Economic education: The Basis for Democracy and Social Security

Around 80% of young people in Germany believe that a stable democracy and a functioning economy are closely linked. However, many feel they lack the knowledge to make sound economic decisions. Therefore, on Education Day, December 8th, Deutsches Aktieninstitut calls for economics to be taught as a subject in all general education schools.

‘Three quarters of young people want more attention to be paid to economics and finance at school. This enables them to make self-determined decisions and lays the foundation for equal opportunities for young people. A stronger focus on economic education in schools is therefore desirable,’ emphasises Henriette Peucker, Chief Executive and Member of the Board of Deutsches Aktieninstitut.

Economics as a School Subject: Teaching Everyday Skills Early

A lack of knowledge about economic interrelationships makes it difficult for young people to make informed decisions in many areas, whether as consumers, employees, company founders or voters. This lack of knowledge also affects accumulation of wealth and retirement planning. The latter is a particular concern, as a study by the Bertelsmann Foundation found that around 80%of young people wonder how they can finance a good life in retirement. 

‘Economics as a school subject, which is still far from being offered in all federal states, can enable young people to understand economic interrelationships and develop practical skills,’ says Peucker. The federal states are called upon to implement this in schools. It is time for the federal and state governments to work together on the issue of economic education.