Financial education: leveraging a reduction in inequality
According to a 2024 IFOP study on financial literacy among the French population, the primary sources of information about money are still friends and family. The gaps in knowledge that can result are frequently passed down from generation to generation, reinforcing disparities in terms of gender, age and social background. The challenge? Democratising a financial culture which today is often the preserve of a few privileged insiders.
Excessive debt, online scams, difficulty in building up savings to cope with difficult times... A lack of financial literacy can be costly. A survey conducted among the general public in 2023 by the Bank de France1 based on an OECD questionnaire reveals that when it comes to financial matters, the French still have considerable room for improvement. Indeed, the individuals surveyed, aged 18 and over, obtained a mark of 12.45 out of 20, based on 3 scores :
- the financial literacy score: impact of inflation on purchasing power and savings, risk/return ratio, interest rate mechanism, etc.
- the attitudes score, that is to say the individual’s relationship with money;
- the behavioural score which indicates how one acts in practical financial situations.
A vulnerability linked to social status
Unsurprisingly, social classes with the least means are those most affected by a lack of financial knowledge and literacy. However, people who have completed higher education, have higher incomes and are employed, possess a better level of financial literacy. This was found to be the case in many countries participating in the OECD survey2.
In addition, this is even more a subject of concern in developing countries, where access to education as a lever for access to a better life is even more crucial. A pioneer in this field, Bangladeshi economist Muhammad Yunus, who won the Nobel Peace Prize in 2006, clearly understood the importance of education in restoring equality of financial opportunity in his country. In 1977, Yunus founded the Grameen Bank, an institution that offered microcredit along with advice to entrepreneurs from disadvantaged backgrounds. His initiative enabled millions of people to escape poverty.
Young people on the front line
The socio-professional category of parents has been shown to directly impact the level of financial literacy among young people. Anthony Babkine, co-founder of the association Diversidays, has highlighted the obstacles faced by entrepreneurs from disadvantaged neighbourhoods. They are both financial and psychological in nature. The lack of self-confidence, in particular, prevents them from investing. To support them, his association offers a comprehensive programme consisting of training on financing tools, education on director protection and intellectual property, and networking with stakeholders in the entrepreneurial ecosystem. In total, 16,000 young people have benefited from this support, half of whom have resumed their studies in the tech sector.
Moreover, regardless of their social background, young people are not known as great savers. Only 22% of 25-34 year olds save with a view to their retirement and barely 10% in the 18-24 age bracket (5). Yet again, this issue is exacerbated by a lack of financial literacy, a lack that the national education system is currently seeking to address. In 2019, a training module, the EDUCFI passport, which aims to teach children the basics of budget management and finance, was tested and then rolled out to all French Year 9 classes.
Women need to learn to invest too
Even today, conversations about money are still essentially the preserve of men3. When a couple has a joint account, banks often tend to address men first. Deprived of financial freedom until 1966, women live with a legacy, whether consciously or not, that today still has an impact on young girls. Although attitudes may be changing, the majority of men continue to make the financial decisions within couples.
Women are also disadvantaged when it comes to saving. According to a study by La France Mutualiste, women take out life insurance at an average age of 49.8 years versus 37.8 years for men. Furthermore, 61% of women who save do not do not do so to secure their retirement, whereas 51% of men do. Such a gap certainly has roots in wage inequality but also from a lack of knowledge of more complex financial products. Women tend to make low-risk investments and, as a result, obtain lower returns. Regarding patrimony, similar observations can be made. Women's financial assets are frequently significantly smaller than men's, and the gap widens over the years precisely because of the overly cautious nature of the investments they make.
Gender financial disparities begin in childhood. The piggy banks of little girls are emptier than those of little boys, who are given 2 euros more pocket money each month. A phenomenon fuelled by mothers themselves, who are responsible for 73% of this task within families.
Inequalities deepened by AI
The deployment of ethical and inclusive financial education goes hand in hand with regulatory oversight of content distributed online, particularly on social media. And for good reason: artificial intelligence plays an increasingly important role in the management of financial products, and its algorithmic biases can reproduce or reinforce existing social and discriminatory biases.
In order to halt this trend and, more broadly, to ensure the development and use of AI in accordance with Europe's fundamental rights and values, a law came into force on 1st August 2024. This regulation has allowed the introduction of strict controls on businesses, associations, organisations and administrations providing AI systems within the EU. The exploitation of people's vulnerabilities and use of manipulative practices are among the most important points addressed by the AI Act4.
Finance for all, dream or reality?
The International Labour Organization (ILO) believes that everyone, regardless of their gender, social status or income, should have access to relevant financial services and know how to use them wisely. This is the mission of its major financial education programme which has already involved more than 35 interventions worldwide and helped many people to make better financial choices about how they manage their money.
Banks have also been engaged on this issue for a long time. In France, banks first came together twenty years ago to participate in the French Banking Federation (FBF) initiative to give everyone access to finance, particularly by raising awareness among strategic audiences (social actors, consumer associations) in order to reach out to disadvantaged communities.
The cause is advancing everywhere but it will take time and more government resources for financial literacy to be better shared so that everyone is truly able to protect their own interests. The integration of compulsory education from primary school onwards is an idea currently under consideration. In addition to reducing inequalities, the approach would strengthen the financial independence of future generations and perhaps reduce the budget allocated to public assistance, in turn.
To support financial education, Societe Generale acts both within its business lines and through the group’s foundation
The retail bank has launched several initiatives over recent years, including the creation and distribution of more than 200 educational videos titled “The Experts’ 5-Minute” as well as the development of an online platform called “The Keys to Savings” to help understand concepts related to managing savings according to one’s level of knowledge. BoursoBank also provides its clients with training courses to acquire the fundamentals of financial education.
Societe Generale is particularly committed to younger generations. It partners with the Next Challenge, a virtual asset management competition aimed at students, whose fifth edition began on October 5, 2025. Moreover, the Societe Generale Foundation supports financial and budgetary education programs with strong pedagogical content tailored to young audiences, and it works alongside the Crésus federation, whose mission is to combat financial exclusion and prevent over-indebtedness.
Sources
1 The financial literacy of the French population is gradually improving according to new studies conducted by the Banque de France
2 2023 OECD/INFE International Survey on Adult Financial Literacy
3 Making Finance Accessible to Women: Approaches Proposed by the "Revue d’économie financière" (in French)
4 Regulatory text aimed at ethically and responsibly framing the development and use of artificial intelligence, according to the official French Government website.
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