3FOOD

Third Industrial Revolution Consulting Group
5.1 Financial Education
“Financial education: for an improvement at all levels”.
At a time when financial decisions become increasingly significant in the lives of citizens,
financial education (financial literacy) becomes essential. Against this backdrop, a growing
number of countries have recently developed national strategies for financial literacy; a subject
matter which forms an integral part of the border topic of “economic education”, which aims to
give citizens and professionals the key to understand and apprehend the economic and
financial world we live. Compared to other countries, Luxembourg appears to lag behind in
terms of financial education, although some players, often private, already offer financial
literacy educational modules to schools and/or the broader public. Luxembourg has not yet
adopted a true national strategy for financial education, nor has it officially designated a
competent authority in this field. There is also little research carried-out in this area.
The three vertical pillars of the Finance WG (IoT as game changer, new business models, and
the financial sector as an enabler) cannot be treated in silos. Initiatives already exist in the
three verticals. However, the level of development varies from one sector to another. This has
to be addressed:
For students: existing educational program need to include more focus on financial
literacy and financial education
For teachers: exchange and information programs may need to be developed
For consumers: exchange and information programs may need to be developed
For professionals: specific programs should be included in conferences on the relevant
changes needed in financial education
At regulatory level, technologies departments have to be established or further developed.
Action at the level of financial education should commence as soon as possible. Regarding
secondary schooling, Luxembourg is currently preparing a comprehensive secondary education
reform bill. Ideally, financial and economic education should be ambitiously integrated within
the focus of this reform.
The overall aim should be the creation of a well-functioning ecosystem where all the actors
easily interact. The main priorities include:
The strengths and weaknesses of the Luxembourg population in the field of financial
education should be identified via an ambitious assessment study (e.g. there is a specific
module on financial education within the OECD PISA program that could be used as a
baseline),
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