Events

First anniversary of WU Center for Financial Education

23/09/2024

On September 12, the WU Center for Financial Education celebrated the achievements of the first year and future plans

We have to earn, spend, save, and invest money all the time, and we have to think carefully about our financing decisions and set aside financial reserves for the future – the financial challenges we’re facing in our daily lives are manifold, and financial education helps us to master these challenges successfully. However, studies show that many people have gaps in their knowledge and understanding of even basic financial concepts. WU Vienna University of Economics and Business has been working on educational and research projects in this area for many years – on this basis, WU established its new Center for Financial Education a year ago. “For us as a business and economics university, promoting financial education is not only a key topic in our academic activities but also part of our social responsibility towards society,” says WU Rector Rupert Sausgruber.

[Translate to English:] Bettina Fuhrmann

The results of the center’s first year of research and development activities were presented at an event held to celebrate the first anniversary. One of the most prominent projects completed during the past year was the development of content for the “Finanznavi” portal set up as part of Austria’s National Financial Literacy Strategy. This project, commissioned by the OECD, is based on content developed in collaboration with the Austrian Federal Ministry of Finance and the Oesterreichische Nationalbank. “Financial literacy for all” is the motto and also the goal of this important project, carried out as part of the National Financial Literacy Strategy. The “Finanznavi” portal is available to everyone interested at www.finanznavi.gv.at.

“With the ‘Finanznavi’ portal, we want to further improve financial literacy among all people living in Austria and raise awareness of the importance of financial decision-making – regardless of people’s age, life situation, or personal background. After all, only people with sound financial literacy and know-how have the tools they need to make smart and informed decisions when managing their personal finances. This applies to everything from day-to-day buying decisions to retirement planning, wealth creation, and the acquisition of property. I’d also like to give a big thank you to the WU Institute for Business Education for its great dedication in promoting financial literacy,” says Austrian Finance Minister Magnus Brunner.

[Translate to English:] WU Finanzbildung

Other projects carried out during the center’s first year have dealt with measures for strengthening financial literacy among apprentices and students at various types of secondary schools, financial literacy coaching services for schools, and the development of learning and teaching materials. The center’s current research projects look at the Austrian population’s understanding of risk, at factors that influence women’s working time decisions, at the causes of skepticism towards stock investments, and at the effectiveness and acceptance of financial education offerings. “Financial decisions accompany us throughout our lives. That’s why financial education should also be lifelong – we carry out research and development work to help make this a reality,” says Bettina Fuhrmann, professor of business education and head of the center, summarizing the center’s key overall objective.

Back to overview