. 4 / 6 bis - central bankers'speeches the onus is now on them to provide factual information and convey financial literacy skills in a direct and targeted manner. what could be done to strengthen the network of educational opportunities, enhance the visibility of the services on offer and make measures more effective? in its 2020 " recommendation on financial literacy ", the oecd recommends a national strategy for this. 2 the " alliance for economic education " in germany is also calling for german policymakers to adopt a national economic education strategy. 3 the bundesbank is open to the idea of launching a national strategy for economic education or financial literacy. however, this is something that policymakers have to decide upon. as i see it, they have been not been receptive to the idea of a national strategy so far. the main reason for this is probably that responsibility for education lies with the federal states. as much as a national strategy could promote existing activities, it is now that much more important to make updated resources easy to understand, put them in a realworld context and increase their appeal, especially in order to reach out to people with lower levels of formal education. the bundesbank's money museum in frankfurt is also a hands - on learning environment that is geared specifically to those who know little about money, monetary policy and financial markets. our publication " geld verstehen " ( understanding money ), which is aimed at younger secondary school pupils, conveys basic knowledge in a very understandable manner. the " mit geld umgehen " ( managing money ) media package and an interactive and multimedia e - book round this out. however, i would also like to clarify at this juncture that educational resources are not the one and only way to protect society's most vulnerable. rigorous consumer protection and clear legal regulations are essential to prevent predatory investment, loan and purchase agreements. and, of course, the way enterprises and financial institutions specifically design their products and set their prices in an inflationary environment will ultimately also be key. 5 conclusion ladies and gentlemen, how can the financial literacy of the public be promoted effectively? what skills are needed in order to make sound financial decisions in an inflationary environment? what can motivate people to make adequate provision for the future? how do government programmes need to be designed? what are suitable nudges? 5 / 6 bis - central bankers'speeches in order to answer these and many other questions not only on the basis of anec

' speeches the apparent obviousness of needing to incorporate the new inflationary environment into educational content is matched only by the difficulty of implementing this in the short term. figures, charts and graphs can be altered fairly quickly in digitally available materials. on the other hand, even printing new brochures takes time, not to mention preparing a new schoolbook. however, the more time it takes, the greater the risk that the materials will become instantly obsolete upon publication. does that mean we should dispense with printed materials altogether and only provide digital content that can be updated at short notice? our experience at the bundesbank is that schools, in particular, remain grateful for printed materials. this is because classrooms have not yet been sufficiently equipped for digital learning. it is important, however, to also make any information that is updated available to teachers online at short notice and to notify them of these updates via a newsletter. what is even more difficult than simply changing individual figures and graphics is making inflation understandable as a fundamental economic phenomenon. this quickly exposes the limitations of learning materials. what the covid - 19 pandemic has also shown us is this : as effective as digital channels may be, they can never fully replace face - to - face contact. in these current times of uncertainty, it is now particularly important to have this face - to - face contact in order to create trust, provide security and give guidance. our colleagues at our regional offices throughout germany are " on the road " every day to advance the cause of economic education : they visit schools and universities, hold talks with teachers, school pupils and university students, and train teachers as multipliers of our work. only bundesbank staff work at our money museum as well. anyone visiting the bundesbank should also be able to meet people who actually work there and to discuss the current situation directly with them. ladies and gentlemen, specifically targeting vulnerable groups in society is a particular challenge. central bank issues appear rather abstract and far removed from the real world. we operate at the macroeconomic level. by contrast, the supermarkets are where people see price rises happening, and the government is responsible for capping energy prices. savings and investment opportunities are provided by one's bank or online broker. and individuals who are saddled with too much debt can turn to a consumer organisation for help. this makes the broad network of public and private institutions, enterprises and civic organisations with direct access to vulnerable sections of society all the more important