The need for financial literacy, especially among young people, and how new technologies and Artificial Intelligence can accelerate financial literacy for profitable investments were discussed by representatives of economic operators from Greece and abroad in an interesting session at the 11th Delphi Economic Forum, which is taking place in Delphi on 22-25 April.

Giorgos Pitsilis, the governor of the Hellenic Tax Authority, said that in today’s world, financial literacy is mandatory as technology has widened access to investment, while knowledge is important because it offers opportunities and protects against risks.

Moreover, Pitsilis explained, there is now easier access to knowledge, with functional digital tools, and this is something that the AADE has also worked hard on, through the apps that have been launched in recent years.

Dominant, also, for the Governor of the AADE, is the organization of information, through which Artificial Intelligence operates, at a time when Human Avatars are now being developed that can help citizens in financial and tax literacy. He added that AI is a tool that can provide instant access to data search, with enormous utility in the field of tax evasion, agricultural subsidies and cyber security.

For Ms. Vasiliki Lazarakou, President of the Securities and Exchange Commission, financial literacy is the foundation of resilient and transparent markets because, she said, even the best framework does not work in practice if investors and citizens do not understand its terms. “As we move towards a change in the way capital markets work, it is necessary for everyone to understand the terms, and they can discern the problems and scams,” he said.

At the same time, he referred to actions of the Securities and Exchange Commission in this direction such as cooperation with the International Organization of Securities Commissions (IOSCO) and partnership with the European Securities and Markets Authority (ESMA). He added that already from 2022, financial education taking place within the framework of the national strategy has become a priority, with actions such as the signing of MoUs with universities to inform young generations in finance, cooperation protocols with chambers of commerce to reach out to entrepreneurs and the public, and the publication of a relevant book for children up to 10 years old with simple concepts of finance.

For his part, Mr. Carmine Di Noia, Head of Economic and Business Affairs at the OECD, pointed out that opportunities may have increased through AI in terms of investment and the economy, but at the same time, risks have multiplied. For Mr. Di Noia, there are still low levels of financial literacy and this represents a significant challenge, against the backdrop of the rise of digital fraud, adding at this point that in 2026, 15% of adults will have been victims of financial fraud.

A key point in expanding financial literacy, he argued, is communicating with young children about financial issues from an early age, and the need for more outreach activities to them because they are much more familiar with technology and open to challenges.

Michael Argyrou, Head of the Prime Minister’s Economic Office, spoke about a new economic reality, stressing that today’s citizens should put their resources to more productive uses.

In this context, people with financial literacy can make more and better quality investments that are likely to bring more growth. To achieve this, however, he pointed out that there must be an understanding of risk and the workings of the economy.

Mr. Argyrou, in addition, also “pointed” from his side, as the group in need of a higher level of financial literacy, the young people, as they are the ones who will learn correctly early on and use this knowledge for a long time, while they have familiarity with modern financial instruments and can also act as knowledge multipliers.

A review of the financial crises of the past decades that ended up providing knowledge and lived experience in managing the daily lives of citizens was made by K. George Pagoulatos, Professor, Ambassador of the Delegation of Greece.

An insight into the everyday life of the Greek people was provided by George Pagoulatos, Professor, Ambassador of the Delegation of Greece.

Referring to the 1929, interwar, 1970s, crypto and other crises, he added that they have conveyed practical experiences that now make investors more cautious, with Greece, especially, due to the crisis of the previous years, having had the opportunity of an extremely painful lesson on the importance of financial balances in people’s lives.

The moderator of the discussion was Mr. Dinos Siomopoulos, Journalist MEGA TV / To Bima / Ot.gr.