Financial Literacy in Austria: Relevance, Evidence and Provision

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Financial Literacy in Austria: Relevance, Evidence and Provision Financial Literacy in Austria Relevance, evidence and provision 1 Financial Literacy in Austria Relevance, evidence and provision PUBE FINANCIAL LITERACY IN AUSTRIA © OECD 2021 2 Please cite this publication as: OECD (2021), Financial Literacy in Austria: Relevance, evidence and provision. www.oecd.org/finance/financial-education/austria-financial-literacy-strategy.htm This publication was funded by the European Union via the Structural Reform Support Programme (DG REFORM). The views expressed herein can in no way be taken to reflect the official opinion of the European Union. This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of OECD member countries. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. © OECD 2021 FINANCIAL LITERACY IN AUSTRIA © OECD 2021 3 Vorwort Foreword Die OECD empfiehlt Regierungen, nationale The OECD recommends that governments Finanzbildungsstrategien festzulegen und establish and implement national strategies on umzusetzen. Diese evidenzbasierten und financial literacy. These evidence-based and koordinierten Ansätze sollen die Relevanz von coordinated approaches recognise the importance Finanzbildung im Einklang mit anderen Strategien of financial literacy coherently with other strategies anerkennen, die den wirtschaftlichen und sozialen that foster economic and social prosperity and Wohlstand fördern und einen Rahmen für die provide a framework for cooperation among all Zusammenarbeit aller beteiligten Akteure bieten. stakeholders. Dieser Bericht leistet mit seinen Erkenntnissen This report contributes to the body of evidence and und Analysen einen wichtigen Beitrag, der für die analysis that will be required for the design of a Ausarbeitung einer nationalen national financial literacy strategy in Austria. It Finanzbildungsstrategie in Österreich erforderlich presents a mapping of the actors directly involved ist. Der Bericht umfasst eine Übersicht der direkt or with an interest in financial literacy, and the beteiligten oder an Finanzbildung interessierten financial literacy initiatives currently being Akteure sowie der derzeit existierenden Initiativen implemented in the country. In line with the OECD im Bereich Finanzbildung. In Übereinstimmung mit Council Recommendation on Financial Literacy, der Empfehlung der OECD zu Finanzbildung, in which advocates actively reporting and publicising der die aktive Berichterstattung und the results of the preparatory phase of a national Veröffentlichung der Ergebnisse der strategy, this report will be useful to both relevant Vorbereitungsphase einer nationalen Strategie stakeholders across government, independent befürwortet wird, wird dieser Bericht sowohl für authorities, not-for-profit and private sectors and relevante staatliche Akteure, unabhängige the general public. Behörden, den gemeinnützigen und privaten This work is the result of the cooperation between Sektor als auch für die breite Öffentlichkeit von the Austrian Federal Ministry of Finance, which Nutzen sein. has requested support from the European Dieser Bericht ist das Ergebnis der Commission under the Structural Reform Support Zusammenarbeit zwischen dem österreichischen Programme 2017-2020, the European Bundesministerium für Finanzen, das die Commission and the OECD, designated as Europäische Kommission im Rahmen des implementing partner of the project. The activities Structural Reform Support Programme (SRSP) within the project include mapping existing 2017-2020 um Unterstützung bei der Erarbeitung financial education activities in Austria and einer nationalen Finanzbildungsstrategie ersucht developing a national financial literacy strategy. hat, der Europäischen Kommission und der The overall project will contribute to increasing OECD, die als Durchführungspartner des Projekts citizens’ awareness, skills and understanding and ernannt wurde. Die Aktivitäten im Rahmen des support informed decisions about the wide range Projekts umfassen die Darstellung bestehender of financial products and services existing on the Initiativen im Bereich Finanzbildung in Österreich market and sustainable financial choices in relation to the personally disposable income. The FINANCIAL LITERACY IN AUSTRIA © OECD 2021 4 und die Entwicklung einer nationalen project will also promote a better use of resources, Finanzbildungsstrategie. support investor and consumer protection, facilitate cooperation among Austrian public Das Gesamtprojekt wird dazu beitragen, das authorities and stakeholders, and contribute to the Bewusstsein, die Finanzkompetenzen und das effectiveness