Financial Literacy in der Schweiz : Erhebung über den Stand des Finanzwissens
Creators: name: Stäheli, Thomas
name: Zobl, Matthias
name: Hobein, Günter A.
Publisher: name: ZHAW Zürcher Hochschule für Angewandte Wissenschaften
Year: 2008
Subjects: Finanzausbildung
Risiko-Rendite-Zusammenhang
Strukturierte Finanzinstrumente
Geldpersönlichkeit
Financial Literacy
Overconfidence
Risk Awareness
Self Evaluation Index
332: Finanzwirtschaft

description: In 2005, the Organization for Economic Cooperation and Development OECD published a study on financial education at an international level, entitled "Improving Financial Literacy: Analysis of Issues and Policies". It revealed that a large proportion of the population has very limited knowledge of financial issues and that the general level of knowledge is grossly overestimated. In addition, it became clear that people find it difficult to find and to grasp pertinent financial information. Similar results supporting these findings were yielded by two other studies conducted in Germany.

Switzerland was excluded from these studies, which is why Investor’s Dialogue, a financial consulting firm, commissioned a new study, conducted as a semester assignment at the Zurich University of Applied Sciences ZHAW, to establish whether, and to what extent, such problems exist in Switzerland. Financial education is gaining in importance. Increasingly, different areas of the world of finance require us to place more emphasis on taking care of our own financial affairs. This is a topic of some significance, in particular in the context of developments in the field of retirement planning. This shift towards assuming more personal responsibility in money matters can however only be successful where there is enough fundamental knowledge in financial matters.

A survey entitled "Financial Literacy in Switzerland” was carried out using a questionnaire which was sent to private citizens, ZHAW students and ZHAW staff, as well as to two Swiss companies. The questionnaires which were returned and analyzed yielded the following results:

The surveyed individuals consider themselves to be quite knowledgeable in financial matters. In answer to one question, the subjects replied that it was no problem for them to explain different financial products. However, when the participants’ self-assessment was put to the test, it became evident that, for the most part, their actual level of knowledge was considerably lower than they had assumed. In fact, the less actual financial knowledge they had, the larger the gap between self-estimation and real knowledge. A major problem consists of knowing how to assess financial risks and rates of return. Many people do not seem to be able to understand the relationship between these two factors. Another area where there is a great need for more knowledge is retirement planning. Only about half of the respondents were able to answer the relevant questions correctly. When asked to identify reliable sources of relevant information, they listed newspapers and magazines, family members and friends, as well investment consultants. Accordingly, people mostly seek advice from investment consultants or consult written information, which according to the OECD study does not have any significant effect on financial behavior. Lectures and other public events were rated to be rather mediocre in terms of usefulness.

Surprisingly, more than 50% of all respondents claimed to be interested in learning more about handling their finances. We therefore suspect that there is considerable potential for financial education.

Based on these insights, we are convinced that there is a demand in Switzerland for products to develop financial knowledge. We thus propose a new educational scheme: Learning about the complexities of finance would be part of compulsory school education. This would enable students to acquire the basics of personal finance and money management at an early age and enable them to continuously enhance their knowledge as they get older.

Anyone who lacks the necessary basic know-how after completing their education should attend additional public functions in order to acquire that knowledge. To this end, it might be advisable to cooperate with banks and insurance companies, which could offer financial seminars and educational activities for their clients. After all, well-informed clients with a broader knowledge of financial matters are likely to be more profitable, as well.

