In this study the authors investigate the state of European financial culture compared to other regions of the world and the programmes launched / to be launched by different European countries to improve it. They discuss the relationship between general indicators of development and financial culture pointing out that a step-by-step development of financial literacy leads to further growth potential as well as the implementation of best practices learnt from different European countries. All that is highly topical, because the Covid-19 pandemic and ongoing digitisation are new challenges to be faced by the experts dealing with the development of financial literacy. Despite the new challenges, they must call attention to the importance of financial culture. By comparing five European countries it has become clear that complex programmes involving many actors are the most effective; in addition, school subjects involving financial culture should be made mandatory.