Knowledge Positively Influences Wealth Development
Annamaria Lusardi, a professor of economics and accounting, found in her studies that a significant portion of the population struggles to answer simple financial questions. In an interview with NZZ am Sonntag in early 2020, she emphasized that even in developed markets like the USA, only 30% of respondents could answer basic financial questions correctly. In Switzerland, there are also significant knowledge gaps, particularly in the French-speaking region, while the German-speaking region performs better.
Lusardi's research shows that a lack of financial literacy not only negatively affects personal wealth development but also causes broader economic costs. Young and old people, women, and those with lower incomes and education levels are particularly affected.
The Important Role of Parents and Schools
To improve financial literacy, it's essential that financial education starts in schools. The curriculum in German-speaking Switzerland has recognized this, integrating economics and household management as mandatory subjects. Agnes Würsch from the Financial Literacy Network expects the importance of financial competence to increase further over the next five years, with parents also playing a key role.
How Urble Can Help
urble offers an innovative platform that uses digital assets and smart contracts to make saving both fun and educational. Parents can set milestones that children must reach to earn rewards, promoting financial literacy and making saving exciting and tangible. Through urble, children and adolescents can learn early on to make informed and secure financial decisions, rather than just relying on their gut feeling.
