An analysis of the importance of economic and financial education, revisited in a statement by the Bank of Italy

 

Knowledge enables us to manage things better  and with greater prudence. We must therefore learn to embrace change and take responsibility, and these principles apply to all activities, even when it comes to coping with everyday life. And they are particularly relevant in these uncertain times. It is from these observations that the speech ‘Dalla polis ai mercati digitali: storia, incertezza e responsabilità educativa’ (From the polis to digital markets: history, uncertainty and educational responsibility) takes its cue. It was given by Gian Luca Trequattrini, Deputy Director General of the Bank of Italy, in L’Aquila during the ‘Travelling with the Bank of Italy’ events.)

Trequattrini begins his argument by considering the uncertainty that always accompanies major historical discontinuities, and how past models lose their predictive power at these junctures. He also considers how the rules of the game change faster than they can be updated, and how decisions regarding finance, employment and social security must be made in the absence of reliable information. Today, Trequattrini explains, a new cognitive dimension has been added to all of this, generated by technological acceleration:  an uncertainty that is not only ignorance of the facts, but also the difficulty of interpreting contradictory signals and distinguishing reliable information from noise, as well as evaluating recommendations produced by opaque algorithms. Knowledge, therefore, becomes more complex to acquire, contrary to what one might think.

In this scenario, which is characterised by incalculable risks, increasing complexity and accelerated transformations, financial literacy is no longer an optional choice, but an essential resource.  It does not eliminate uncertainty, which is unavoidable, but it does enable us to navigate it with greater clarity and less vulnerability.

The Deputy Director of the Bank of Italy emphasises that financial literacy is an essential resource. It is not just the ability to understand technicalities or perform complex calculations; rather, it is an integrated set of knowledge, skills and awareness that enables individuals to make informed, responsible and long-term choices, thus strengthening their autonomy. It is a key part of a broader culture that everyone should embrace, particularly those who are entrusted with social and corporate responsibilities that demand greater attention.

Trequattrini, tracing the evolution of financial literacy from antiquity to the present, thus highlights a responsibility and an opportunity that should be embraced by all, not just a select few ‘insiders’.

Dalla polis ai mercati digitali: storia, incertezza e responsabilità educativa

Gian Luca Trequattrini

Bank of Italy, June 2026