topics will be discussed, such as the assessment of financial education initiatives and education to ensure the proper use of financial products and services through digital channels. i would like to underline that one of the greatest assets of sharing our experiences at these meetings is the diversity of approaches. though we pursue a common goal, to increase people ’ s financial literacy and inclusion levels and ultimately their well - being, the path to reach that goal may – and certainly will – differ. therefore, it is important for us all to learn about different approaches, take advantage of the diversity of experiences and adapt them to each country ’ s 1 / 3 bis central bankers'speeches economic, financial and institutional background. the debate on these topics is quite stimulating on account of their complexity, but there is also an especially gratifying side to it because we know how these initiatives can improve the lives of real people. these would be more than enough reasons to look forward to two excellent days working together and sharing. but there is another reason that makes it even more pleasurable : we will do so in portuguese, a language that instantly brings us closer and reminds us that our countries are players in a global world that is also expressed and felt in the rich variations of a language shared by us all. 3. financial inclusion is an essential component of social inclusion, since it leads to a more efficient management of personal finances, and gives people conditions to manage a family budget better, use of payment means more efficiently, make savings using adequate products and be safer when applying for a loan. in fact, one must not forget that financial inclusion also helps fight inequality, a paramount issue in today ’ s economies. mario draghi, president of the european central bank, underlined a few days ago when he met with students at a university in lisbon that inequality is a highly destabilising phenomenon for all areas of society, including financial stability. traditionally, major barriers to financial inclusion are connected to geographical proximity factors, such as low density of credit institutions making it difficult to access the formal financial sector. these barriers lead to the existence of an informal sector that provides competing financial products and services, which though unregulated are more easily accessible. other exclusion factors are high costs of financial services in the formal sector or the credit institutions ’ failure to offer products that meet the needs of consumers with low income / low levels of education. yet, the fact that financial services are increasingly digital brings about new opportunities for promoting financial inclusion, overcoming some of these obstacles

, since digital channels make access easier and less costly. the sale of financial products and services using digital channels makes them accessible to people, even if they are not close to the service providers, as such products are generally simpler and more standardised. however, digital channels also come with new risks. starting with risks related to secure access and use of digital channels and the need to take adequate action to prevent fraud. then there is the risk of a less considered purchase of financial products and services, for instance borrowing without due clarification of associated financial conditions and of the consequences of default. in addition, digital channels are not a solution to include the most vulnerable groups, such as elderly people, who generally find it more difficult to use technology. therefore, though digital channels open up new opportunities, we must take into account the new risks. and likewise recognise that many of the traditional challenges of promoting financial inclusion remain the same. which also happens with the need for the financial inclusion strategy to be based on three pillars : 1. policies to promote financial inclusion ; 2. appropriate regulation of financial products and services ; and 3. initiatives to increase people ’ s financial education. 4. financial education is essential for the proper financial inclusion of people that presently have no access to the financial system and, particularly, to a bank account. financial education gives people basic knowledge and raises awareness for the need to be prudent when accessing and using bank products. one of the challenges of providing education for financial inclusion is to reach the audience that actually needs it, generally the more vulnerable population groups. one example in portugal is the challenge posed by promoting minimum banking services, which 2 / 3 bis central bankers'speeches consist of a basic bank account and basic payment services. institutions are required to provide such minimum banking services for a lower cost, but people in general are unaware of their existence, and even more so, those that are excluded from the financial system and who could benefit the most from it. naturally, financial education is not only important for those excluded from the financial system, but also for people in general, as it promotes a responsible and efficient use of financial products and services, raising awareness of advantages and risks associated with the products and services provided by credit institutions and of financial consumers ’ rights and obligations. greater understanding of financial products and of the financial system empowers people to make financial decisions and choices that meet their needs better. the promotion of financial education faces important challenges, one of them being, as i mentioned