Promoting the modernization and strengthening of institutional and financial autonomy in Southern Neighbouring Area higher education institutions

Financial Education Training within University

EducationKathrin Uedl, MSc.

FH JOANNEUM GrazInstitute for Banking and Insurance Industry Eggenberger Allee 11 – 8020 Graz | Austria

0043 316 5453 7122

Financial literacy in Austria Financial education in higher education

Point of view: Part time students of BA degree programme “Banking and Insurance Industry”

How to develop financial competences Conclusion

Contents

„In the afthermath of the financial crisis, it became obvious that people didn‘t know about

the risks of the financial market and its products!“

Mestel/Uedl (2013): Putting financal education into work, Conference Proceedings, The Future of Education Conference, Florence, June 2013.

Financial literacy

People are often not aware of the consequences of financial decisions they have made This is mostly about: revenues vs. expenses

Surveys (e.g. from OeNB) show that pupils as well as adults have less knowledge about general financial topics

Schools & universities haven‘t focused on the development of financial competences so far

Financial literacy in Austria

Is not explicitely mentioned in the curricula Financial competences has to be provided

cross curricular and not only in e.g. Business Studies programmes Also Business Studies programmes do mainly focus on

theoretical aspects rather then on behavioural ones It is about general knowledge and general

financial competences and not specific topics

Financial education in HEIs

Our part time students are mainly coming from banks and insurance companies, being in low and mid management positions as well One may think they have financial competences, but in

many cases, they unfortunately have not They know about theories but they mostly don‘t have

decision-making competences within financal competence

It is the attitude/behaviour that has to be trained in depth

Financial education in HEIs

During adult education, the use of multidimensional methods is important! Case Studies Role playing games – focuse on behaviour Business Game – focuse on behaviour

Our students are participating business games in order to make the consequences of their decisions visible!

Developing financial competences

As shown in the examples, also bank employees suffer from a lack of financial competences

Teaching only theoretical aspects is not enough to develop financial, decision-making, competences

To meet the afthermath of the financial crisis sucessfully, pupils, students, employees … have to develop financial competences in order to make the right decisons

Conclusion

Promoting the modernization and strengthening of institutional and financial autonomy in Southern Neighbouring Area higher education institutions

Financial Education Training within University

EducationKathrin Uedl, MSc.

FH JOANNEUM GrazInstitute for Banking and Insurance Industry Eggenberger Allee 11 – 8020 Graz | Austria

0043 316 5453 7122