German consumers often save too little for retirement provision, their investments are insufficiently diversified and often low-yielding. In addition, almost 10 percent of the population are considered to be over-indebted, many are too early in debt, for example by permanently overdrawing their current account. Even young people are over-indebted because of expensive cell phone contracts. Low-income consumers in particular fall into a trap of usurious credit rates and over-indebtedness. Problematic financial behavior, but also 'questionable' financial products are widespread. The need to improve this situation is correspondingly great.
Various measures, from training materials and special courses to school lessons, aim to improve the lack of financial education. In any case, financial education is a controversial topic, and that because of its two components: many people suspect finances and education is generally considered worth striving for, but what this should mean in concrete terms is disputed.
Link to publication