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Speaker: Mattias Björklund, Stockholm University

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Speaker: Mattias Björklund, Stockholm University

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Financial Citizenship Education? Possibilities and challenges when educating students in financial

literacy

The knowledge and instruction traditionally associated with personal finance (financial

literacy)—such as income, expenses, consumption, and budgeting—are necessary but hardly

sufficient to equip young people with adequate financial skills. For example, there is evidence that

16-year-olds today have very good knowledge specifically in budgeting, which raises questions about

whether over-indebtedness is actually a knowledge problem—there is much to suggest otherwise.

Instead, personal finance education needs to be both broadened and deepened to include the

financial sector, political dimensions, and macroeconomic issues in order to truly provide young

people with the knowledge to make informed decisions, both now and in the future. However, how

such education should be designed within the school system remains highly unclear.

This presentation will discuss the merits and difficulties of outlining and implementing a financial

education framed as citizenship education with a special focus on teaching and learning.

Dr Mattias Björklund is a teacher and researcher at Stockholm University, Sweden, specializing in

social science education (Didaktik). His professional background includes extensive experience

teaching social studies and history at the upper secondary school level in Sweden. This teaching

experience has significantly shaped his research interests, which often center on teaching and

learning of social studies, with a particular focus on economics and financial literacy as integral

aspects of citizenship education. Additionally, Dr Björklund contributes to the training of future

teachers through his involvement in various teacher education programs.

Furthermore, Dr Björklund is affiliated with Stockholm Teaching and Learning Studies, where he

leads the Social Science Network and collaborates with colleagues on research initiatives aimed at

advancing teaching and learning in the field.

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Add questions and ways of testing

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https://www.finq.sk/finq/en/microsite

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ASSUMPTIONS

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High achievement group

Igor from Goethe Institute

Klajdi from Alert

Ivan from Faktograf

Milan from Teach me

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Team orange

Ivan Valchev, Danica Krbot, Stanislavs Kasikova, Veronica Gelfgren

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Initiator
ERSTE Foundation, DIE ERSTE österreichische Spar-Casse Privatstiftung, Am Belvedere 1, 1100 Vienna

Editors
Leonore Riitsalu, Adele Atkinson, Rauno Pello

Design
Kevin Crepin, DUX

Translation and proofreading
Laura Scheifinger & Michaela Chiaki Ripplinger, Communicate for you

Production
Marianne Schlögl

ISBN
978-3-902673-17-6 (print)
978-3-902673-19-0 (ePublication)

Published
2025

Three years ago, ERSTE Foundation, Erste Group and the University of Tartu decided to try out something new: changing perspective to explore financial well-being through a human lens. At ERSTE Foundation, we aim to understand what prosperity means to individuals and our societies and how our activities can help foster it. Back then, there were so many things we did not comprehend about how people define their financial well-being, what influences it, how they make financial decisions and experience shifts in their levels of financial well-being.

The fundamental research explored in this study is also one of the starting points for the Open Future Lab, a collaborative lab working on entirely new ways to improve people's financial well-being. Fresh ideas are about to blossom-as they do wherever we provide the necessary space, time and freedom for creativity and interdisciplinary collaboration.

Download (PDF, 4.36MB)

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Report: Beyond Money - Exploring Financial Well-Being through a Human Lens - ERSTE Foundation

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ERSTE Foundation, Erste Group and the University of Tartu decided to change perspective to explore financial well-being through a human lens.

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This generation (Alfa and Z) now think differently then the ones before but are expected to follow the old paterns.

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1. Education systems (both formal and non-formal) for citizens do not change fast enough to reflect the levels of financial literacy rate we need

2. The holistic nature of financial literacy is not clear enough for citizens

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"We need a lot of Money for an average life"

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Assumption: The generation up to 18years think differently than the old generations but are expected to follow old patterns.

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Questionnaire

*Target group:

Above 18

Is in Europe and has the mental capacity

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Have you ever had training or education on financial literacy?

1. If yes, what was your reason/motivation to do so & what kind of training or knowledge?

2. If no, why?

Do you think FinLit is important, and why?

On a scale of 1-5 (with 1 being totally not informed and 5 being well informed), how much do you think you have enough information and knowledge about modern financial opportunities or insights.

What are your main financial challenges?

