In Austria and Germany, the interest from young people in financial education is growing. In Austria, many decades passed without families talking about money, says State Secretary in the Ministry of Finance Barbara Eibinger-Miedl in an interview with Börsen-Zeitung and Austrian newspaper Die Presse. „But things are changing right now.“

Young people are interested in investments, including cryptocurrencies. In a study, schoolchildren were asked which subjects they would like to have on their school timetable. „Over 80% responded: financial education.“ And the latest Austrian stock market barometer documents an increase in the proportion of share owners in the overall population, Eibinger-Miedl notes.

Gerhard Wiesheu, member of the board of the Association of German Banks, can confirm these findings apply to Germany as well. Young people are more interested in financial investment topics than before. Scientific studies also show increased interest in a school subject on financial education. The dialogue with young clients in financial advisory today is much more demanding than before – and that is a good thing. „Access to financial education is now more low-threshold.“

Austria’s Ministry of Finance and the Financial Market Authority are aligning their efforts to create more understanding of all questions about money, interest rates, and stocks, with the changed needs and communication formats. „We are responding to the demand from young people“, emphasises the State Secretary. The Financial Market Authority explains complicated topics in one-minute videos. The Finance Ministry organises workshops on topics such as cryptocurrencies. The education must, of course, be neutral and quality-assured. No specific financial products are discussed or promoted. The level of awareness is different today, and financial education offerings must respond to that. These offerings provide very concrete answers to questions – such as a „pension calculator.“

However, Austrian authorities do not limit their offerings to young people alone. Their financial education strategy follows a „life-cycle approach“. „We want financial knowledge from the first decisions people make involving money all the way to retirement provision.“ For example, interested individuals are offered the online portal „Finanz-Navi“, where they can get answers to questions with a mouse click more easily than before. No one has to talk face-to-face about money if they don’t want to.

A central element of the efforts for more financial education is supporting multipliers. The Austrian Ministry of Education now places a focus on financial education, explains Eibinger-Miedl.

From autumn onwards, Austria will award certificates to recognise schools that are pioneers in financial education. This motivates schools on a voluntary basis to devote more attention to the topic, for instance through project days. And there will be 50 schools that have already introduced financial education as a subject – also on a voluntary basis, states the Finance State Secretary.

In Germany, there are also numerous offerings for teachers, reports Wiesheu. They are indeed voluntary. „And yes, generally these are taken up by educators who already have an interest in financial topics“, says the Association of German Banks board member, who is also a topic sponsor for financial education. The establishment of a financial education subject would certainly facilitate the further training of teachers in this area.

Wiesheu finds it helpful that the EU explicitly supports financial education within the framework of the Savings and Investment Union. Because this influence extends to the member states, which are jointly responsible for implementation along with the federal states. Austria was actively supported by the EU Commission in building a financial education tool, notes Eibinger-Miedl.

In Austria, the Ministry of Finance chairs the Financial Education Council, the Oesterreichische Nationalbank (Austrian National Bank) holds co-chairmanship, and other ministries are also represented.

Meanwhile, Wiesheu notes: „What is missing in Germany is a national strategy.“