Comparison of financial education and knowledge in the United States and Germany: Curriculum and assessment

Abstract

Changes in the economy and society lead to a growing necessity of financial education. In this context, we investigate the approaches to financial education in secondary schools in the United States and Germany. We seek to answer the question if and how the implementation of financial education is similar and different between the two countries. We address this question for financial education by comparing the educational conditions, coursework structures, content standards, instructional resources, and assessment within each country. Additionally, we focus on differences in cognitive structure of financial knowledge and understanding among students within each country. For this exploratory analysis, we used data from the Test of Financial Literacy that was administered to students in the United States and Germany ( n = 2326). The empirical results reveal differences in knowledge structures in specific content areas among students in the two countries. Possible reasons for such differences and other implications are discussed.

Financial education in centennials: evidence from students of public and private educational institutions in the city of Loja, Ecuador

“…Based on the above context, Kraitzek et al (2022). summarizes the findings in the comparative study of financial knowledge and understanding conducted on 1218 and 1108 American and German students respectively, using the Test of Fnancial Literacy (Walstad and Rebec, 2016) that evidences the heterogeneity between both categories, and even finds substantial differences between students from each country internally, which resulted from a sample obtained in grades 11 and 12 (16 to 18 years old).…”

Behavioral economics in U.S. financial literacy programs: A comprehensive review - Evaluating the role of psychology-driven strategies in enhancing understanding and responsible financial behaviors among citizens

“…The research reveals differences in knowledge structures and content areas among students in the two countries, highlighting the impact of national standards and regulations on financial education. This comparative analysis underscores the importance of tailoring financial education to specific national contexts while adhering to high standards of quality and comprehensiveness (Kraitzek et al, 2022). These standards and regulations not only guide the content and delivery of financial education but also ensure that it is aligned with the needs of diverse populations and the complexities of the financial world.…”

“…For stakeholders, this comparison underscores the importance of tailoring financial education to specific national contexts while adhering to high standards of quality and comprehensiveness. The research suggests that stakeholders should consider international best practices and adapt them to local contexts to enhance the effectiveness of financial education (Kraitzek et al, 2022).…”

Financial Education: Bibliometic Analysis from 1989 to 2023

“…Interconnections between nodes signify cooperative relationships among nations, delineating three distinct clusters. The first cluster (red) encompasses leading countries such as the United States, China, South Korea, Colombia, and Kenya, indicating robust collaborative efforts among these nations in the realm of financial education (Choi & Kim, 2023;Kraitzek et al, 2022;López-Rodríguez & López-Ordoñez, 2022;Zhou et al, 2024). Similarly, the second cluster (green) comprises countries like Germany, Italy, Spain, the United Kingdom, and the Netherlands, reflecting a cohesive network of cooperation within Europe (Amagir et al, 2022;Grzesiuk & Korczak, 2019;Korczak, 2019).…”