Financial education portal “Fianznavi” now also available in English Finanznavi now also offers more guidance on financial matters for citizens in Austria in English
"With today's launch of the English version of the financial education portal "Finanznavi", together with high-ranking representatives of the European Commission and the OECD, we are reaching another major milestone in the implementation of the National Financial Education Strategy following the publication of the German-language part of "Finanznavi" in September 2024. This will increase the portal's reach and enable more people to use it and further their financial education," emphasised Finance Minister Gunter Mayr.
OeNB Governor Robert Holzmann adds: "With the English version of the Finanznavi, we are reaching new target groups and sections of the population. The bid is aimed at all citizens and helps them to build up the knowledge they need to make informed financial decisions." A panel discussion with high-ranking international experts on the topic of "Best Practices and Learnings from National Websites on Financial Literacy" was held at the Federal Ministry of Finance (BMF) on 12 December 2024 to present the portal. Chaired by Chiara Monticone (OECD), the panellists were Ralf Hörnschemeyer (Federal Ministry of Finance, Germany), Gaëlle Albert (Banque de France), Serena Marzucchi (Edufin Committee, Italy) and Caroline Laws (Money & Pensions Service, UK).
Since September 2021, a consortium of stakeholders has been implementing the National Financial Education Strategy. The aim is to strengthen the population's financial knowledge and financial literacy. The latest results of an OECD study show that people in Austria aged 16 and over perform above average in an international cf.. However, there are still considerable deficits in many sectors, for example in youth debt or pension provision. Adults still need to catch up on issues relating to risk diversification and compound interest. The financial education portal "Finanznavi" was implemented as part of the action plan of the National Financial Education Strategy.
"Designed as a one-stop shop, "Finanznavi" is the first port of call for people of all ages who want to educate themselves financially and make informed financial decisions," continues Mayr. The bid ranges from basic information to more complex topics and includes financial topics that are relevant to life: how to handle money safely, various payment options, saving and investing, loans and debt, risk management and consumer protection, including protection against financial fraud.
In order to increase awareness of the portal among the population, a targeted, Austria-wide campaign has been organised in recent weeks. This involved a media mix consisting of online and offline advertising such as city lights, stickers on buses in city centres, banner advertising and social media advertising.
Finanznavi as the first port of call for quality-assured financial information
A key aim of the portal is to provide verified content and practice-orientated examples free of charge. "At a time when we are seeing an increasing number of dubious bids from finfluencers alongside high-quality offers in the digital space, it is important to have a reliable point of contact for quality-assured information on basic financial education and everyday topics," adds Governor Holzmann. The cooperation between the various institutions ensures that the content has a broad basis. Users can select their respective phase of life on the "Finanznavi homepage" and go directly to relevant content. The portal also offers a comprehensive collection of links to other websites, tools and around 150 external financial education offers from various trustworthy institutions. With the "Finanznavi-Check", you can interactively test the financial knowledge you have learnt and at the same time find out in which sectors you still need to catch up. As well as testing your own financial knowledge, you also have the opportunity to reflect on your own financial habits. In addition to the information texts, the portal offers 16 short explanatory videos on important topics.
About the Finanznavi
Finanznavi is a project within the framework of Austria's National Financial Education Strategy, which was initiated by the Ministry of Finance and the Oesterreichische Nationalbank. It was also made possible by the European Commission and implemented with the OECD. The aim of the portal is to sustainably improve the financial education of people in Austria and to provide guidance on important financial issues.