Handover of Notification for MetaFin

Rethinking financial education: How the “MetaFin” project aims to advance financial education research.

Financial education is crucial for people's personal security and overall economic stability. The Federal Ministry of Education and Research (BMBF) and the Federal Ministry of Finance (BMF) have therefore launched the “Financial Literacy” initiative, which includes a guideline for funding research projects. The “Financial Education” meta-project links the research projects in the funding line, prepares research results and thus creates a basis for financial education in Germany. The focus is on the three areas of networking, accompanying research and knowledge transfer. The project is being carried out jointly by the Institut für Ökonomische Bildung (IÖB), the Mannheim Institute for Financial Education and the Zentrum für Europäische Wirtschaftsforschung. Translated with DeepL.com (free version)

Parliamentary State Secretary Dr. Jens Brandenburg presented the project team, consisting of Prof. Dr. Carmela Aprea (University of Mannheim, Director of MIFE), Prof. Dr. Tabea Bucher-Koenen (ZEW and University of Mannheim, Director of MIFE) and Prof. Dr. Dirk Loerwald (University of Oldenburg and Scientific Director of IÖB), with a funding decision of over two million euros. Brandenburg emphasized: “Good financial education is the cornerstone for smart financial decisions, especially in a constantly changing world. In Germany, the topic has been neglected for far too long. As the Federal Ministry of Education, we want to promote financial education together with the Federal Ministry of Finance. This also includes promoting excellent research. The MetaFin meta project is the flagship project of our research funding. The transfer of knowledge to practitioners and the general public is particularly important to us. MetaFin bundles the findings from the many research projects and thus enables the transfer of financial knowledge into classrooms and living rooms. I am delighted that three strong partners have joined forces for this purpose. This is the only way to turn financial knowledge into general education and open up opportunities for everyone - regardless of their own wallet.”

Strengthening the evidence base through a “clearing house for financial education research”
A central part of the project is the establishment of a “ClearingHouse Financial Education Research” as an independent information portal. Research findings will be processed here and practical recommendations developed. Prof. Dr. Carmela Aprea explains that a targeted exchange between science, practice and politics is necessary in order to improve the quality of financial education.

International networking and promotion of new methods
MetaFin also strengthens international exchange in order to promote financial education research in Germany. An “International Handbook of Research in Financial Education” will bring together international findings. In addition, empirical studies will examine, among other things, the success factors of cooperation between academia and practice. Research findings will also be made available to the general public via a podcast series.

Professionalization of knowledge transfer
The project attaches great importance to the targeted communication of scientific results. A new specialist journal is being founded to promote applied research and knowledge transfer in the field of financial education. Prof. Dr. Dirk Loerwald emphasizes that scientific findings should be made accessible to the general public in an understandable form.

The “MetaFin” project is being funded over five years and, through the cooperation of leading institutions, is helping to increase the population's financial literacy in the long term.