Federal Finance Minister Lars Klingbeil (SPD) plans to improve the financial knowledge of citizens-especially younger people, women, and those with lower incomes-through a comprehensive financial education strategy. This plan was reported by the “Rheinische Post”, referencing an internal background paper on the joint strategy. The government is currently initiating coordination between relevant departments, which is expected to lead to a cabinet decision.
According to the paper, over 30 new measures are planned across seven areas of action. These include programs such as the already approved early retirement schemes, the statutory capital pension, and the retirement savings deposit. Additionally, specific new measures proposed are to establish a model financial education project for employees in companies, appoint prominent national ambassadors for financial literacy, facilitate visits to the Federal Bank for students, examine ways to increase youth participation and consultation in federal financial policy, develop advice guides specifically for older adults, and promote research into financial and economic education.
The Finance Ministry also aims to expand the existing information services available on the website “Mitgeld und Verstand” (With Funds and Understanding). A key component of this strategy is the planned Financial Education Task Force. This body is intended to serve as a binding coordination committee, strengthening cooperation among federal departments, the Deutsche Bundesbank, state governments, and various public, private, and civil society stakeholders.
The paper notes that while Germany’s financial competence is judged to be “above average” by the OECD, significant disparities exist in financial knowledge and, particularly, in the ability to apply that knowledge in daily life. The Ministry of Finance highlighted that people experiencing lower incomes, those with lower levels of formal education, and women typically demonstrate lower average financial knowledge. A further challenge noted concerning younger generations is a growing interest in financial topics coupled with a feeling among many that they are not sufficiently informed. Consequently, the Financial Education Strategy places special emphasis on addressing the needs of people facing socio-economic challenges, younger and older individuals, women, and employed people.
