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The way forward for financial education

The way forward for financial education

​​​​Erste Financial Life Park setting for future-focused financial education summit.

>> Discover: FLiP​

>> Learn more: Financial education at WSBI-ESBG

>> Visit: FLip FinEd Summit​




​​​VIENNA, Austria, 6 October 2017 – Social innovation strikes again at Erste Group, who is represented by the Austrian Savings Bank Association within savings and retail banking associations WSBI-ESBG.

First came the Zweite Sparkasse, then goodBee, followed by the Erste Social Banking Programme. Now it is the FLiP  – Erste Financial Life Park  and its FinEd Summit. 

The FLiP is a finance museum set up already one year ago by the Erste Group and the Erste Foundation.  So far, some 15.000 students have visited the park, which is run with a team of nine. Led by Director Philip List, FLiP has managed to put financial education again at the heart of the debate. Money taboos disappear in FLiP to pave the way, thanks to digital technology, to an educational and relaxed atmosphere were youth  – and the young at heart – can learn relevant economic concepts and discuss hot and trendy topics such as "should banks be bailed out?" 

The FLiP experience is impressive without being arrogant. It's also ambitious while down to earth. But above all, it's inspiring. 


FLip and the 1st FLiP Fin Edu Summit

The spirit of FLiP and the 1st FLiP FinEd Summit showed the financial education community the way forward on 5-6 October. 

Anna Maria Lusardi (pictured at left), Academic Director of the Global Financial Literacy Excellence Center- GFLEC, rightly said during the opening of the summit: "Financial Education cannot provide every single solution and prevent that accidents happen, but it can already provide a good safety net so that everybody (and particularly the youth) participates in economic life." 


As Erste Group Bank AG CEO Andreas Treichl (pictured at right, seated middle) said, the knowledge that nowadays youth need on economic concepts has drastically increased compared to the knowledge needed by previous generations. Everybody´s engagement in this endeavour is a matter of collective responsibility, as it was evidenced by Austrian Central Bank Governor Ewald Nowotny´s address when discussing the role of central banks and regulators.


FLiP Fin Edu Summit: An important milestone

The FLiP FinEd Summit is setting an important milestone in bringing efforts together. Educators, debt advisors, NGOs, regulators, policy makers, bankers, among others. FLiP and the 1st FinEd Summit deserve all our support in this exciting trip, something that WSBI-ESBG, as the voice of savings and retail banks, is ready to offer.

>> Discover: FLiP​

>> Learn more: Financial education at WSBI-ESBG

>> Visit: FLip FinEd Summit​


Financial inclusion; Financial education; Innovation; Innovation Hub