Trequattrini: Financial literacy crucial amid digital uncertainty
Banca d'Italia Deputy Director General Gian Luca Trequattrini highlighted the critical role of financial literacy in navigating an era of profound economic and technological transformation. Speaking in L'Aquila on June 9, 2026, he stressed its importance amid rising uncertainty and the challenges of digital markets.
Financial literacy: A timeless necessity
The current era is defined by immense economic, technological, and social transformations, leading to heightened uncertainty.
Gian Luca Trequattrini highlighted financial literacy as an essential resource to navigate this complexity, enabling informed, responsible, and long-term choices.
Historically, economic and financial knowledge has been a crucial driver of progress.
Ancient Greek and Roman merchants managed commercial risk through diversification and maritime loans.
Medieval Italian merchant-bankers introduced innovative tools like bills of exchange and early maritime insurance, fostering economic power.
The Renaissance saw the Medici transform banking into a sophisticated financial architecture, while the Enlightenment democratized economic knowledge as a tool for emancipation.
This historical trajectory demonstrates financial literacy as a concrete, historically rooted competence, shaping individual and collective destinies.
From Wall Street to digital wallets
The 20th century saw financial literacy become a mass necessity.
The 1929 Wall Street crash highlighted the devastating costs of widespread financial ignorance.
Post-World War II, the rise of consumer credit and private pension funds, like the US 401(k) program, shifted investment responsibility to households, demanding new competencies in diversification and risk assessment.
The 2008 crisis underscored the global cost of a knowledge gap regarding complex financial products.
Today, digitalization has revolutionized financial behavior, with digital payments surpassing cash in Italy.
This evolution necessitates new skills for secure and conscious use, particularly concerning data protection, cybersecurity, and online scams.
AI: Promise and peril
Artificial intelligence offers significant opportunities for financial inclusion and efficiency, democratizing personalized advice and enhancing fraud detection.
Yet, its rapid integration also introduces critical risks, including algorithmic bias, opaque decision-making, and potential systemic instability.
Addressing these challenges requires fostering digital financial literacy and robust regulatory oversight to safeguard consumers and market integrity.