Institutional development · Research, innovation and assessment · Germany
IU study: older people learn money skills mainly through experience and exchange with others
A research project at IU International University of Applied Sciences finds older people build financial knowledge mostly through life experience. Many respondents want binding financial education in schools and higher education.
Why it matters: Higher education is one of two settings where many respondents in the IU study want binding financial education offered to younger generations.
IU International University of Applied Sciences said one of its research projects is examining the financial knowledge of older people.
According to the university, older people mainly learn to manage money through life experience and exchange with others.
The university reported that respondents prioritise security, relying on savings, avoiding risks that are hard to judge and wanting advice free of sales interests.
Many respondents said they would like binding financial education in school and in higher education to prepare younger generations for financial decisions, the university said.
Editor’s view
Scott James, Research and Innovation Editor
Many respondents in the IU study name school and higher education as the places for binding financial education, with the aim of preparing younger generations for financial decisions.
