Frontpage News 2015 The Danish Money W...

The Danish Money Week starts today

9 March 2015

From today and for the rest of the week, money and personal finance is on the school timetable in 7-8th grade on 395 schools across the country. 

Last year, about 40 schools had personal finance on the school timetable in 7-8th grade during Denmark’s first “Money Week”. The purpose of the Money Week was to supplement the ordinary mathematics teaching with subjects such as loans, interest rates and budgeting in order to teach the pupils to manage their own finances.

The idea has certainly taken hold. This year, 395 schools have signed up for the “Money Week”.
 
“We are very pleased about the substantial increase in registrations. This means that more than 10,000 pupils will attend the Money Week 2015, and that we have the opportunity to provide them with tools which can give them a healthy start in life financially. Again this year, we have developed new teaching materials in collaboration with the Danish Association of Mathematics Teachers. Among other things, a completely new and digital dilemma game, and the degree of difficulty has been increased as well,” says Louise Mogensen, Deputy Chief Executive at the Danish Bankers Association.
 
The mathematics teachers are also pleased: “With the new materials, the teachers are able to put money and personal finance in the school timetable. This provides good opportunities for teaching a subject that can be quite difficult for many pupils”, says Gert B. Nielsen, Director at the Danish Association of Mathematics Teachers’ publishing house.
 

Cause: ignorance

According to new analyses from the Danish Bankers Association, every third Dane over 15 years lack basic financial literacy. The situation is worst for the youngest age group between 15-24 years, where every other does not master basic subjects and concepts.
 
“There is no doubt that the responsibility for ensuring that children and young people obtain the necessary financial literacy primarily lies with the parents. However, we must also note that our latest studies and analyses show that there is a need to strengthen the financial literacy,” says Louise Mogensen. The statistics are filled with young Danes who find it difficult to manage their own finances, and thus end up in unmanageable debt spirals and in the Danish credit register of bad payers, RKI.
 
"Up to 50,000 young Danes in the age of 18-30 years are registered as bad payers in RKI. This has great personal consequences, because they are prevented from getting an ordinary start in adult life. They are not able to borrow money for housing or a car, save up for retirement pension and they do not have the freedom to act and realise their dreams,” Louise Mogensen explains.
 
“A lot of young people have ended up in RKI, because they do not know or understand the most basic concepts, such as interest rates, loans and budgeting. As a result, they are not able to figure out the economic consequences of e.g. obtaining expensive consumer loans,” Michael Budolfsen, Vice President at the Financial Services Union, supplements. He has approx. 300 members as guest teachers at the schools during the Money Week this year.
 
“With this effort, we will help ensure that all children receive the teaching and skills that will enable them to make good decisions concerning personal finance,” Michael Budolfsen further adds.
 

Common European focus

Lack of financial literacy is not only a Danish problem. Therefore, there is a special focus this year on making an effort within this area, both at the Danish Bankers Association’s European sister organisations and in the European Banking Federation, EBF.
 
“This year, week 11 is not just a Danish Money Week. The European Money Week is running in 22 countries from the EU and EEA. Each will carry out various activities during the week to teach children and young people how to manage their personal finances. As in Denmark, the activities range from guest lectures to conferences and competitions,” Louise Mogensen explains.
 
Read more about the Money Week and registration on pengeuge.dk
Read more about the European Money Week on europeanmoneyweek.eu
 
 
Contact:
The organisers by writing to mail@pengeuge.dk
or directly at:
Helle Jeppesen, hje@pengeuge.dk, +45 3370 1035
Christian Michelsen, cmi@pengeuge.dk, +45 3370 1144
Press contact:
Thomas Søie Hansen, tsh@finansraadet.dk, +45 3016 1098
Danish Association of Mathematics Teachers:
Gert B. Nielsen, gbn@dkmat.dk. +45 2029 0959
We gather statistics by using cookies. If you continue using the site, you automatically agree to this. Reject here