National curriculum, collaboration with math teachers
Key actors in financial education and financial literacy
Since 2015, financial education has been a compulsory part of the Danish national curriculum for primary school pupils in 7th-9th grade (aged 13-15). Pupils are educated in budgeting, savings and comparing different types of loans. They will learn more about their rights as consumers and the economic circuit, where banks transform short term deposits into long term loans.
Danish Bankers Association & members
Danish banks and the Danish Bankers Association (DBA) have a comprehensive focus on education and teaching materials for primary and secondary school pupils. The purpose is education in personal finance and meeting the financial challenges of being a young person.
A series of initiatives have been launched by the DBA under the name “School Finance”. The initiatives include:
1) Danish Money Week (in Danish “Pengeuge”): targeted at young people, this event has been running since 2014. In 2015, 395 school classes with pupils aged 13-15 participated and had financial education as a major part of their school lessons. Interactive games, educational videos and traditional teaching methods have been the corner stones of the initiative, which will also run in 2016.
3) European Business Game: Denmark and DBA is part of the European Business Game for students in upper secondary school, which is about having the best fictive start-up company.
4) Finance Career (in Danish: “Finanskarriere”): an online information service where young people can find information about a career in the financial sector.
5)The Household Game (in Danish “Husholdningssspillet”): an online game with the purpose of giving young people an understanding of the mechanisms and consequences for families in Denmark of the political and economic initiatives on tax policies.
The Money and Pension Panel (MPP) performs analyses on financial behavior and runs campaigns aimed at enhancing young people’s financial behavior. The MPP also develops teaching materials in order to develop a more comprehensive knowledge of and interest in financial matters among consumers. In the past, the MPP launched teaching materials targeting children aged 13-15 on the topics of budgeting, savings and loans.
In 2011, it also launched a campaign called Broke – avoid petty debts’ on Facebook targeting young people aged 18-25. The Facebook page is still active and is being constantly developed.
The MPP has recently launched an app for budgeting aimed at young people. The MPP has also recently developed short animated films on different topics e.g. ‘first paycheck’ and ‘what to remember when you leave home’ and the web tool “Financial Wheel of Life’
Example of good practice
Around 20,000 pupils and 500 schools will participate in Money Week 2016. All of the pupils will be educated in private financial matters and will learn how to make a budget, save money and make the most of their money. Money Week will be held on 14 to 18 March 2016.
In 2016, there will also be a special focus on digital security in Danish Money Week.
Financial education part of curriculum? Yes as of 2015
PISA financial literacy ranking (OECD, 2012): did not take part