Income & Budgeting

Savings & Investments

Cryptocurrency

Debts and Loans

Others…

On a scale of 1-5, (with 1 being very slow and 5 being very fast), at what speed do you think the modern financial world is changing as compared to your ability to learn about it?

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Title:

Citizens struggle to keep up with the fast changes in the financial world

Challenge:

There are not enough opportunities to learn and citizens are overwhelmed by the fast changes in the financial world

Evidence:

Eurobarometer (2023) 18% of EU adults report to be highly financially literate

Our own research indicate that only 25% has had some form of financial education in the course other lives

Why it matters:

Negative Impact on Individual Well-being and Financial Resilience: Most Europeans lack critical financial skills, leading to poor decisions, increased debt, inadequate savings, and heightened vulnerability to fraud.

Reinforcement of Inequality: This literacy gap disproportionately harms vulnerable groups like women, younger people, and lower-income households, widening existing socioeconomic disparities.

Hindrance to Economic Development and Stability: Widespread financial illiteracy undermines efficient capital allocation and weakens the effectiveness of monetary policy, posing risks to broader economic stability.

Challenges for Policymakers and Educators: Governments struggle to enact effective financial policies, and education systems can't adapt quickly enough to prepare citizens for new financial products and risks.

Call to action:

How might we make financial education more accessible, and easily understandable for all citizens

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EU map with available training on Fin literacy 

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EU map with available training on Fin literacy 

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 Title: These generation (A and Z) think differently but are expected to follow the old patterns.

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 Title: These generation (A and Z) think differently but are expected to follow the old patterns.

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Challenge: How can we empower Generations A and Z to think and act authentically when society still expects them to conform to outdated norms?

Evidence: After we made the desk research, we questioned 67 people aged 14-19 with 2 types of questions: closed and opened. So here are the results:

1. Too much information and generation Z and A still rely on guidance from parents and family but they will not necessarily follow the advice.

2. They understand the established model and they accept it but they have their own view.

3. The respondets answered the question: "Does the way adults talk about money corresponds with the way you see the financial world today?" in this way:

40% agreed

36% disagreed

23% are between

Why it matters? - If education system with its curriculum and teaching methods are not updated than the gap between generational understanding of finance will increase.

Call to action/ design questions - How might we close the gap between different generation on understanding of finance and economy?

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14-19 years old

high school students in Europe

1. How do you usually learn about money and managing it?

(Select all that apply)

a. From my parents or family

b. In school

c. On social media or YouTube/TikTok

d. From friends

e. Through trial and error (personal experience)

f. Other (please specify)

2. Which of these best describes how you feel about traditional advice like “save money for the future” or “don’t spend more than you earn”?

a. I completely agree and try to follow it

b. I understand it but find it hard to follow

c. I think it’s outdated and doesn’t fit today’s world

d. I’ve never really thought about it

e. Other (please explain)

3. If you had £100, what would you most likely do with it?

a. Save it for something important in the future

b. Spend it on something I want right now

c. Invest it (e.g., in crypto, stocks, etc.)

d. Give it to someone in need

d. I’m not sure / depends on the situation

4. Do you feel like the way adults talk about money fits with how you see the world today? Why or why not?

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The roots of the problem need to be addressed to avoid the causes. A positive end-result can't be obtained without a change in the way we teach financial literacy

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The lack of INNOVATIVE early financial education. 

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The lack of INNOVATIVE early financial education. 

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Tips:

Start early

Keep it fun

Keep it Practical, internships

Keep it Flexible and up to date

Use horizontal networking

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Title:Old fashioned way for learning financial literacy.

Challenge: The biggest problem is that most educational systems have the old fashioned boring way of delivering the financial education to the young people.

Evidence:

From the field research which we done like a survey we got the results of 12 people on digital devices and 10 people in the target zone between 14 and 25 years old. All of the results say that the tradional way of delivering the knowledge is boring and too idealized for the real world.

Why it matters:

Negative effect on the younger generations with less understanding and learning.

Some youths never understand why financial knowledge is important in real life.

When the youths came across some real life situation they understand that everything has changed and is not that perfect scenario that they studied and learned.

How might we made the studying more interesting and understandable?

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Too much theoretical perfect scenaries

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https://ki0jscrf.forms.app/my-new-form