Most Germans are in favour of making money matters part of the school curriculum

Many Germans already take online banking for granted and digital services like contactless payment, video identification and robo-advisers are gaining ground. “Intelligent digital solutions make banking transactions and personal financial planning easier," says Belgin Rudack, Chief Executive Officer of Creditplus Bank. “But not all customers are familiar with them to start with. Which tools could be useful for me? How is my data kept secure? Questions like this should be addressed at school.”

Creditplus Bank has already had some positive experience in this regard. Creditplus staff have been supporting schools for years by delivering lessons on handling money. “For example, apps can be a huge help when it comes to keeping track of your own finances," says Rudack. “Online tutorials and digital advisers offer useful financial tips. Everyone should be aware of these tools.”

Scepticism and uncertainty about crypto currencies

One example of a digital innovation that we hear a lot about but very few people understand in detail, are crypto currencies. In the Creditplus survey, one in ten Germans freely admitted not knowing what crypto currencies really are. Overall, almost three quarters of Germans are sceptical about Bitcoins & Co. and would be unlikely to use it to make payments. “Here again, information is key," says Rudack. “Crypto currencies carry a high level of risk, due to the enormous exchange rate fluctuations, something everyone should know."

Only a minority keep a household budget

Lessons in money matters could also help individuals improve their personal financial planning. According to the study, almost two thirds of Germans do not keep a household budget - in a digital or paper format. Just one in ten of the respondents said they used apps or a cloud to record their own income and expenditure. “Even school children should know that it's simply essential to keep track of your outgoings," says Rudack. “Lessons can demonstrate how to manage your income and expenditure digitally and explain the benefits."