When financial literacy overcomes the noise of social media

At a time when economic challenges are intensifying and the level of financial literacy among Portuguese people remains among the lowest in Europe, the "My Financial Future" initiative emerges as a response to promote financial knowledge among young university students.

Promoted by the Bank of Portugal and the CFA Society Portugal, this competition brought together 124 teams from 27 universities, challenging participants to solve practical cases on family budgets, savings, and investing in digital financial products. It was in this context that David Sousa, Leonor Rocha, and Tiago Freitas, students at the Católica Lisbon School of Business & Economics, emerged as winners of the first edition of the competition.

"We associate financial literacy with economics, management, and finance courses, but in reality, we don't focus [in the course] on these personal aspects of how to save, what to save on, how to organize our personal budget," emphasizes David Sousa. This reflection reveals a worrying gap even among students in economics and reinforces the need for initiatives like this.

In an interview with ECO, the contest winners don't hide their concern about the impact of "fininfluencers" and the proliferation of financial advice on social media. "I see friends talking about memecoins as a long-term investment, which leaves me absolutely speechless," David confesses, warning against the tendency to treat investing as a game. This reality is exacerbated by data from a Blackrock survey showing that 43% of Portuguese investors own crypto assets, almost double the European average.

The winners of the "My Financial Future" competition unanimously advocate for the introduction of financial education in schools as "the foundation for people to later be able to make informed decisions."

For Tiago, the rule is clear: "I only invest in what I fully understand." This philosophy contrasts with the tendency of young Portuguese people to make high-risk investments without proper knowledge. "Investing can capitalize on savings, but it can also be a casino if we don't understand what we're doing," warns the Finance student, in a direct critique of the pressure from social media to "get rich quick."

Leonor also emphasizes the importance of "talking openly about money," a topic still considered taboo in many Portuguese families , despite it being "a fundamental part of life and not just an ancillary thing." The International Management student argues that those with training in the field should "take on this role" of educating their peers, especially as young people begin their working lives.

The winners unanimously advocate for introducing financial education in schools as "the foundation for people to later be able to make informed decisions." Tiago compares the process to environmental education. "What was taught in schools later passed on to parents," suggesting that children can be agents of change in their own families.

Watch the full interview with the winners of the "My Financial Future" contest to learn about some of the savings and investment strategies these young people follow and some advice that can help you better manage your money.

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