People who already have a basic understanding of all things financial are recommended to take part in a program to enhance their financial knowledge. This will be aimed at closing critical knowledge gaps. The type of program most suited to this goal would be a modular system which would offer specific courses according to the individual situation and the specific needs of every investor. A combination of personal investment advice, public seminars and self study might be advisable here. Such courses might once again be offered in cooperation with financial institutions and/or with public or private schools.
description: Im Jahr 2005 hat die Organisation für wirtschaftliche Kooperation und Entwicklung (OECD) eine internationale Studie zum Thema "Analphabetismus im Finanzbereich" durchgeführt. Dabei wurde festgestellt, dass der Wissensstand bezüglich finanziellen Belangen bei einem Grossteil der Bevölkerung sehr gering ist und zudem stark überschätzt wird. Zudem wurde deutlich, dass die Menschen Schwierigkeiten haben, Informationen im Finanzbereich zu finden und zu verstehen. Zwei weitere Studien aus Deutschland unterstützen diese Resultate mit ähnlichen Ergebnissen.
Da die Schweiz an dieser Studie nicht teilgenommen hat, wurde in der nachfolgenden Studie, im Auftrag des Finanzberatungsunternehmen "Investor’s Dialogue", im Rahmen einer Semesterarbeit an der Zürcher Hochschule Winterthur untersucht, ob und in welchem Ausmass diese Probleme auch in der Schweiz bestehen.
Die Bildung im Finanzbereich gewinnt laufend an Bedeutung. Zunehmend wird in verschiedenen Bereichen der Finanzwelt wieder mehr Wert auf Eigenverantwortung gelegt. Dies ist vor allem im Zusammenhang mit den Entwicklungen in der Vorsorge ein wichtiges Thema. Diese Eigenverantwortung kann aber nur dann erfolgreich übernommen werden, wenn ein Grundwissen im Finanzbereich vorhanden ist.
Die Erhebung zum Thema "Financial Literacy in der Schweiz" erfolgte mittels eines Fragebogens, welcher an Privatpersonen, Studenten und Mitarbeiter der Zürcher Hochschule Winterthur, sowie an zwei schweizerische Unternehmen versendet wurde. Aus den zurückerhaltenen Fragebogen konnten folgende Erkenntnisse gewonnen werden:
Die befragten Personen schätzen ihre Kenntnisse im Finanzbereich als gut bis sehr gut ein. Bei einer Frage wird angegeben, dass das Erklären verschiedener Finanzprodukten in der Mehrheit der Fälle kein Problem darstelle. Bei der Überprüfung dieser Selbsteinschätzung wird aber deutlich, dass das tatsächliche Wissen bei fast allen Teilnehmern deutlich tiefer ist als von diesen angenommen. Dabei fällt auf, dass die eigene Überschätzung mit sinkendem Wissensstand stark zunimmt.
Die grössten Wissenslücken bestehen beim Einschätzen von Risiken und Renditen. Der Zusammenhang zwischen diesen beiden Faktoren scheint vielen Menschen nicht klar zu sein. Aber auch im Vorsorgebereich konnten beträchtliche Mängel aufgedeckt werden. Nur rund die Hälfte der befragten Personen konnte die entsprechenden Fragen richtig beantworten.
Als vertrauenswürdigste Informationsquellen wurden Zeitungen/Zeitschriften, Familie und Freunde sowie der Anlageberater genannt. Nachgefragt werden entsprechend vor allem persönliche Beratungen, sowie schriftliche Informationen, welche aber gemäss der OECD Studie keine wesentlichen Auswirkungen auf das Finanzverhalten haben. Vorträge und andere öffentliche Veranstaltungen schneiden hierbei eher mittelmässig ab.
Eher überraschend ist, dass mehr als 50 % der Befragten daran interessiert sind, ihr Finanzwissen auszubauen. Wir vermuten deshalb, dass ein hohes Potential für zukünftige Finanzausbildungen gegeben ist.
Aufgrund der obigen Erkenntnisse sind wir überzeugt, dass auch in der Schweiz Handlungsbedarf zur Verbesserung des Finanzwissens besteht. Wir schlagen deshalb ein Ausbildungsmodell vor, das bereits in der obligatorischen Schulzeit beginnt. Damit kann bereits in jungen Jahren das notwendigste Grundwissen im Finanzbereich erlangt werden, welches später laufend ausgebaut werden kann.
Personen welche auch nach dieser Ausbildung nicht über das notwendige Basiswissen verfügen, sollten sich dieses Wissen in zusätzlichen öffentlichen Veranstaltungen aneignen. Zu diesem Zweck wäre eine Zusammenarbeit mit Banken und Versicherungen sinnvoll, welche solche Schulungen für ihre Kunden anbieten könnten, da wir davon ausgehen, dass ein Kunde mit besserem Finanzverständnis auch ein rentablerer Kunde ist.
Für Personen welche über das finanzielle Basiswissen verfügen, wird ein Programm zur Wissensvertiefung empfohlen. Dabei geht es darum, gezielt Wissenslücken zu schliessen. Deshalb drängt sich hier ein modular aufgebautes System auf, so dass je nach Situation und Bedürfnissen der einzelnen Personen entsprechende Kurse besucht werden können. Hier schlagen wir eine Mischform aus Einzelberatung, öffentlichen Veranstaltungen und Selbststudium vor. Dies könnte wiederum in Zusammenarbeit mit Finanzinstituten, aber auch mit öffentlichen oder privaten Schulen erfolgen.
