Finland aims to strengthen financial literacy for the digital world.

Anyone wishing to prepare financially for retirement increasingly needs to understand and assess digital financial services. Financial literacy is therefore playing an increasingly important role in retirement provision. Finland now aims to adapt its national financial education strategy to better address the challenges posed by digital financial services.

To this end, the OECD presented a corresponding proposal on 16 September. According to the vision set out in the proposal, Finland aims to be a global leader in digital financial literacy by 2030. The study, funded by the European Union through the Technical Support Instrument (TSI), was prepared jointly by the OECD and the European Commission. It is intended to serve as a basis for Finland’s next national action plan for the period 2027 to 2030.

The Finnish approach is also interesting in the context of current developments in retirement provision. At both EU level and in Germany, financial education is increasingly being linked to the question of how people can better understand and plan for their retirement.

The European Commission has addressed this issue in its package of measures to strengthen supplementary pensions. Inadequate knowledge and a lack of awareness of one’s own retirement provision are identified as obstacles to better retirement planning. Germany’s Commission on Old-Age Provision has also endorsed the development of a lifelong financial education strategy in its recommendations.

Well-positioned digitally – but not without risks

Finland is well placed to pursue this goal. It is one of the most highly digitalised societies in Europe. In terms of digital financial literacy, adults score an average of 63 out of 100 points. This places Finland above the OECD average of 56 points, but behind Hong Kong (China) with 69 points, Ireland with 66 and Germany with 65 points.

However, the OECD survey also identifies gaps and significant differences between population groups. Digital financial literacy is particularly low among young adults aged 18 to 29. On average, they score just 54 points – the lowest figure of all age groups. The study also identifies a link between low levels of digital financial literacy and problematic borrowing or risky investment behaviour.

Around one third of respondents reported using short-term online credits products, such as “Buy Now, Pay Later” schemes, retail credit or quick loans. This group tends to have lower levels of digital financial literacy and more frequently reports making impulsive decisions.

The study also identifies knowledge gaps regarding crypto-assets. The proportion of people owning crypto-assets in Finland is significantly higher than in other OECD countries. Some users, however, associate acquiring crypto-assets with motives that are more akin to gambling. This can influence investment decisions.

Financial education needs to keep pace with digitalisation

The OECD proposal for Finland's strategy therefore goes beyond knowledge of saving and long-term investment. People are also to learn how to use digital financial services safely, better assess financial risks more effectively and protect themselves against online fraud. Particular attention is to be paid to young adults, older people, people with lower levels of education or income, migrants, the self-employed and unemployed people.

The effectiveness of the measures is to be reviewed regularly. To this end, the OECD recommends ongoing monitoring of the strategy’s objectives, measures and governance structures, as well as a final evaluation of the strategy.

Financial literacy also relevant to retirement provision

The Finnish approach is part of a broader European trend. Financial education is intended not only to help people manage everyday financial products, but also to support them in making long-term decisions, such as planning for retirement. As part of the Savings and Investments Union, the European Commission adopted an EU strategy to promote financial literacy in September 2025. It aims to help people make informed financial decisions at different stages of their lives.

The Commission also sees a need for action on supplementary pensions. In its package of measures, presented in November 2025, the Commission identifies insufficient knowledge and a lack of awareness of one’s own retirement provision as obstacles to better retirement planning.

The issue is also gaining importance in Germany. In its recommendations, Germany's Commission on Old-Age Provision has endorsed a lifelong financial education strategy. In addition, on 15 September, the German government published a draft national financial education strategy. Retirement provision and participation in capital markets, as well as the safe use of digital financial services, are among its seven areas for action.