of financial education initiatives in Verständnis der Bürgerinnen und Bürger im the country. Bereich Finanzbildung zu stärken, um fundierte Entscheidungen über die zahlreich am Markt vorhandenen Finanzprodukte und - dienstleistungen sowie nachhaltige finanzielle Entscheidungen in Bezug auf das persönlich verfügbare Einkommen treffen zu können. Das Projekt wird auch eine bessere Ressourcennutzung fördern, den Anleger- und Verbraucherschutz unterstützen, die Zusammenarbeit zwischen den Akteuren im Bereich Finanzbildung erleichtern und zur Wirksamkeit von Finanzbildungsinitiativen in Österreich beitragen. FINANCIAL LITERACY IN AUSTRIA © OECD 2021 5 Danksagung Acknowledgements Der Bericht wurde von Andrea Grifoni, Policy The report has been prepared by Andrea Grifoni, Advisor und Manager des Projekts, mit Beiträgen Policy Advisor and manager of the project, with und Begutachtung von Chiara Monticone, Senior input and review by Chiara Monticone, Senior Policy Analyst, und Flore-Anne Messy, Leiterin der Policy Analyst, and Flore-Anne Messy, Head, in Abteilung Consumer Finance, Insurance and the Consumer Finance, Insurance and Pensions Pensions der OECD, erstellt. Division of the OECD. Der Bericht profitierte wesentlich von der The report benefitted considerably from the Unterstützung, dem Input und der Begutachtung support, input and review offered by Vanessa durch Vanessa Koch, Bianca Alina Schranz und Koch, Bianca Alina Schranz, and Katharina Heindl, Katharina Heindl, Österreichisches Austrian Federal Ministry of Finance, and from the Bundesministerium für Finanzen, sowie vom contribution of the European Commission’s DG Beitrag der Generaldirektion (GD) Reform der Reform. Europäischen Kommission. This work was carried out with funding by the Diese Arbeit wurde mit Mitteln der Europäischen European Union via the Structural Reform Support Union im Rahmen des Structural Reform Support Programme and in cooperation with the European Programme (SRSP) und in Zusammenarbeit mit Commission’s DG Structural Reform Support. der GD Unterstützung von Strukturreformen der The European Commission’s Directorate General Europäischen Kommission durchgeführt. for Structural Reform Support (DG REFORM) Die Generaldirektion für Unterstützung von provides support for the preparation and Strukturreformen der Europäischen Kommission implementation of growth-enhancing (GD REFORM) unterstützt die Vorbereitung und administrative and structural reforms by mobilising Durchführung wachstumsfördernder Verwaltungs- EU funds and technical expertise, in accordance und Strukturreformen durch die Mobilisierung von with the criteria and principles referred to in Article EU-Mitteln und technischem Fachwissen gemäß 7(2) of the Regulation (EU) 2017/825. The general den in Artikel 7 Absatz 2 genannten Kriterien und objective of this Project is to contribute to Grundsätzen der Verordnung (EU) 2017/825. Das institutional, administrative and growth-sustaining allgemeine Ziel dieses Projekts besteht darin, structural reforms in Austria, in line with Article 4 of gemäß Artikel 4 der SRSP-Verordnung zu the SRSP Regulation. For additional information, institutionellen, administrativen und please see: https://ec.europa.eu/info/funding- wachstumserhaltenden Strukturreformen in tenders/funding-opportunities/funding- Österreich beizutragen. Weitere Informationen programmes/overview-funding- finden Sie unter: https://ec.europa.eu/info/funding- programmes/structural-reform-support- tenders/funding-opportunities/funding- programme-srsp_en. programmes/overview-funding- The OECD started its financial literacy project in programmes/structural-reform-support- 2002 and established the OECD International programme-srsp_en. Network on Financial Education in 2008. It is Die OECD startete ihr Projekt zur Förderung der globally acknowledged as the international leader Finanzbildung im Jahr 2002 und gründete 2008 in the development of policy instruments, data and FINANCIAL LITERACY IN AUSTRIA © OECD 2021 6 das Internationale Netzwerk für Finanzbildung der research on financial education. OECD (INFE). Dieses ist weltweit als international www.oecd.org/financial/education/oecd- führend bei der Entwicklung politischer international-network-on-financial-education.htm. Instrumente, Daten und Forschungsergebnissen zu Finanzbildung anerkannt. www.oecd.org/financial/education/oecd- international-network-on-financial-education.htm. FINANCIAL LITERACY IN AUSTRIA © OECD 2021 7 Table of contents Vorwort / Foreword 3 Danksagung / Acknowledgements 5 Ergebnisse auf einen Blick 9 Executive summary 14 1 Introduction 19 2 The relevance of financial literacy initiatives in Austria to support individuals’
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