A New Approach to Financial Education

Financial literacy is crucial for the personal financial security of people in Germany, as well as for their participation in society and for the overall stability of the economy. In order to improve financial education in Germany, the Federal Ministry of Education and Research and the Federal Ministry of Finance jointly launched the Financial Literacy Initiative in 2023, which includes a directive on the promotion of research projects in this area. The MetaFin project aims to provide networking opportunities for the projects under the directive, to prepare national and international research results on financial education in a way that is appropriate for the target group, and thus to provide a reliable basis for future decisions on financial education in Germany. It focuses on the three areas of networking, accompanying research, and knowledge transfer. The project is implemented by the Mannheim Institute for Financial Education (MIFE) in cooperation with the Oldenburg Institute for Economic Education (IÖB).

In August 2024 in Mannheim, then former Parliamentary State Secretary Dr. Jens Brandenburg presented the funding notification of more than two million euros to the team of the collaborative project. The team consists of Prof. Carmela Aprea (University of Mannheim, director of MIFE), who coordinates the collaborative project, as well as Prof. Tabea Bucher-Koenen (Leibniz Centre for European Economic Research (ZEW) and University of Mannheim, director of MIFE) and Prof. Dirk Loerwald (University of Oldenburg and scientific director of IÖB).

Brandenburg emphasized: “Decent financial education is the foundation for making smart financial decisions, especially in a constantly changing world. In Germany, the topic has been neglected for far too long. We, the Federal Ministry of Education and Research, want to promote financial education in collaboration with the Federal Ministry of Finance. This also includes the promotion of excellent research. MetaFin is the flagship project of our research funding line. The transfer of knowledge to practitioners and the general public is particularly important to us. MetaFin compiles the findings from various research projects and thus enables the transfer of financial knowledge into classrooms and living rooms. I am delighted that three strong partners have joined forces for this project. This is the only way to make financial education generally available and provide opportunities to everyone—regardless of their financial situation.”

The Mannheim Institute for Financial Education

The Mannheim Institute for Financial Education (MIFE) is a joint initiative of the University of Mannheim and the Leibniz Centre for European Economic Research (ZEW). It focuses on extensive research on financial education and draws on the expertise of an interdisciplinary team of researchers from both institutions. Furthermore, MIFE has strong ties to relevant experts and institutions from academia, politics, and practice in Germany and abroad.

Text: Fabio Kratzmaier / April 2025