MANAGEMENT National Report AUSTRIA results presentation Kathrin Uedl 2 nd Meeting | Zweibrücken | May 2013
MANAGEMENT CONTENTS School System in Austria Defining „Financial Education“ Status Quo Facts & Figures I, II Results of Gap Analysis Literature
MANAGEMENT SCHOOL SYSTEM IN AUSTRIA MIN AGE GRADE University University of Applied Sciences Academy Vocational Education Schools (commercial, technical, arts) with general qualification for university entrance Secondary School II (= General School) Vocational Education Schools (commercial, technical, arts) without general qualification for university entrance Professional School (traineeship) /15Polytechnic School Secondary School I (= General School) Secondary Modern School & Comprehensive School (new) Elementary School Nursery School
MANAGEMENT DEFINING „FINANCIAL EDUCATION“ Financial awarness Financial education (G8, 2006) Financial capability (OECD, 2005) Financial citizenship … One consistent objective: „Strengthen the population‘s financial competences.“ Topics cover: Managing money | planing ahead | making choices/choosing products | getting helped/staying informed
MANAGEMENT STATUS QUO „FINANCIAL EDUCATION“ Financial illiteracy became obvious in the aftermath of the financial crisis Understanding of functioning and risks of financial markets is low Initiatives launched to enchance financial competences among pupils by private and public organisations 2 relevant ministries: Ministry for Education, Arts and Culture Ministry for Work, Social Issues and Consumer Protection Problems identified – for schools: Sustainability of initiatives Time to search for new materials Time to deal with new materials about a new topic Teacher‘s training within their academic career
MANAGEMENT FACTS & FIGURES FE IN AUSTRIA I Results published by the AUSTRIAN INSURANCE AGENCY (VVO): Only 8 out of 200 pupils (14-20 years) and 51 out of 301 grown-ups (21+ years) are aware of the financial products‘ risks. (2012) Only 6 % of the pupils asked were able to calculate an interest rate and consider the capital returns tax as well. (2012)
MANAGEMENT FACTS & FIGURES FE IN AUSTRIA II
MANAGEMENT RESULTS OF GAP ANALYSIS Curriculum of general secondary schools 1 subject Geography and Economic Education „PLACE“ for financial topics within curriculum higher grades (9-12 15 to 18 years) insurance topics asset management topics risks of financial products … STATUS: Less integration of financial education within subjects and cross-curricular no complete materials available (e.g. in schoolbooks) teachers are not well enough trained
MANAGEMENT LITERATURE sekunden-fur-ihre-finanz.html herungsverband_Qesterreich_macht_Finanzbildung 10_Medieninfo_Finanzbildung_Wissensfabrik.pdf 2013/Initiative_fuer_mehr_Finanzbildung_in_Oesterreich