Germany Takes a Step Forward in Financial Education

Germany’s Federal Ministry of Education and Research (BMBF) and the Federal Ministry of Finance (BMF) have announced the first milestones of their Financial Education Initiative. The goals of the initiative are to improve the research and data basis in Germany, strengthen financial competence in all areas of education and at every age in Germany, and bundle, make visible and prepare the diverse public offerings in the area of financial education for different target groups on the financial education platform “With money and sense – financial education pays off”.

The funding guidelines for research on financial education have just been published. The research projects are expected to start next year and will focus on topics such as financial literacy, financial decision-making, and financial behaviour.

The financial education platform

The financial education platform is also making good progress. The platform will take into account content from the Federal Financial Supervisory Authority, the German Bundesbank, the German Pension Insurance Federation, and numerous federal and state ministries. It is scheduled to be launched in 2024.

“Financial education is an essential part of general education and accompanies us throughout life,” said Federal Education Minister Bettina Stark-Watzinger. “This year we set out together to strengthen it. To achieve this, we have set ourselves three milestones that we are working intensively on. Our funding guidelines for research on financial literacy have just been published. The research projects are expected to start next year in order to improve the research and data basis in Germany. And the financial education platform is also making good progress, which will bundle the offerings and network the stakeholders. All in all, a successful start that we want to build on next year.”

 

Federal Minister of Finance Christian Lindner said: “In order to strengthen self-determination and the ability to make independent decisions, we have declared a breakthrough for financial education this year. The first milestones have now been reached. With the digital financial education platform, we are creating a central contact point where public offerings of particular quality are available at a glance. This is the starting signal – we want to further develop the platform and expand it to include other quality-assured offers. The goal is for everyone to be able to make decisions “with money and reason.”

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