Key actors in financial education and financial literacy
The Federal Ministry for Education, Art and Culture is involved in financial education projects. It developed, in cooperation with an Austrian bank, an educational show called “Sparefroh TV” to promote financial education for kids and students. Sparefroh TV provides free educational shows, focusing on the issue on how to handle money correctly. The free channel is also available on YouTube, and Facebook. Moreover, schools can request Sparefroh TV free of charge at the “polis – centre for Citizenship Education in Schools” initiated by the Federal Ministry of Education, Science and Culture20. A pilot test showed that one in three primary schools in Austria had introduced a teaching module using Sparefroh TV.
The Federal state of Vorarlberg of Austria created “Fit for Money” (Fits fürs Geld), a ‘Financial Driver’s License’ programme. It covers chiefly debt prevention for students from 10 to 18. The Austrain National Bank offers a wide range of educational tools to promote financial education and financial literacy in Austria. One of the main target group are schools (teachers and students – age 8 to 18 years). Just to list a few of the ongoing activities: – OeNB Schulkoffer: the Austrian National Bank provides public schools with a special education package on ‘Money and Monetary Policy’ the so called Schulkoffer (school bag) which contains handbooks and fact sheets as well as short movies on financial literacy issues. – Euro kids tour: a ‘Euro Bus’ provides primary schools all over Austria with information on how money works and what the safety features of Euro banknotes are. Information for elementary school students about the purpose of money and banknote security feature. Starting in Autumn 2014 the national bank will provide information for 13-14 years old pupils, one day for one school (presentations, games, workshops and internet tools). – Inflation Cockpit: an educational online tool on inflation issues – Kid workshops: in addition to guided tours at the National Bank’s Money Museum, free of charge, special workshops are organised for kindergarten and school kids.
Austrian Bankers Association & members
The majority of the Austrian Bankers Association’s members have either a number of financial literacy programs in operation, targeting at different groups of the population or fund and work directly with financial education charities.
There are a number of financial education charities operating in Austria. Just to name one, Three Coins GmbH (Ltd) is a cross-country financial literacy initiative in Europe, with a specific focus on Central and Eastern Europe and South Eastern Europe. With social learning products, it provides educative tools that train players’ alarm bells to go on in situations where dealing with money responsibly is key. Its top priority is to develop products with a real impact on society through combining creativity, academia and entrepreneurship. It is engaged with top financial institutions, as well as individuals.
Example of good practice
A bank in Austria created a dedicated website to financial education informing different target groups – teachers, pupils as well as students – about economic matters with the aim to improve financial knowledge of children and teenagers.
Financial education part of curriculum? No
PISA financial literacy ranking (OECD, 2012): did not take part