Study on Financial Education in Germany Shows a Wide Range of Opportunities but Their Effectiveness Is Unclear

The importance of financial education has increased considerably in recent years, particularly with regard to the current debate on adequate pension plans and the financial participation of people from financially precarious backgrounds. According to a new study by Professor Dr. Carmela Aprea and Merve Suna, M.Sc. from the Mannheim Institute for Financial Education (MIFE) at the University of Mannheim, there are already numerous financial education programs in Germany. These programs are offered by private companies, non-profit organizations, and public institutions such as Deutsche Bundesbank.

However, the study shows that most programs focus on specific target groups, such as pupils, young adults, and wealthy women. Other groups, in particular people in precarious living situations, refugees, or older people, are hardly taken into account. Topics such as digital financial products or more complex financial decisions also rarely receive attention. This uneven distribution of target groups and content causes gaps in financial education and prevents a comprehensive impact. “High-quality financial education should be accessible to all people, regardless of their social or economic status. For the sake of participation, financial education programs should also reach disadvantaged groups to support them in achieving financial stability, protecting themselves against debt, and improving their economic prospects,” says Aprea.

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