National Financial Literacy Strategy
The National Financial Literacy Strategy for Austria was presented in the fall of 2021. Its aim is to increase citizens’ financial literacy by raising awareness and deepening the understanding of financial issues.
Increasingly complex financial markets and financial products, rapidly advancing digitalization and recurring fraudulent incidents in the financial services sector make it necessary for all of us to get a better financial education and become more financial literate. With the increasing need to think about our financial future early on comes a need for a higher level of financial literacy. It helps us to make informed decisions on everyday consumer issues, to deal responsibly with our personal budget and to competently handle pension and savings products. Being aware of the risks and opportunities associated with different financial products and forms of financing as well as the effects of debt, makes a significant contribution to our personal wellbeing and the overall prosperity of our society.
The National Financial Literacy Strategy for Austria sets out common objectives for stakeholders and creates channels for the exchange of information. A joint approach to financial literacy is very important to exploit synergies, avoid redundancies, and achieve the best possible results.
Who is involved?
A Financial Literacy Stakeholder Council has been set up – with decision-making, supervisory and advisory functions. It is supported by a secretariat. The Council is composed of: an Executive Board, a Steering Board, a Scientific Committee and the Financial Literacy Community. Subcommittees dealing with specific issues can be established on an ad hoc basis.
- The Executive Board has leading and supervisory functions for the whole strategy and is the ultimate decision-making body within the strategy.
- The Steering Board ensures the permanent representation of Austrian citizens, the consumers, the private sector and the research community, through the presence of ministries and public institutions, debt counseling and labor organizations, as well as key private sector associations and academia.
- The creation of a permanently established Scientific Committee ensures the contribution of the research community to the strategy.
- Additionally, permanent or temporary Subcommittees can be established with representatives from the Steering Board and the Financial Literacy Community. They can be a source of expertise and experience in important thematic areas and address specific needs of the strategy.
- The strategy also creates a Financial Literacy Community, gathering all Austrian institutions that are active in the field of financial literacy and have an interest in contributing to the National Financial Literacy Strategy.
- Through the Financial Literacy Community, the strategy enbodies the values of cooperation and shared values in its foundations.
Executive Board
Federal Ministry of Finance
Austria’s Federal Ministry of Finance has been implementing the National Financial Literacy Strategy since the fall 2021, with the support of numerous stakeholders. Around 150 financial literacy measures have already been set up and pooled as part of this strategy. The Finanznavi was developed as part of the action plan under the National Financial Literacy strategy.
Federal Ministry of Finance - National Financial Literacy Strategie
Federal Ministry of Education, Science and Research
The Federal Ministry of Education, Science and Research creates the best possible conditions for schools, universities and research institutions in Austria and internationally represents Austria’s interests as a location for education, science, research and business. In particular, this ministry is responsible for the implementation of measures and initiatives for financial and economic education in Austrian schools and educational institutions.
Federal Ministry of Social Affairs, Health, Care and Consumer Protection
Consumer policy advocates the legal empowerment of consumers. In this context, consumer education and information are key concerns. On the page konsumentenfragen.at, consumers can find information on their rights and obligations in everyday life. The page provides free teaching materials to help teachers raise financial and consumer topics with different age groups.
Oesterreichische Nationalbank
The financial education team of the Oesterreichische Nationalbank (OeNB), Austria’s central bank, is made up of business educators, communication specialists and researchers. The OeNB team is enthusiastic about creating, communicating and evaluating financial education content for different target groups. We hope this enthusiasm shows and gets others interested in financial topics as well. By offering a wide range of education options and collaborating with stakeholders, the OeNB promotes financial education and keeps developing researched-based measures on an ongoing basis.
State Secretary for Digitalization, Youth and Civilian Service
The Federal Chancellery supports the financial education of young people by promoting projects and providing information material. Moreover, the Austrian Youth Portal offers young people information on where they can get advice and input about money and consumption as well as saving and debt. The focus here is on strengthening their information skills and financial literacy.
Steering Board
Federal Ministry of Labour and Economy
Federal Ministry for Climate Action, Environment, Energy, Mobility, Innovation and Technology
The activities of the Ministry for Climate Action in the area of green financial literacy expand existing education and training programs in the financial sector to include climate-related topics. The programs are tailored toward a variety of target groups – from experts in the financial sector to students and private investors. You can read more about green financial literacy and the ministry’s other green finance activities here:
Federal Ministry of Agriculture, Forestry, Regions and Water Management
Austrian Financial Market Authority
Umweltbundesamt (Environment Agency Austria)
The Environment Agency Austria stands for a transformation of the economy and society to ensure sustainable living. Its experts provide the basis for decision making at national and international level, engaging in a dialogue with politics, administration, business, science and civil society. One topic is the integration of green considerations in the financial sector.
Federal Chancellery (DG Women and Equality)
The Directorate General Women and Equality is the national coordinating body for women’s and gender equality issues in Austria and promotes these issues in all policy areas. Women’s and gender equality policy affects many areas of life. In the area of financial literacy, measures include information material on “Women and pensions.”
https://www.bundeskanzleramt.gv.at/agenda/frauen-und-gleichstellung.html
Austrian Federal Chamber of Labour
ASB Schuldnerberatungen
ASB Schuldnerberatungen GmbH is the umbrella organization for state-approved debt counseling services in Austria. Its mission is to prevent, reduce and eliminate the existential problems of over-indebted people. ASB sees itself as a group that advocates for people who are over-indebted and at risk of poverty. With its financial literacy portal, it promotes basic financial literacy.
Austrian Federal Economic Chambers (banking and insurance division)
The banking and insurance division of the Austrian Federal Economic Chambers is the legal representative of Austrian banks, insurance companies and pension funds. The division advocates competitive framework conditions both nationally and internationally. The promotion of well-founded knowledge about financial products and the financial market through financial education and financial literacy is a key concern of the division.
Federation of Austrian Industries
Vienna University of Economics and Business
Vienna University of Economics and Business (WU Vienna) not only promotes financial literacy among its students but also throughout the entire population. This is evident in WU’s varied financial education research and in the numerous projects of its Center for Financial Education addressing different target groups. One of these projects was the creation of content for https://finanznavi.gv.at/ as commissioned by the OECD.
University of Innsbruck
University of Vienna
Institute for Advanced Studies
As an independent research organization, the Institute for Advanced Studies creates empirically based knowledge on significant economic and social challenges of our time. It designs interventions based on behavioral economics for better financial education and evaluates the individual and social effects and returns of financial education measures.
Downloads
Nationale Finanzbildungsstrategie - Strategiedokument
Nationale Finanzbildungsstrategie - Strategiedokument EN
Werde Teil der Finanzbildungscommunity
Frauen und Finanzbildung – Guidance Dokument
Erläuternde Note - Einmeldung Maßnahme Nat. Finanzbildungsstrategie
Verhaltenskodex der Nationalen Finanzbildungsstrategie
Template zur Einmeldung konkrete Maßnahme Nat. Finanzbildungsstrategie