Establishing a nationwide Financial Education online platform for Austria 

The Commission aims at assisting the Austrian Federal Ministry of Finance and the Austrian National Bank in creating a website (concept and development of its architecture) within the national strategy on financial literacy, as well as the related educational content and a financial literacy self-assessment tool.

This website will enable the Austrian citizens to have access to a central repository of up-to-date, unbiased, quality information, easy-to-use, easy-to-understand and free of charge, so that they can make effective and sustainable financial decisions.

Context

Low levels of financial literacy in Austria are a policy concern as they may negatively affect the financial well-being of the whole population, and the health of the Austrian economy. 

This project will result in a financial literacy portal for a broad audience to support the implementation of its national financial literacy strategy adopted in September 2021, as a result of a TSI initiative. This website will act as a centralised source of quality information for each of the eight different life stages (attending school ; higher education and life-long learning ; first job ; working life ; first major purchase ; planning for the future ; family life ; enjoying senior years).

It will include a financial literacy self-assessment tool to enable citizens to assess their own level of financial competences and then receive adequate educational material to enhance their knowledge in this area. 

Support delivered

Funded by the European Commission through DG REFORM’s TSI, this project is realised with the support of the OECD, which has substantial experience in financial literacy.

During 20 months, the project consists in the drawing of the concept of the website (features, structure and design, topics to be covered) and its programming. The educational content (financial literacy self-assessment tool, information modules different for each life stage, handouts, check-lists for both young people and adults, infographics, around 15 short explanatory videos on specific topics) of this website are developed as well.

Expected results

This platform will aim at informing about the Strategy, raising awareness about the importance of being financially literate and providing Austrian citizens with relevant information materials and tools.

It should result in an enhanced financial wellbeing and prosperity for the citizens and a better financial stability at country level.