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Improving savings culture: a lifetime of financial education

Improving savings culture: a lifetime of financial education
Date: 05/10/2017 - 05/10/2017
Location: Madrid, Spain

​​​The WSBI-ESBG 2017 Financial History Workshop will take place on Thursday, 5 October 2017 in Madrid. Hosted by WSBI-ESBG Spanish member organisation CECA, this one-day workshop is designed to provide a forum for extensive discussion on new and innovative research on a very important and actual topic today for the savings and retail banks in Europe and worldwide: financial literacy.​

Improving the culture of savings is an ongoing process. Financial education and financial literacy fall high on the priority list of savings and retail banks, European and national policymakers as well as international stakeholders like the OECD and Child and Youth Finance International. 

Three main topics will be discussed

  • Financial education of young people

In developing countries, initiatives have been taken to boost financial education among youth and young adults. WSBI members are introducing youth savings accounts and school banking projects; such projects should sound familiar to historians! Why did those 19th and 20th century financial education initiatives disappear in today's Europe? 

A special focus will be made on ​school banking in the 19th century in Germany before providing a broader picture of savings banks and youth policy in the 20th century. It will also be the occasion to detail what are the challenges and opportunities of financial education. 

  • ​Importance of lifetime savings for everyone

Financial education is not something only for young people. Some would argue that financial education is a mind-set needed by everyone, and to be used throughout one's lifetime at moments such as saving for a​ home and other important life events. A particular focus will be made on the history of financial education in the UK.

  • ​The current level of financial literacy and how to improve it 

​This last session will be the occasion to see which tools are available for measuring the level of financial literacy and financial inclusion and how they can be conveyed to the European and national policy makers. Is there a correlation between financial literacy and financial inclusion? What was/is the political importance of financial education and financial literacy? Such questions will also be discussed.