: Where Does The Country Stand? 

A recent Eurobarometer survey revealed that 22% of Belgians {1) have a low level of financial literacy, which is higher than the EU average. Nearly one in four Belgians struggle with understanding key financial concepts like budgeting, saving, and investing. 

Across the European Union, financial literacy levels vary: 


How Does Belgium Compare to Other EU Countries? 

Financial literacy rates differ significantly across Europe. Countries like Denmark, Slovenia, and Sweden {3} have the highest percentage of financially literate citizens, with 27-28% of people scoring well. Meanwhile, countries like Portugal and Latvia {3} report lower financial literacy levels, with only 11% of individuals achieving top scores. 

Belgium sits somewhere in the middle of this spectrum, meaning there is significant room for improvement in educating people about financial management. 

 

Who is Most Affected by Low Financial Literacy? 

Certain groups are more vulnerable when it comes to financial knowledge and stability: 

  • People with lower levels of education often have less exposure to financial concepts, making it harder to navigate banking systems, credit, and investments. 
  • Women and young adults {4}tend to have lower financial literacy rates, which can lead to difficulties in saving, budgeting, and preparing for future expenses. (1) 

The Link Between Financial Literacy and Social Inequality 

When people lack financial literacy, it reinforces financial inequality and limits social mobility. Individuals with lower education and income often struggle to save money, invest wisely, or access better financial opportunities.  

This knowledge gap widens the wealth divide—those with financial understanding can grow their wealth, while others may fall into debt traps, struggle with retirement savings, or face long-term financial hardship. 

 

What Are The Benefits of Financial Literacy for Individuals in Belgium? 

#1 Smarter Financial Decisions 

People can make better choices about saving, spending, and investing when they understand how money works. Financial literacy helps individuals decide how to budget effectively, where to invest their savings, and how to avoid unnecessary debt. As a result, they can build a more stable financial future and improve their overall well-being. 

#2 Stronger Financial Security

Life is full of unexpected expenses—whether it’s a car repair, a medical emergency, or a sudden job change. People who are financially literate are more likely to have emergency savings and a plan to handle these challenges. This lowers the risk of falling into debt and allows individuals to navigate financial difficulties with greater confidence. 

#3 Better Retirement Planning 

Many people don’t think about retirement until it’s too late. However, understanding financial products like pensions, savings plans, and investment options helps individuals prepare for the future.  With good financial literacy, people in Belgium can save early, invest wisely, and secure financial stability in their later years instead of worrying about money after retirement. 

#4 Boosting the Economy and Supporting Sustainability

When people understand financial services and make informed financial choices, it doesn’t just benefit them individually but also strengthens Belgium’s economy. A financially literate population means fewer people relying on social support and more people actively contributing to economic growth. (1, 2, 3)  Additionally, financial literacy can play a key role in transitioning to a greener economy. {9}  When people move their savings from simply being stored into investments, they contribute to what’s known as the real economy. Instead of money sitting idle, these funds become active capital, allowing governments, financial institutions, and the European Union to direct them toward key priorities, such as sustainable infrastructure, clean energy, and green innovation. Their money helps fund projects supporting Belgium’s transition to a more sustainable and environmentally responsible future, positively impacting both personal financial growth and society as a whole. 

 

What Are The Benefits of Financial Literacy for Individuals in Belgium? 

Belgium has taken several steps to improve financial literacy, ensuring that people have the knowledge and skills needed to make smart financial decisions. Here are some key initiatives currently in place: 

#1 Bringing Financial Education into Schools 

  • In Wallonia, financial education is included under sustainability and citizenship competencies, {10} making sure that students learn how to manage money responsibly as part of their broader education.
    By introducing financial literacy at a young age, Belgium is helping future generations develop strong money management skills. 

#2 Wikifin Lab: A Hands-On Learning Experience 

The Wikifin Lab {11}, launched by the Financial Services and Markets Authority (FSMA), is an interactive financial education centre designed for secondary school students. Here, students can participate in real-life financial scenarios to improve their understanding of essential financial concepts. This hands-on approach makes learning about money engaging and practical. 

#3 Conferences to Promote Financial Awareness

To encourage financial education on a national and European level, the European Commission and FSMA regularly organise high-level conferences {12}. These events bring together experts, policymakers, and financial institutions to discuss ways to improve financial literacy, financial resilience, and financial inclusion across Belgium. 

 

What Are Some Strategies to Improve Financial Literacy in Belgium? 

Belgium has already taken steps to improve financial literacy, but more can be done to ensure that people of all ages and backgrounds have the knowledge needed to make informed financial decisions.  Here are some key strategies to strengthen financial literacy across the country: 

#1 Introducing Financial Education Early 

Just like learning math and reading, understanding money management should start at a young age. Children can develop essential skills like budgeting, saving, and understanding basic financial concepts by introducing financial education in primary and secondary schools. This foundation will help them make smarter financial decisions as they grow. 

