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Money matters

July 7, 2009

When it comes to money matters, Germans have long had a reputation for knowing their stuff. But that could change if something isn't done to promote economic understanding among the country's youngsters.

https://p.dw.com/p/Iiez
Thee teenage boys jumping high into the sky
Not a care in the world: German youths have a lot to learn about economicsImage: picture-alliance/dpa

Blame it on the age of electronic distraction, a basic lack of interest or a general dumbing down of society. It doesn't much matter where the finger points because the fact remains that the generation waiting in the wings to run the country is a bit clueless. Economically speaking, that is.

The 2009 youth survey, conducted by the Association of German Banks (BDB), revealed that some 54 percent of the 750 young people questioned could not explain inflation. And of those who could, only six percent knew the current rate.

What's more, some 30 percent of the 14 to 24 year-olds said they didn't really know what "globalization" meant, and 40 percent were unable to explain the meaning of "free market economy".

There was even greater confusion among the survey participants at the notion of "supply and demand," with almost half claiming to be unfamiliar with the basic economic principle.

Willingness to improve

Teenagers at their desks in the classroom
80 percent of youngsters say they would welcome a curriculum changeImage: Bilderbox

Yet despite the damning results, the head of the BDB, Manfred Weber, said the nation's youngsters were keen to learn. He said some 80 percent of those surveyed said they would like to see economics on the school curriculum as a subject in its own right.

"It is a remarkable finding," Weber said in a statement about the survey. "It shows us that young people see economic education as critical for their future."

The association has long argued in favor of including economics in the German school curriculum. "Like English and maths, economics has to be learnt systematically," Weber said.

A political issue

A man walks past a Chinese bank with Chinese lettering
Money talk is Chinese to many young GermansImage: picture-alliance/ dpa

Weber also stressed the importance of making an understanding of economics more available in the future.

"Clearly not everyone has the opportunity to become more familiar with the material," he said, adding that it was ultimately down to politicians to motivate their potential successors to become more financially minded.

tkw/AP/AFP
Editor: Nathan Witkop

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