site.btaEU Financial Services Commissioner: Financial Literacy, Inclusion Key to Women's Empowerment

Financial literacy is not merely an individual skill but a fundamental building block for a fairer, more resilient and more inclusive economy, EU Commissioner for Financial Services and the Savings and Investments Maria Luis Albuquerque said on Thursday. She made a video address to the first major conference in Bulgaria on women's financial independence, titled "From Zero to Hero".

According to Albuquerque, the conference revolves around three powerful messages - simple yet transformative truths. She outlined each message and linked them to initiatives being developed at the European level.

First, she emphasized that money should work for people, not the other way around. "Across Europe, women are highly educated, entrepreneurial and engaged, and yet too often their financial potential is underutilized. We know that women tend to save more conservatively, keep more of their wealth in cash and participate less in capital markets compared to men. Over time, this means women may accumulate less wealth, enjoy less financial independence and face greater challenges in retirement. This is not a question of ability or ambition, it is often a question of access, trust and knowledge. Financial literacy equips us to make informed choices, to move from passive saving to active investing, to see money not only as a reward for hard work but also as a tool for opportunity and empowerment. This is precisely why, in a few weeks, the European Commission will present a strategy for financial literacy and financial inclusion. The goal is simple, to help citizens, and especially women, make their money work for them, while at the same time contributing to Europe's economy." Albuquerque said.

Second, the Commissioner noted that losses are part of financial decision-making – sometimes people win, sometimes they learn. "When it comes to financial decisions, fear of loss can be paralyzing. Many women hesitate to invest because they want absolute certainty and security. But financial markets, like life itself, involve risks. What matters is not eliminating risk, that is impossible, but understanding it, managing it and growing stronger from the experience. This is why financial education must go beyond numbers and formulas," she stressed.  

Third, she emphasized that there is a a financial tool for every woman. "Every woman has her own story, her own priorities, her own dreams. For some, it might be saving for a home, for others building a business or insurance security in retirement. There is no one-size-fits-all solution. The right financial tool is the one that allows each woman to sleep peacefully at night because she knows her choices align with her needs and values. Our role as policymakers and as financial educators is to make sure those tools are available, accessible and understandable," Albuquerque said. 

She argued that financial tools are not only about personal gain, they are also about collective impact. "By mobilizing women's savings into sustainable investments, we can drive the green and digital transitions, support innovation and strengthen Europe's competitiveness. Empowering women financially is therefore not only good for women, it is good for all Europeans," the EU Commissioner concluded.