WA recent survey by the ABBL Foundation for Financial Education has concluded that one in seven youngsters between 14 and 20 has had financial problems, whilst not even half of them put money aside for emergencies.
This organisation and the CSSF have been calling for more emphasis on financial education in schools for some time now. Children and young people should be taught much earlier and in much greater depth how the financial world works and how to handle money properly.
For this reason, there has been an educational pathway in finance at the ECG since 2020. Whilst primarily established to train future bankers, the professional opportunities were not always the first priority for the students - above all, they value being taught a good everyday knowledge of financial issues.
The fact that many young people do not know enough about the big financial world or even managing their own wallets’ content is unacceptable for ABBL and CSSF experts. Especially in times of inflation and high interest rates, it is all the more important to deal with financial issues at an early age, they add.
