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Financial Education Training within University Education

Financial Education Training within University Education. Kathrin Uedl, MSc. FH JOANNEUM Graz Institute for Banking and Insurance Industry Eggenberger Allee 11 – 8020 Graz | Austria 0043 316 5453 7122. Contents. Financial literacy in Austria Financial education in higher education

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Financial Education Training within University Education

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  1. Financial Education Training within University Education Kathrin Uedl, MSc. FH JOANNEUM Graz Institute for Banking and Insurance Industry EggenbergerAllee 11 – 8020 Graz | Austria 0043 316 5453 7122

  2. Contents • 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

  3. Financial literacy „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.

  4. Financial literacy in Austria • 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

  5. Financial education in HEIs • 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

  6. 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

  7. Developing financial competences • 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!

  8. Conclusion 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

  9. Financial Education Training within University Education Kathrin Uedl, MSc. FH JOANNEUM Graz Institute for Banking and Insurance Industry EggenbergerAllee 11 – 8020 Graz | Austria 0043 316 5453 7122

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