The financial system is becoming increasingly complex. There are service providers like Klarna who make buying very easy. For example, if a teenager wants a bag, he pays for it in a year or in regular installments. However, the young person does not know how much interest and compound interest he will pay for this. We therefore invite debt counselors to the schools to tell the stories behind the debts.
But economic education is more than just the issue of over-indebtedness.
We teach topics that children don’t learn at home. For example, that there is the possibility not to spend all your money, but to save it. It is very important to convey the meaning behind it. We ask the young people: What is a good life for you? For many, this is a job that suits them, their own car or even an apartment. Instead of saying: ‘You can’t do it’, we explain the concept behind saving, what interest is – and connect saving with a positive vision of the future.
But it’s also about how the economy works.
This topic is more complex, which is why it is only discussed when the young people are already 13 or 14 years old. The deficits are often large – even many high school graduates don’t yet know what a company is. It is also important for the next generation: they should help shape it.
Don’t be afraid that schools will say: Not another topic that we should work on in school.
No, the response is positive. Teachers see what realities they should prepare young people for – there are other topics that are not so important. If students want to be as free from financial worries as possible later, it is good to give them the basic skills at this age.
How do the foundation and the schools come together?
We have started a pilot project with 60 locations in nine federal states. We provide you with teaching materials that are written in the language of the young people. There is also further training for teachers and a small budget, and we provide intensive support to the schools. 97 percent are very satisfied with the project. The procedure is constantly being expanded and improved. That’s why we have identified measures that we can say we need in the next government program.
Which are these?
They can be divided into three main categories: Firstly, we need well-trained teachers, which is why we are calling on the next government to further develop training and further education offerings. The learning media, especially school books, also need to be adapted. And thirdly, comprehensive support for school locations is crucial.
What makes you confident that financial education will be an issue in the next government?
Topics at school are often ideologically overloaded and then nothing goes further. When it comes to financial education, however, everyone agrees that it is important. This can also be seen in who is behind the foundation – both employer and employee-related institutions. All groups among the student representatives also agree on this, even if their priorities are sometimes slightly different.
