SoFi Project: Financial Education for All – A Step towards Equal Opportunities!

SoFi Project: Financial Education for All – A Step towards Equal Opportunities!

The kick-off for the “SoFi – Socially Inclusive Financial Education” project took place on February 20, 2025 at the PH Schwäbisch Gmünd. This one from the Federal Ministry of Education and Research (BMBF)-funded project aims to improve financial education, especially for vulnerable groups. The development, testing and evaluation of teaching-learning arrangements for financial education are the focus as the need for solid financial education is increasingly recognized in society.

The project focuses on several financial content areas, including “Money & Credit”, “Insurance & Provision”, “Assets & Distribution” and “Economic & Financial Policy”. Particular attention is paid to the living situations of vulnerable groups. The aim is not only to help overcome financial challenges, but also to promote social participation. Teaching content is intended to expand the understanding of tax returns and the various tax policies in order to impart practical skills.

Future-oriented approaches

The innovative approach of this project goes beyond formal life stage models. He places a particular focus on the integration of mathematical skills in the context of financial education. Everyday mathematical skills and exposure to mathematical modeling processes play a central role. The practical training courses for teachers should be offered nationwide in order to ensure broad implementation of the teaching content.

The project team is made up of experts from various universities, including the PH Schwäbisch Gmünd, the University of Cologne, the University of Münster, the Leuphana University of Lüneburg and the University of Bielefeld. “We look forward to future networking at meetings and conferences,” said the team optimistically about the collaboration. An international advisory board with experts from countries such as Italy, Finland and Canada will also provide valuable input.

Financial education in Germany

The relevance of financial education is also emphasized by the federal government. The University of Cologne highlights that financial literacy is not only crucial for consumer participation, but should also be considered as part of general education and equity. Federal Minister of Education Bettina Stark-Watzinger and Federal Minister of Finance Christian Lindner have presented key points for a national financial education strategy that is to be developed in collaboration with the OECD.

The initiative goes beyond purely informative content. It aims to promote practical applications in everyday life, for example when dealing with cell phone contracts or retirement planning. Lindner emphasizes that strengthening financial education is of great importance for individual, competent decisions. The entire project is intended to help improve participation in economic and social life and thus promote growth and prosperity.