People in Germany advocate for enhancing financial literacy in educational institutions.
People have been strongly advocating for financial education in schools for quite some time now. According to a survey conducted by Forsa for the Federal Association of Consumer Organisations (vzbv), an astounding 93% of respondents believe that it's crucial or extremely important for children and young adults to learn about financial topics such as inflation, personal budgeting, contracts, and insurance in school. Additionally, 90% stressed the significance of unbiased and independent teaching resources, with a majority also supporting ad-free materials. The survey involved over a thousand individuals aged 18 and above in Germany.
The German Federal Government is expected to establish binding standards for independent and top-notch financial education through its planned financial education strategy, as demanded by the vzbv. "Financial education is crucial. What's equally important is the one delivering it and how it's done. Influence from content creators and ads have no place in education," commented Vera Fricke, head of the consumer education team at the vzbv.
Financial Education has been a priority for Ministers Bettina Stark-Watzinger and Christian Lindner (both from FDP) for quite some time now. In March, they announced their plans to develop a "national financial education strategy" and establish a central financial education platform. On Tuesday, both ministries hosted a "festival for financial education" in Berlin, where partners and initiatives delved into the topic through workshops, lectures, stalls, and discussion rounds. The vzbv will also participate in this event with their own stall.
The European Union might consider implementing similar measures for financial education in its schools, given the significant importance placed on the subject in Germany. The European Union has expressed interest in promoting financial literacy among its youth, aligning with the German Federal Government's initiative.
