Germans do not get a sound report card when it comes to their financial knowledge. According to a survey of 261 teachers, politicians, and financial advisors commissioned by Union Investment, they give them a school grade of 4. Compared to the previous survey in 2017 citizens are therefore doing even worse – back then they received an average grade of 3.8.

The discrepancy with the public's own self assessments is striking. In addition to the experts, the market research company Ipsos also surveyed a 1,000 people aged between 14 and 85 in November and December. They gave themselves a score of 2.7, which is only slightly behind the 2017 score of 2.5.

According to the public, there is a particular need for knowledge about old-age provision. Two thirds would like to know more about this. 42% are looking for answers to the right way to deal with debt, closely followed by investing with shares or funds. 40% would like to know more about this topic.

Two out of three financial professionals say that finance themes receive too little attention at school, and that financial education needs improvement in Germany. 56% of citizens cite a lack of knowledge imparted at home, while 54% simply cite a lack of interest. And half point to a lack of personal responsibility among young people, as well as the poor teaching methods at school. 44% are of the opinion that there is too much, or contradictory, information.

Around 70% of the experts surveyed, and 56% of citizens, are convinced that the knowledge of money and finances could be significantly improved if the subject were taught at school at an early stage, namely in the lower grades. Two-thirds of teachers and four-fifths of financial advisors are in favour of financial literacy as a school subject. Of the politicians surveyed, 60% are of this opinion, compared with only 46% of the public.

Half of financial advisors and teachers and 60% of politicians believe that greater media coverage of the topic is the solution. But only one in four citizens surveyed share this opinion. 83% of politicians and three-quarters of financial advisors believe that company training measures for employees, for example, on pension provision, make sense, but only 39% of the general population do. In the 2017 survey, this had actually received the highest level of approval. „This approach came as something of a surprise seven years ago, but could be an additional building block in bringing financial education to the masses,“ Giovanni Gay, member of the Union Investment Management Board, is quoted as saying.

In the experts' judgement of how well various groups impart financial knowledge, school institutions come off worst with a score of 4.7. Seven years ago, they were still rated at 4.0. The work of politicians is also not rated well at 4.0. The work of parents in imparting knowledge on the subject was rated 3.7, the media received a 3.5, financial advisors were rated 3.0 and consumer organisations scored best with 2.7.

While seven years ago, the experts saw both parents and schools as equally responsible (70% each), 79% of the experts now believe that schools should be entrusted with financial education. 63% see parents as being at the forefront. „The experts' opinion shows that we are treading water when it comes to financial education in Germany and that there is a great need for action here,“ Gay concludes.