We Are All Part of the Economy A foundation for economic literacy has been set up in Austria
Economic and financial literacy is a key skill and should therefore be a main feature of education in the twenty-first century. Everyone should be empowered to participate maturely, independently, responsibly and competently in developing and shaping the economy – and by extension, society as a whole. However, Austrians lack important knowledge about the basic vocabulary and workings of economic and financial life. Academic studies of the status quo confirm this. The shared goal of making economic literacy a key feature of education in Austria brought together the Chamber of Labour, ERSTE Foundation, the Federation of Austrian Industries, the Innovation Foundation for Education, the MEGA Foundation for Education, the central bank of Austria (Oesterreichische Nationalbank), and the Austrian Economic Chambers. These seven partner organisations have formed a pioneering alliance that is mobilising and pooling resources for strengthening general economic literacy throughout Austria – and in December 2020, they established the Foundation for Economic Literacy (Stiftung für Wirtschaftsbildung). The new foundation’s goal is to sustainably, effectively and systematically integrate economic literacy into general education both within and outside of schools. It is working closely with the education ministry so that it can incorporate the latest developments in curricula and teaching principles into its work. It is also addressing important questions, such as: How can we improve economic literacy for Austrians both within and outside of schools? What economic knowledge and skills will help pupils to better assess and successfully deal with everyday situations? How can we ensure that pupils leave school with more practical economic knowledge? How can we incorporate these approaches into our education system? The seven partners encompass a diverse range of perspectives, which means that the foundation has a sustainable institutional basis and can address many different issues. As part of an innovative, interorganisational project, the partners will also create an extensive platform for economic literacy that brings together their existing activities in the field. The foundation’s work focuses on three areas: anchoring economic literacy in the mainstream education system, providing support for teachers, and building awareness among the relevant stakeholders. 34
