2023-07-27 16:13:26
German women know more about finances than German men and they are more confident about financial decisions than women in other countries. This is the result of a comprehensive study by the Allianz insurance group in seven countries. For this purpose, 1000 subjects were questioned via online questionnaires and additional scientific studies were used to compare the results. The authors then related the data on knowledge, trust and real investment behavior to actual investment success.
Philip Krohn
Editor in business, responsible for “People and Business”.
For Germany, they calculated the following: The returns can differ significantly between people with low, average and high levels of financial literacy. Based on the amount of financial assets, a person with a high level of financial knowledge can expect to earn an additional EUR 2,690 per year – more than an average monthly net wage. Over three decades, that adds up to almost 200,000 euros.
In all seven countries, only a third of women felt confident making good financial decisions, compared to almost half of men. Germany was the only country with the opposite result: 44 percent of women dare to do it, 38 percent of men. However, the authors’ explanation is somewhat ambivalent from an equality perspective: Germany has the highest part-time quota for women of the participating countries. In partnerships, this means that women have to make financial household decisions more often, which in turn has a positive effect on women’s financial skills.
Italy has the highest proportion of financially literate people
Overall, Italy has the highest rate of financially literate participants at 18 percent, followed by Australia by one point and then Germany, the UK and Spain at 16 percent. In Germany, however, the difference between the financially highly educated and the poorly educated is particularly large.
At 28 percent, the share of the lower knowledge group in this country is the second largest after the United States. The authors noticed that there is a connection between whether test persons regularly read the news and a newspaper or whether they primarily obtained information via social media. That being said, seeing a financial advisor also contributed to financial literacy. Here, the share in the Anglo-Saxon countries (USA, Great Britain and Australia) was particularly low.
Daniel Schleidt Published/Updated: , Recommendations: 18 Madeleine Brühl Published/Updated: , Recommendations: 14 Lisa Kuner Published/Updated: Recommendations: 14
Media usage behavior is also reflected in the results for different generations. The proportion of the financially educated in Germany is highest in the oldest age group (“baby boomers”), where more traditional media are consumed, at 21 percent, the younger generations “Millennials” (11 percent) and Z (6 percent) had a lower rate.
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