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Financial literacy of high school students: Evidence from Germany

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  • Carsten Erner
  • Michael Goedde-Menke
  • Michael Oberste

Abstract

After graduating high school, underage individuals soon face ever more complex and important financial decisions. Pivotal to the development of improved financial literacy programs is a comprehensive examination of financial literacy levels and potentially related factors. The authors conducted a survey among German high school students and found similarly weak performances on standard financial literacy measures as have been documented for other samples. Female students and those with a low level of integration exhibit significantly lower financial literacy across measures. Additionally, basic financial literacy is related to mathematical skills, while sophisticated financial literacy is related to a student's general cognitive aptitude and foreign language skills. Subpopulations identified by these factors should be given attention in the development of more targeted financial literacy programs.

Suggested Citation

  • Carsten Erner & Michael Goedde-Menke & Michael Oberste, 2016. "Financial literacy of high school students: Evidence from Germany," The Journal of Economic Education, Taylor & Francis Journals, vol. 47(2), pages 95-105, April.
    • Handle: RePEc:taf:jeduce:v:47:y:2016:i:2:p:95-105
    DOI: 10.1080/00220485.2016.1146102
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    Citations

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    Cited by:

    1. Oberrauch, Luis & Kaiser, Tim, 2020. "Economic competence in early secondary school: Evidence from a large-scale assessment in Germany," International Review of Economics Education, Elsevier, vol. 35(C).
    2. Amagir, Aisa & van den Brink, Henriëtte Maassen & Groot, Wim & Wilschut, Arie, 2022. "SaveWise: The impact of a real-life financial education program for ninth grade students in the Netherlands," Journal of Behavioral and Experimental Finance, Elsevier, vol. 33(C).
    3. Adriana Medina-Vidal & Mariana Buenestado-Fernández & José Martín Molina-Espinosa, 2023. "Financial Literacy as a Key to Entrepreneurship Education: A Multi-Case Study Exploring Diversity and Inclusion," Social Sciences, MDPI, vol. 12(11), pages 1-20, November.
    4. Eberle, Mira & Oberrauch, Luis, 2023. "What a difference three years of economics education make: Evidence from lower stream schools in Germany," International Review of Economics Education, Elsevier, vol. 42(C).
    5. Manuel Salas‐Velasco & Dolores Moreno‐Herrero & José Sánchez‐Campillo, 2021. "Teaching financial education in schools and students' financial literacy: A cross‐country analysis with PISA data," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 4077-4103, July.
    6. Justus Blaschke, 2022. "Gender differences in financial literacy among teenagers - Can confidence bridge the gap?," Cogent Economics & Finance, Taylor & Francis Journals, vol. 10(1), pages 2144328-214, December.
    7. Kaiser, Tim & Oberrauch, Luis & Pang, Ming Fai & Seeber, Günther, 2021. "Using the ‘Test of Economic Competence’ with secondary school students in Hong Kong: Results and psychometric properties," EconStor Preprints 236205, ZBW - Leibniz Information Centre for Economics.
    8. Michael Goedde-Menke & Carsten Erner & Michael Oberste, 2017. "Towards more sustainable debt attitudes and behaviors: the importance of basic economic skills," Journal of Business Economics, Springer, vol. 87(5), pages 645-668, July.
    9. Tim Kaiser & Luis Oberrauch & Günther Seeber, 2020. "Measuring economic competence of secondary school students in Germany," The Journal of Economic Education, Taylor & Francis Journals, vol. 51(3-4), pages 227-242, August.
    10. Marc Ringel & Saranda Mjekic, 2023. "Analyzing the Role of Banks in Providing Green Finance for Retail Customers: The Case of Germany," Sustainability, MDPI, vol. 15(11), pages 1-24, May.
    11. Happiness Ozioma Obi-Anike & Ogohi Cross Daniel & Ifeoma Joanes Onodugo & Ikechukwu Joseph Attamah & Benedict Ogbemudia Imhanrenialena, 2023. "The Role of Financial Information Literacy in Strategic Decision-Making Effectiveness and Sustainable Performance among Agribusiness Entrepreneurs in Nigeria," Sustainability, MDPI, vol. 15(13), pages 1-17, July.
    12. Amagir, Aisa & Groot, Wim & van den Brink, Henriëtte Maassen & Wilschut, Arie, 2020. "Financial literacy of high school students in the Netherlands: knowledge, attitudes, self-efficacy, and behavior," International Review of Economics Education, Elsevier, vol. 34(C).
    13. Sebastian Heidel & Roland Happ, 2023. "Challenges in Understanding Western Economic and Financial Concepts from the Perspective of Young Adults with a Post-Soviet Migration Background in Germany—Findings from a Qualitative Interview Study," JRFM, MDPI, vol. 16(3), pages 1-21, March.
    14. Iwa Kuchciak & Justyna Wiktorowicz, 2021. "Empowering Financial Education by Banks—Social Media as a Modern Channel," JRFM, MDPI, vol. 14(3), pages 1-22, March.

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