GOLD. DE calls for improved financial literacy in Germany

Korbinian G. Penzkofer, Managing Director of GOLD. DE, is calling for increased financial education in schools and families following a survey highlighting significant knowledge gaps among young people.

A study conducted by GOLD. DE via the OmniQuest Institute surveyed 1,000 individuals aged 16 to 35. The results indicate that one-third of respondents could only answer one out of three basic financial questions correctly. Specific findings include:

• Inflation: Only 52.2% correctly identified the current inflation rate in Germany. • Risk Diversification: While 67.1% understood the term, 20.1% incorrectly believed it meant keeping money in multiple bank accounts. • Gross vs. Net: 25% of respondents could not distinguish between gross and net salary.

The survey also revealed that social media (19.0%) is a more significant source of financial information for young people than formal schooling (9.8%). Additionally, 34.7% of participants learn about finance independently, while 30.5% rely on their parents.