This is how economics is taught in five European countries

 

The financial crisis has left many headlines and thousands of people harmed by the wrong and abusive marketing of products, both investments (assets) and loans (liabilities). Among some of the causes and effects surrounding a problem of this nature is the lack of financial education. This ignorance has undoubtedly generated serious problems, but it has also led to greater awareness to improve it.

Spain has started to work to improve this knowledge. However, the starting point is not very promising. The latest PISA report revealed that there are problems in the most basic economic concepts, such as what is the GDP or the CPI, how to use a credit card or how to read an invoice.

Faced with this situation, some public entities, such as the CNMV or the Bank of Spain, have begun to participate, albeit in a timid way, in the formation of the economic sphere. The LOMCE has also introduced the subject of initiation to entrepreneurial and business activity in 4th year of ESO, but for a very specific branch of economic knowledge. There is a lot of work to be done to introduce “financial education” in school. And although Spain is not the worst country in our environment, we are far from other benchmark nations.

Germany

Its objective is based on each individual developing their awareness of the rational use of money, future financial forecasting and planning. The German savings banks, Sparkassen, are the main promoters, since one of their objectives set by law for 70 years is to promote financial education among the population and sensitize the little ones about the use of money and savings.

A fundamental part of this program is found in the own development of materials for teaching in financial education subjects, which is taught on a compulsory basis, but also expanding knowledge to other sectors of the population. They are also part of forums and meetings where changes in this the area is discussed and developed.

France

They have very practical training programs with the aim of understanding the financial world from the consumer's point of view in its different facets. Financial institutions are once again playing a key role. In this case, the French Banking Federation develops the Les cles de la banquet program, aimed at providing information and advice to understand banking mechanisms to different groups with special emphasis on individuals, professionals, and young people.

They have also developed a Finance pour Toups financial education program (which was taken as a reference for the one created in Spain), and especially the one called Finances et Pedagogue (finance and pedagogy), where activities are carried out to sensitize and train citizens in the use of money.

Italy

Banks are also an active part of the financial education of their citizens through the Patti Chiari Consortium, an independent body with its own legal personality, which participates in the Economiascuola training programs.

Its goal is to help consumers make informed decisions. It includes multiple programs, with special emphasis on students, who guide them in mastering the basics and making responsible use of money. In recent years, its development has been successful and Italy has climbed many positions in financial knowledge thanks to the search for universal coverage, but also to adapt to the characteristics of the region where it will be implemented. For example, in southern Italy, more emphasis is placed on efforts to end the black economy.

The learning system used for students is very practical, with simple and interactive lessons in which experts share skills and knowledge. In addition, there is a financial education week in which professionals come to schools to give lectures on real cases.

Sweden

In this case, the promoter is not the financial institutions, but the Swedish Public Treasury itself or Kronofogden. The training he imparts is universal, although always giving special importance to the youngest. In Swedish schools and institutes, a subject called “Home and Economy” is taught.

But it is not only the State that is involved. All city councils have a mandatory figure of the "debt and budget advisor". They are people in charge of studying and giving free advice to their citizens with any financial questions. Thus, for example, if there are problems of over-indebtedness, an analysis of the situation of expenses, income and debts is carried out, and their viability is checked, in addition to developing a plan so that the citizen can pay their debts and can start from scratch. Of course, this service can be used only once in a lifetime.

United Kingdom

Although not as high as Sweden, British financial literacy is high. A the good part of this success is the result of the government's involvement in academic training, where the Financial Education subject is compulsory during the school year since 2011.

In addition, they have created and developed different guides that are obligatorily delivered at different times in the life of the British, as a guide for parents when a child is born, when they access their first job, but also if there is a divorce or it has arrived at retirement.