18 Oct 2024

Hessenmonitor for financial literacy: Young people want to learn more about finance

SAFE research team supports the financial education strategy of the state of Hesse with a study

Three young people with mobile devices

Nearly two out of three young adults want to know more about finance. Almost all of them would be willing to invest leisure time to improve their financial skills. This is shown by the Hessenmonitor, a study conducted by the Leibniz Institute for Financial Research SAFE on behalf of the state of Hesse.  

Initial evaluations of the survey show: For young adults, money is primarily a means of securing their future through savings or investments. They often have the goal of being financially independent in old age. Saving and investing, especially in stocks, play a central role in this. Participation in the stock market is higher than ever, although men still invest almost twice as often as women.

Financial literacy made in Hesse 

The Hessenmonitor for Financial Literacy examines the financial skills and attitudes of almost 500 young Hessians aged between 18 and 35. All the results of the Hessenmonitor are expected to be available at the beginning of next year.

Involved in the project is Christine Laudenbach, Head of the Household Finance department at SAFE: “Our research shows that social background and family environment continue to have a major influence on young people's financial skills. This makes gaining access to financial topics particularly difficult for young adults from less privileged backgrounds,” says Laudenbach. 

Financial knowledge via app

One of the answers to these challenges is the SEASN app, which Andreas Hackethal, coordinator of the “Pension Finance Lab” at SAFE, developed as part of a project. The app enables young people to better understand and plan their own finances. “The app is based on interactive learning and low-threshold access,” he explains. “Our pilot studies show that the SEASN app not only helps by imparting financial knowledge, but also to pass it on to friends and family.”  

Hessian Finance Minister Alexander Lorz underlines the importance of the initiative: “We want to be pioneers in financial literacy. With targeted campaigns and offers applicable to daily life, we will support young people in making informed financial decisions.”

Hesse is also participating in the federal government's initiative for a national financial education strategy and was the only federal state to be a partner of the financial education festival on 15 October in Berlin.  


Further information:

https://finanzen.hessen.de/presse/junge-leute-wollen-mehr-ueber-finanzen-wissen

https://www.mitgeldundverstand.de/fibi/DE/Festival-fuer-Finanzbildung/festival-fuer-finanzbildung.html