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Financial education initiatives of the National Financial Literacy Strategy

Within the framework of the National Financial Literacy Strategy, actors active in the field of financial education in Austria can submit their financial education initiatives and can thereby become part of the National Financial Literacy Strategy. The content must meet certain quality criteria and comply with the strategy's code of conduct, and will be reviewed accordingly. You will soon be able to get an overview of all financial literacy initiatives that are part of the National Financial Literacy Strategy. You can then experience financial education practically and can thereby find a fitting initiative for your further education.

The Code of Conduct

The Code of Conduct describes behavioural norms in the area of financial education that are intended to promote and ensure the quality and independence of the content of financial education initiatives offered by members of governing bodies and interested stakeholders within the framework of the National Financial Literacy Strategy. The Code of Conduct sets out a common direction for action and presents essential values and basic convictions in the field of financial education (7 guiding principles), which all members of governing bodies and interested stakeholders must voluntarily adhere to if they want to be part of the National Financial Literacy Strategy.

The Code of Conduct leaves national and European regulations and legislation untouched if it comes to consumer and investor protection, financial services and markets, as well as regulations and restrictions imposed in national decrees that affect matters covered by the Code of Conduct.

The Code of Conduct was developed in an inclusive process jointly by the members of the Steering Board (institutions representing the government, financial regulators, consumers, the private sector and the research community), as the advisory and implementation body of the National Strategy, and unanimously adopted by the Executive Board, the decision-making body.

Annual Working Plans

 The roadmap of the National Financial Literacy Strategy defines a framework for its implementation for the period 2021-2026 will be complemented by annual action plans. The annual working plan sets priority goals and measures for a specific period of time. This should enable and facilitate joint work on the goals of the National Financial Literacy Strategy. In the annual working plan, concrete goals and action tools of the National Strategy are defined for a certain period of time, which are to be jointly addressed with different measures. The rolling two-year working plans are thus intended to provide an overview of the planned, but also the already existing initiatives that are part of the strategy. This document is to be continuously expanded if stakeholders or committees of the strategy want to plan and implement new measures that fit one of the objectives of the strategy.

The goals of the two-year working plans for 2022/23 are as follows:

2022

  • Supporting financial education in schools as a cross-curricular subject
  • Promote safe use of credit and preventing over-indebtedness
  • Support a safe and informed participation in financial markets
  • Raise awareness on the features of the pension system, on expected levels of retirement income and on the need to plan ahead
  • Establishment of a central online financial education portal
  • Raise awareness of the necessity of financial literacy: mass communication campaigns for the population and targeted initiatives for multipliers
  • Establish a code of conduct for the involvement of stakeholders
  • Create a common understanding of financial literacy outcomes that underpin financial well-being

2023

  • Supporting financial education in schools as a cross-curricular subject
  • Promote safe use of credit and preventing over-indebtedness
  • Create stronger awareness of economic interrelationships, of one‘s own role as an actor in the economy
  • Support a safe and informed participation in financial markets
  • Raise awareness on the features of the pension system, on expected levels of retirement income and on the need to plan ahead
  • Create a common understanding of financial literacy outcomes that underpin financial well-being

Establishment of a central online financial education portal

As a central measure within the framework of the National Financial Literacy Strategy, the Federal Ministry of Finance together with the Oesterreichische Nationalbank, with the support of the European Commission and the Organisation for Economic Co-operation and Development (OECD), is currently developing an online financial education portal. This is to become a "one-stop shop" for information on the topic of financial education and financial decisions in Austria and will go live in mid-2023.

The portal will have three main tasks:

  • Presentation and explanation of the National Financial Literacy Strategy
  • Information and knowledge portal with learning modules
  • Financial literacy check with an option for certification

Austrian Youth Strategy

The Federal Ministry of Finance of the Republic of Austria is committed to set its own goal for youth and bring forward measures to support the implementation of the Austrian Youth Strategy.

The Austrian Youth Strategy is an ongoing process to strengthen and further develop the youth policies in Austria. In September 2020 the Austrian government committed itself to carry on with the strategy. Based on the Youth Strategy’s fields of action in every Federal Ministry Youth Goals and concrete initiatives were brought forward.

The Federal Ministry of Finance has raised the topic of financial education as its youth goal and is working on measures in this area in line with the National Financial Literacy Strategy.