#2 Raising Public Awareness 

Many people are unaware of the resources available to improve their financial knowledge. Nationwide public awareness campaigns can help spread information about financial literacy programs, budgeting tools, and responsible money management. Belgium can ensure that more people know how to make sound financial decisions by making financial education more accessible.  

#3 Strengthening Digital Financial Skills 

As more banking and investment services move online, digital financial literacy is becoming essential. New programs should focus on helping people safely use online banking, digital wallets, and investment apps. Educating individuals on topics like online security and fraud prevention will ensure they can confidently manage their money digitally. 

#4 Supporting Vulnerable Groups

Certain groups, such as low-income individuals, senior citizens, and immigrants, often face greater challenges in understanding and managing their finances. Tailored programs can provide specific guidance and resources to help these individuals navigate banking, credit, and financial planning. Addressing their unique financial literacy needs can help reduce economic inequality. 

#4 Partnering with Financial Institutions 

Banks and other financial organisations play a key role in educating the public about money management. Encouraging financial institutions to offer workshops, free financial resources, and one-on-one consultations can help customers make informed choices about saving, investing, and borrowing responsibly. 

 

Closing Thoughts: Building a Financially Literate Belgium Together 

Improving financial literacy in Belgium is not something that can be done by one group alone. It requires collaboration between government agencies, schools, financial institutions, and the public to create lasting change. 

With ongoing efforts and well-planned initiatives, the country can achieve higher levels of financial literacy, leading to: 

  • Better financial well-being for individuals and families. 
  • A stronger, more stable economy where people can confidently manage their money. 
  • More funds can be channeled into the real economy, contributing to sustainability and long-term growth. 

Financial literacy is about creating opportunities, reducing financial stress, and empowering people to build a secure future. By working together, Belgium can move towards a future where everyone has the knowledge and skills to manage their finances wisely

 

Sources: 

  1. The Brussels Times. (2025). Brusselstimes.com. https://www.brusselstimes.com/607264/financial-literacy-remains-low-among-europeans 
  2. ‌Servet Yanatma. (2024, April 24). How financially literate are Europeans? Not very - but who knows most? Euronews; Euronews.com. https://www.euronews.com/business/2024/04/24/how-financially-literate-are-europeans-not-very-it-turns-out-but-who-knows-the-most 
  3. ‌Basilico, E. (2024, November 19). Financial Knowledge in Europe: Women Lag Men in their financial Literacy. Alpha Architect. https://alphaarchitect.com/2024/11/european-financial-literacy/ 
  4. https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/economic-research/publications/specials/en/2023/july/2023-07-27-Financial-Literacy.pdf‌ 
  5. OECD. (2023, December 13). OECD/INFE 2023 International Survey of Adult Financial Literacy. OECD. https://www.oecd.org/en/publications/oecd-infe-2023-international-survey-of-adult-financial-literacy_56003a32-en.html 
  6. ‌International Journal of Research Publication and Reviews IMPACT OF FINANCIAL LITERACY ON THE ECONOMIC DEVELOPMENT INDICATORS -AN ANALYSIS BETWEEN INDIA AND AUSTRALIA TEJUS U K 1 , DR. SHRINIVAS PATIL 2 MENTOR: DR. SHRINIVAS PATIL COLLEGE: CMS BUSINESS SCHOOL -JAIN DEEMED TO BE UNIVERSITY. (n.d.). Retrieved March 17, 2025, from https://ijrpr.com/uploads/V5ISSUE4/IJRPR25343.pdf 
  7. ‌Musa, A. (2023, December 14). Financial literacy, the ability to understand and use various financial skills, plays a pivotal role in the economic development of a country. Its impact on the Gross Domestic Product (GDP) growth is substantial, influencing individuals, businesses, and the overall economic landscape. Linkedin.com. https://www.linkedin.com/pulse/we-underestimating-impact-financial-literacy-gdp-ambareen-musa-tb6vf 
  8. ‌Dan, S., & Sheng-nan, Y. (2023). Social Interaction, Financial Literacy, and Household Financial Fragility. SHS Web of Conferences, 163, 01032–01032. https://doi.org/10.1051/shsconf/202316301032 
  9. ‌Dr. Vinay Kandpal. (2023, May 21). Climate change and the push towards a sustainable future are two of the most significant challenges facing humanity in the 21st century. A part of the solutions to these issues lies in the world of finance. Linkedin.com. https://www.linkedin.com/pulse/financial-literacy-green-finance-climate-change-future-vinay-kandpal 
  10. ‌How financially savvy are young Belgians? (2023, May 17). Www.ing.be. https://www.ing.be/en/individuals/my-life/budget-tips/financial-literacy 
  11. ‌Opening of the Wikifin Lab: a unique financial experience centre for schools. (2020, September 8). FSMA. https://www.fsma.be/en/news/opening-wikifin-lab-unique-financial-experience-centre-schools 
  12. ‌Financial literacy, resilience and inclusion. (2023). Finance. https://finance.ec.europa.eu/events/financial-literacy-resilience-and-inclusion-2024-02-20_en 

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