Only 18% of Europeans have high financial literacy, according to a Eurobarometer survey by the European Commission published on Tuesday.
In a representative survey of 26,000 Europeans found that just as many (18%) of the bloc's citizens have a low level of financial literacy, leaving the rest (64%) with an average level.
In Belgium, low level of financial literacy leaves 22% of the population vulnerable to issues paying tax or managing their personal budget. Belgium's low level of financial literacy is surpassed by only two countries (Finland 27%, Latvia 24%) and matched by one (Spain 22%). 
The survey defines financial literacy as "a combination of awareness, knowledge, skill, attitude, and behaviour necessary to make sound financial decisions and ultimately achieve individual financial wellbeing".
The questions covered topics such as inflation, purchasing power, interest rates, investment risks, purchasing behaviour and short- and long-term budget management.
The Eurobarometer survey also assessed participants' competence with digital financial tools and their trust in investment advice from financial institutions. It revealed that 77% of respondents feel comfortable using digital financial services and 42% are somewhat confident that they will retire comfortably.
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Although the findings might be read as evidence that financial literacy is moving in the right direction, European Commissioner for Financial Stability and Financial Services Mairead McGuinness stressed that more must be done to ensure that Europeans are not at a financial disadvantage.
"This is a wake-up call for us and Member States: together we need to do more to improve levels of financial literacy in the EU," she commented.
In particular, the survey highlights the need to support the financial education of women, young people, and people with low incomes.
