Having been mandated with the task of coordinating financial education policies, the CSSF developed in 2015 a national strategy on financial education. In order to take into account the developments of the last few years, this strategy has been updated and presented by Catherine Bourin, Member of the Management Board of the ABBL and Danièle Berna-Ost, General Secretary, CSSF,  during the conference. The work was carried out in collaboration with various stakeholders , including the ABBL Foundation. 

The update of the national strategy largely refers to the framework of financial competences for adults defined by the European Commission and the OECD's International Network for Financial Education (INFE) published in 2022. The aim of this framework is to promote a common understanding of financial literacy among Member States, to provide a basis for a coordinated approach among policy makers, with the ultimate goal of improving the financial literacy of individuals. 

Note: The update of the national strategy on financial education is the result of a collaboration between several actors: the CSSF - The ABBL Foundation for Financial Education - The Luxembourg Association of Investment Funds (ALFI) - The Association of Insurance and Reinsurance Companies (ACA). With the participation of the Ministry of Education, Children and Youth - Ministry of Finance and the Ministry of Consumer Protection. In addition, the following actors were invited to contribute : the Ligue Médico-Sociale, Inter-Actions, the Ententes des Offices Sociaux, the Central Bank of Luxembourg, the Centre Européen des Consommateurs Luxembourg, the Union luxembourgeoise des Consommateurs and the Ministry of Family

Financial education in the school curriculum

New pillars have been included in the new version of the strategy: cybercrime, cryptocurrencies, retirement readiness and sustainable finance. The strategy includes a number of recommendations among which the introduction of financial education in the school curricula of basic and secondary education. The objective is that every student who leaves Luxembourg's education system should have attended training sessions that provide them with practical knowledge in personal finance and an understanding of the basic elements of economic life. Thus, students should learn, among other things, how to manage their income and expenses, how to establish a family budget, and how to make the right decisions regarding their financial commitments. Each student should also be familiar with the different means of payment, their risks and have notions about financial instruments.

Better coordination of initiatives

The strategy also recommends to improve the coordination of different initiatives. There is a great diversity of extracurricular activities in Luxembourg, but no coordination of the whole offer, neither within the schools, nor within the actors providing the offer. Therefore, in order to ensure a better impact of this offer and a better distribution of these initiatives to the public concerned, a national coordination should be undertaken.

Monitoring and measuring the evolution of financial litteracy

One more recommendation is to monitor and measure the effectiveness of the initiatives. As the analysis of the level of financial literacy was carried out thanks to the OECD survey mentioned before the strategy proposes to repeat this analysis at regular intervals in the future. These new analyses will make it possible to evaluate the evolution of the knowledge and behavior of the Luxembourg population. KPIs can already be identified according to the main trends that emerge from this study. Subsequent measurements will make it possible to determine future priorities for financial education and/or to redirect the actions undertaken.



Financial Education Adviser

More info?

Contact Jessica Thyrion, Financial Education Adviser at the ABBL.