The European Commission’s Reform and Investment Task Force (SG REFORM), the Florence School of Banking and Finance (FBF) at the European University Institute (EUI), and the Portuguese National Council of Financial Supervisors (CNSF) — which brings together the Banco de Portugal, the Insurance and Pension Funds Supervisory Authority (ASF) and the Portuguese Securities Market Commission (CMVM) — have launched a new project to evaluate and enhance financial literacy initiatives across Portugal.
The project, funded by the European Union via the Technical Support Instrument (TSI), will help Portuguese authorities assess the effectiveness of existing financial literacy programmes and design future actions under the Portuguese National Plan for Financial Education (PNFF).
The PNFF was launched in 2011 by the Portuguese National Council of Financial Supervisors (CNSF) with the aim of promoting financial literacy and improving attitudes and behaviours towards the financial sector among the general population, as well as within specific target groups.
“Improving financial literacy empowers citizens to secure their financial well-being, being also a key enabler for the success of the Savings and Investment Union”, said Judit Rozsa, Director for Technical Support Instrument at SG REFORM, EU Commission. “We are supporting and have supported 16 EU countries with more than 20 projects, increasing the knowledge and awareness of EU citizens on their financial decision-making. Working on the evaluation of financial literacy initiatives is important to improve Portugal’s plan, and at the same time, we intend to leverage the Portuguese experience to increase efficiency and impact of other EU financial literacy strategies.”
"Assessing the effectiveness of existing financial literacy initiatives will greatly support Portuguese authorities in changing, adapting, improving, and tailoring financial literacy programmes to maximise their impact and ensure that resources are used efficiently. Furthermore, developing an impact assessment methodology brings additional benefits, as it could be used by the PNFF in the future to evaluate new initiatives and could be replicated by other EU countries with similar needs,” explained Inês Drumond, vice-chair of the board of CMVM, the supervisory authority coordinating this project.
The initiative will:
- Develop a robust evaluation methodology to measure the impact of financial literacy initiatives already implemented (ex-post) and to assess the expected outcomes of the future ones (ex-ante);
- Assess the effectiveness of current programmes — including school-based education, teacher training, workplace initiatives, and SME-targeted activities;
- Train national authorities to apply the new evaluation framework in future cycles; and
- Support the design of a national awareness campaign to promote financial literacy among diverse groups of the Portuguese population.
This initiative also aims to inform the next strategic guidelines (2026–2030) of the Portuguese National Plan for Financial Education, reinforcing evidence-based policymaking in the area of financial literacy.
This project aligns with the EU’s broader efforts to strengthen citizens’ financial competence, in line with the EU Council Recommendation on financial competence frameworks for adults and youth (May 2024) and with the European Commission Communication on a Financial Literacy Strategy for the EU (September 2025).
With this partnership, the Florence School of Banking and Finance reaffirms its commitment to advancing financial education and inclusion across Europe. “Financial literacy empowers citizens to make choices that shape their financial future,” said Thorsten Beck, Director of the Florence School of Banking and Finance. “By working together with Portuguese institutions, we aim to ensure that every initiative effectively supports inclusion, resilience, and confidence in financial decision-making.”