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Лого на Европейската комисия
Reform Support
© EU

Supporting reforms to develop well-regulated, stable and competitive financial markets

Year
2020

Strategy on financial literacy in Austria

The Commission supported the adopting and implementing of a national strategy on financial literacy in Austria, composed of a high-level document and a roadmap with concrete steps (defined structure, timing, activities and methodologies).

This national strategy will enable the Austrian citizens to raise adequate levels of financial literacy and, as a result, to take informed and sustainable financial decisions.

Context

Evolving lifestyle, consumer behaviour, financial markets sophistication, innovation in financial services and even the Covid-19 crisis make financial literacy increasingly important in Austria, all the more so as financial literacy rates are low and unequally distributed among the Austrian population (gender and social differences).

These low levels have negative consequences for both individuals (irrational consumer behaviour, over-indebtedness, negative impact on investing and saving for retirement) and the entire society and economy.

This project is linked to a European Commission priority, in particular in the context of the Capital Markets Union and to the Sustainable Development Goals.

Support delivered

Throughout the project, the provider, identified in the OECD, analysed current financial literacy activities in Austria through a specific mapping and an assessment against international good practices, performing a written consultation with the relevant stakeholders, desk research and a workshop. Then, a high-level document and a roadmap with a defined structure, timing, activities to develop and proposed methodology, were designed, so that the national strategy may be launched.

Results achieved

This national financial literacy strategy will enhance levels of financial literacy (i.e. financial awareness, knowledge, skills, attitudes, behaviours) in Austria. This will allow citizens and SMEs to take more informed decisions for purchasing financial products and services, make sustainable financial choices, ensure adequate retirement income, in relation to their personally disposable income.

More about the project

You can find the final report here: