Financial Literacy in Germany

Frühauf, Felix; Retzmann, Thomas

doi:10.1007/978-981-10-0360-8_17

Cited by 12 publications

(5 citation statements)

References 6 publications

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“…Although the numbers of national FL-studies have risen in Germany over the past couple of years, research on deeper understanding in personal finance is capable of improvement and international comparison is still limited. The most prominent take on the international assessment of economic education has been done by OECD’s PISA, but Germany did not take part in its optional FL-section (Frühauf and Retzmann, 2016; Förster et al, 2018) since the Standing Conference of the Ministers of Education and Cultural Affairs ( Kultusministerkonferenz ) found the concept of FL to be not developed enough to be considered as part of a comprehensive national survey (Sälzer and Prenzel, 2014: 20). Thus, a direct comparison to the U.S. results is rather impossible.…”

Section: Financial Education In German High Schoolsmentioning

confidence: 99%

Comparison of financial education and knowledge in the United States and Germany: Curriculum and assessment

Kraitzek

Förster

Walstad

2022

Research in Comparative and International Education

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Changes in the economy and society lead to a growing necessity of financial education. In this context, we investigate the approaches to financial education in secondary schools in the United States and Germany. We seek to answer the question if and how the implementation of financial education is similar and different between the two countries. We address this question for financial education by comparing the educational conditions, coursework structures, content standards, instructional resources, and assessment within each country. Additionally, we focus on differences in cognitive structure of financial knowledge and understanding among students within each country. For this exploratory analysis, we used data from the Test of Financial Literacy that was administered to students in the United States and Germany ( n = 2326). The empirical results reveal differences in knowledge structures in specific content areas among students in the two countries. Possible reasons for such differences and other implications are discussed.

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Section: Financial Education In German High Schoolsmentioning

confidence: 99%

Comparison of financial education and knowledge in the United States and Germany: Curriculum and assessment

Kraitzek

Förster

Walstad

2022

Research in Comparative and International Education

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“…Although the importance of financial knowledge has increased significantly in recent years, this topic is not firmly anchored in the school curriculum in Germany and Korea. In Germany, financial knowledge is part of other school subjects like economics education (Erner et al, 2016; Frühauf and Retzmann, 2016). Financial education as a separate subject is missing in the curriculum.…”

Section: Relevancementioning

confidence: 99%

“…Due to the federal structure in Germany, each state has a different curriculum (for a description of the education system in Germany see Oswald-Egg and Kemper, 2017; OECD, 2020). Although there are almost 40 different subjects with economic and financial content (Frühauf and Retzmann, 2016), the school curricula for general education schools do not offer sufficient personal finance content (Retzmann and Seeber, 2016). In general, there are no ‘dedicated financial education programs’ in Germany (Erner et al, 2016).…”

Section: Theoretical Backgroundmentioning

confidence: 99%

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Financial knowledge of university students in Korea and Germany

Happ

Hahn

Jang

et al. 2022

Research in Comparative and International Education

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This study compares the financial knowledge of Korean ( N = 1006) and German ( N = 1346) university students. The country-specific adaptations of the US-American Test of Financial Literacy was used to assess financial knowledge. Financial knowledge can be divided into three areas (everyday money management; banking; insurance). German students show a slightly higher knowledge of everyday money management and insurance. Korean students tend to be stronger in the area banking. The paper examines the impact of gender on financial knowledge and the role of financial information gathering. A gender difference is determined in Germany, but not in Korea. Male students in Germany score higher than female students. An analysis of variance shows that Korean as well as German students who inform themselves more frequently about financial topics achieve a higher financial knowledge score. The article shows that it is possible to validly measure financial knowledge in Germany and Korea, which have different economic systems.

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“…Parental influence is the most important factor that affects children's saving and spending behaviours, shaping their lifelong financial patterns (Bucciol and Veronesi 2014;Shim et al 2010;Webley and Nyhus 2013). To balance variations in economic socialization by parents, living within one's means has received increased attention in educational research and school curricula since the financial crisis of 2008 (Frühauf and Retzmann 2016).…”

Section: Young People As Anti-consumersmentioning

confidence: 99%

Young People as Drivers or Inhibitors of the Sustainability Movement: The Case of Anti-Consumption

Ziesemer

Balderjahn

2021

J Consum Policy

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As overconsumption has negative effects on ecological balance, social equality, and individual well-being, reducing consumption levels among the materially affluent is an emerging strategy for sustainable development. Today’s youth form a crucial target group for intervening in unsustainable overconsumption habits and for setting the path and ideas on responsible living. This article explores young people’s motivations for engaging in three behavioural patterns linked to anti-consumption (voluntary simplicity, collaborative consumption, and living within one’s means) in relation to sustainability. Applying a qualitative approach, laddering interviews reveal the consequences and values behind the anti-consumption behaviours of young people of ages 14 to 24 according to a means-end chains analysis. The findings highlight potential for and the challenges involved in motivating young people to reduce material levels of consumption for the sake of sustainability. Related consumer policy tools from the fields of education and communication are identified. This article provides practical implications for policy makers, activists, and educators. Consumer policies may strengthen anti-consumption among young people by addressing individual benefits, enabling reflection on personal values, and referencing credible narratives. The presented insights can help give a voice to young consumers, who struggle to establish themselves as key players in shaping the future consumption regime.

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Financial Literacy in Germany

Cited by 12 publications

References 6 publications

Comparison of financial education and knowledge in the United States and Germany: Curriculum and assessment

Comparison of financial education and knowledge in the United States and Germany: Curriculum and assessment

Financial knowledge of university students in Korea and Germany

Young People as Drivers or Inhibitors of the Sustainability Movement: The Case of Anti-Consumption

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