Rethinking Financial Education
EventsHow the “MetaFin” Project Aims to Advance Financial Education Research
The “MetaFin” project marks the beginning of a five-year joint initiative by the Mannheim Institute for Financial Education (University of Mannheim and ZEW) and the Institute for Economic Education (University of Oldenburg) to transform research and dissemination of financial education in Germany. Funded by the Federal Ministry of Education and Research, the project supports the implementation of the funding guideline “Research on Financial Education”, consolidates national and international research findings in this field and facilitates the exchange between science, education and politics. Today, Parliamentary State Secretary Dr. Jens Brandenburg delivered the funding notice in the Senate Hall of the University of Mannheim.
Financial education is crucial for the personal financial security of individuals in Germany, as well as for social participation and overall economic stability. To improve financial education in Germany, the Federal Ministry of Education and Research, together with the Federal Ministry of Finance, launched the Financial Literacy Initiative last year. This initiative includes a guideline for the funding of research projects in this area. The new “MetaFin” project aims to link the projects under this guideline, compile research findings on financial literacy from both national and international sources, and create a solid basis for decision-making on financial education in Germany. The project focuses on three key areas: networking, accompanying research and knowledge transfer. The project is conducted by the Mannheim Institute for Financial Education (MIFE) in cooperation with the Institute for Economic Education (IÖB) in Oldenburg.
On 30 August 2024, Parliamentary State Secretary Dr. Jens Brandenburg personally handed over the funding notice of more than two million euros to the project team in Mannheim, consisting of Professor Carmela Aprea (University of Mannheim, director of MIFE), who coordinates the project, Professor Tabea Bucher-Koenen (ZEW and University of Mannheim, director of MIFE), and Professor Dirk Loerwald (University of Oldenburg, scientific director of IÖB). Brandenburg emphasised: “Good financial education is the basis for making smart financial decisions, especially in a rapidly changing world. In Germany, this issue has been neglected for too long. As the Federal Ministry of Education, together with the Federal Ministry of Finance, we want to strengthen financial literacy. This includes the promotion of excellent research. The MetaFin project is the flagship of our research funding. The transfer of knowledge into practice and to the general public is particularly important to us. MetaFin consolidates the findings from many research projects, thus facilitating the transfer of financial knowledge into classrooms and living rooms. I am very pleased that three strong partners have joined forces for this purpose. Only in this way can financial knowledge become part of general education and open up opportunities for everyone, regardless of their financial situation.”
Strengthening evidence-based approaches with a “ClearingHouse for Financial Education Research”
A key component of the project is the establishment of a ClearingHouse for Financial Education Research (CHF) as an independent scientific information portal and coordination centre. This platform will consolidate current research findings for different target groups and develop practical guidelines. “A large number of studies on financial education are currently being published around the world, and the new funding guideline will further advance knowledge in this area. For this knowledge to be effective and make a difference, there needs to be a focused exchange between academia, educational practice and politics. This is where the ClearingHouse comes into play, helping to ensure the quality of financial education in Germany,” explains project coordinator Aprea.
International exchange and promotion of innovative methods
The project also aims to strengthen the national and international networking of financial education research in Germany. “Research on financial education is booming worldwide. Close exchange with researchers from different disciplines and countries is therefore essential to strengthen and integrate research in Germany,” says Bucher-Koenen. For example, an “International Handbook of Research in Financial Education” will bring together research findings from around the world. In addition, empirical studies will examine the success factors of cooperation between academia and practice. The research findings will also be presented in a professionally produced podcast series, making them accessible to a broad audience.
Professionalisation of knowledge transfer
The third focus of the MetaFin project is on knowledge transfer. Relevant findings from the funding guideline will be tailored and communicated to specific target groups. To this end, a new journal for application-oriented research and knowledge transfer in the field of economic and financial education will be established. “One of the tasks of our project is to translate scientific findings into quality-assured information that is accessible to the non-academic world,” says Loerwald.
Funded by the German Federal Ministry of Education and Research for a period of five years, the MetaFin collaborative project is helping to create a scientific basis for strengthening financial education in Germany in the long term through the close cooperation of renowned partner institutions and the interdisciplinary expertise of the project team. The aim is to improve financial literacy across all age and demographic groups in Germany.
The Mannheim Institute for Financial Education
The Mannheim Institute for Financial Education (MIFE) is a joint initiative of the University of Mannheim and the ZEW – Leibniz Centre for European Economic Research, and is dedicated to the in-depth study of financial education issues. It draws on the expertise of an interdisciplinary team consisting of researchers from both institutions. MIFE has also established a close network of renowned experts and institutions from academia, politics and practice working on this topic in Germany and abroad.