description: In 2005, the Organization for Economic Cooperation and Development OECD published a study on financial education at an international level, entitled "Improving Financial Literacy: Analysis of Issues and Policies". It revealed that a large proportion of the population has very limited knowledge of financial issues and that the general level of knowledge is grossly overestimated. In addition, it became clear that people find it difficult to find and to grasp pertinent financial information. Similar results supporting these findings were yielded by two other studies conducted in Germany.
Switzerland was excluded from these studies, which is why Investor’s Dialogue, a financial consulting firm, commissioned a new study, conducted as a semester assignment at the Zurich University of Applied Sciences ZHAW, to establish whether, and to what extent, such problems exist in Switzerland. Financial education is gaining in importance. Increasingly, different areas of the world of finance require us to place more emphasis on taking care of our own financial affairs. This is a topic of some significance, in particular in the context of developments in the field of retirement planning. This shift towards assuming more personal responsibility in money matters can however only be successful where there is enough fundamental knowledge in financial matters.
A survey entitled "Financial Literacy in Switzerland” was carried out using a questionnaire which was sent to private citizens, ZHAW students and ZHAW staff, as well as to two Swiss companies. The questionnaires which were returned and analyzed yielded the following results:
The surveyed individuals consider themselves to be quite knowledgeable in financial matters. In answer to one question, the subjects replied that it was no problem for them to explain different financial products. However, when the participants’ self-assessment was put to the test, it became evident that, for the most part, their actual level of knowledge was considerably lower than they had assumed. In fact, the less actual financial knowledge they had, the larger the gap between self-estimation and real knowledge. A major problem consists of knowing how to assess financial risks and rates of return. Many people do not seem to be able to understand the relationship between these two factors. Another area where there is a great need for more knowledge is retirement planning. Only about half of the respondents were able to answer the relevant questions correctly. When asked to identify reliable sources of relevant information, they listed newspapers and magazines, family members and friends, as well investment consultants. Accordingly, people mostly seek advice from investment consultants or consult written information, which according to the OECD study does not have any significant effect on financial behavior. Lectures and other public events were rated to be rather mediocre in terms of usefulness.
Surprisingly, more than 50% of all respondents claimed to be interested in learning more about handling their finances. We therefore suspect that there is considerable potential for financial education.
Based on these insights, we are convinced that there is a demand in Switzerland for products to develop financial knowledge. We thus propose a new educational scheme: Learning about the complexities of finance would be part of compulsory school education. This would enable students to acquire the basics of personal finance and money management at an early age and enable them to continuously enhance their knowledge as they get older.
Anyone who lacks the necessary basic know-how after completing their education should attend additional public functions in order to acquire that knowledge. To this end, it might be advisable to cooperate with banks and insurance companies, which could offer financial seminars and educational activities for their clients. After all, well-informed clients with a broader knowledge of financial matters are likely to be more profitable, as well.
People who already have a basic understanding of all things financial are recommended to take part in a program to enhance their financial knowledge. This will be aimed at closing critical knowledge gaps. The type of program most suited to this goal would be a modular system which would offer specific courses according to the individual situation and the specific needs of every investor. A combination of personal investment advice, public seminars and self study might be advisable here. Such courses might once again be offered in cooperation with financial institutions and/or with public or private schools.