In 2020, financial planning was announced as a school subject by former Education Minister Heinz Fassmann. After four years it is reality: too late for many students. At least according to the new youth report from the social enterprise Youth Empowerment Participation (YEP) together with Erste Bank.
The debt burden among young people increased sharply last year. According to data from the Alpine Creditors Association (AKV), there were 22 percent more people under the age of 24 in private bankruptcy in 2023 than in 2022. The youth report shows: Our young people cannot handle money!
Press conference at Erste Campus: Together with an advisory board of AHS students, the second report on the topic of financial education – with 1,800 14- to 20-year-olds surveyed – was presented on Tuesday.
Students Emily and Johanna about their school days: “Personally, I felt thrown in at the deep end after school,” says Johanna. Emily says: “I left school knowing only what gross and net was.”
Clemens also reports on his school days. “What we have learned so far in AHS, which is very little, was very theoretical and everything was far removed from personal finance,” the student said.
Then-Minister of Education Heinz Fassmann announced in 2020 that he would introduce national financial planning in schools. It lasted until today. Rebekka Ober is the founder of YEP. She believes it is important that the next generation becomes financially fitter.
A small step in the right direction so that Austrian youth will soon have more net income. Maybe there will finally be a modern school system soon?
Watch the full video above.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
