In terms of behaviours or actions required to improve financial well-  being, only 52% of adults reached the minimum target of exhibiting six of the nine behaviours discussed. [46] Such differences in financial literacy can have implications for investment behaviour and cross-border financial flows. [47] 3.3 Identification of frictions and policy evaluation The European Commission launched the Capital Markets Union project in 2014.
Following a public consultation, an Action Plan proposed 33 concrete measures. The European Commission delivered all the measures it put forward in the CMU Action Plan of September 2015 [48] and in the midterm review of June 2017. [49] The majority of these measures have been adopted in the meantime, while a few are still under negotiation.