“Financial Literacy” – A comparative study in selected countries

In Germany, over 7.3 million people are considered ‘overindebted’; this means that more than every 10th adult is not able to cover his/her liabilities with the income available. This situation is frequently triggered off by the loss of employment or a divorce; however, many households lack the basic knowledge to handle their personal budgets. But this is not the only reason why measures targeting the strengthening of fi nancial literacy are gaining more and more importance.