{"version":"1.0","provider_name":"Schulgold","provider_url":"https:\/\/schulgold.com\/en\/","title":"Schulgold: Financial education for children - Schulgold","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\" data-secret=\"F3lIPYvefg\"><a href=\"https:\/\/schulgold.com\/en\/schulgold-financial-education-for-children\/\">Schulgold: Financial education for children<\/a><\/blockquote><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/schulgold.com\/en\/schulgold-financial-education-for-children\/embed\/#?secret=F3lIPYvefg\" width=\"600\" height=\"338\" title=\"&#8220;Schulgold: Financial education for children&#8221; &#8212; Schulgold\" data-secret=\"F3lIPYvefg\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\n\/*! This file is auto-generated *\/\n!function(d,l){\"use strict\";l.querySelector&&d.addEventListener&&\"undefined\"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),o=l.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),c=new RegExp(\"^https?:$\",\"i\"),i=0;i<o.length;i++)o[i].style.display=\"none\";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute(\"style\"),\"height\"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):\"link\"===t.message&&(r=new URL(s.getAttribute(\"src\")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener(\"message\",d.wp.receiveEmbedMessage,!1),l.addEventListener(\"DOMContentLoaded\",function(){for(var e,t,s=l.querySelectorAll(\"iframe.wp-embedded-content\"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute(\"data-secret\"))||(t=Math.random().toString(36).substring(2,12),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t)),e.contentWindow.postMessage({message:\"ready\",secret:t},\"*\")},!1)))}(window,document);\n\/\/# sourceURL=https:\/\/schulgold.com\/wp-includes\/js\/wp-embed.min.js\n\/* ]]> *\/\n<\/script>\n","thumbnail_url":"https:\/\/schulgold.com\/wp-content\/uploads\/2023\/04\/stencil.blog-post-feature-1.jpg","thumbnail_width":1200,"thumbnail_height":600,"description":"When you were at school, did you wish there was a subject that taught you how to handle money properly? I wished the subject of finance had been taught at school. It would have saved me a lot of detours and time. That&#8217;s why I launched Schulgold together with my co-founders Karolina Decker from FinMarie and Dragos Nedelcu. Schulgold is a digital learning platform for students that is used by teachers in classrooms. We founded Schulgold to bring the topic of financial education into schools. During an interview, I was asked exciting questions about financial education, which I would like to answer in today&#8217;s podcast episode. Do we need financial education as a school subject? Absolutely! Over 50 percent of people in Germany have not received any financial education. This is a huge challenge. Children do not learn the meaning and value of money at school. Because of this lack of knowledge, they are often unable to relate to money. They also don&#8217;t learn how to build a life of financial abundance. There are many aspects of financial illiteracy in Germany. What basic knowledge should we have? It is extremely important to start by looking at the value behind money. In other words, how much do certain things that I want cost? Secondly, you need to understand how much time a person must invest to create this value. It helps to realize that the material value of things is very closely linked to lifetime. And this is also the link to the third insight: Time that we cannot spend with our friends and family can lead us to feel unfulfilled. Fourthly, we need practical knowledge on how to build our wealth and what steps we need to take to do so. What are the effects of a lack of financial education? People are not naturally in a position to make sound financial decisions. They do not develop an understanding of money because they do not know its value. Financial education also includes dealing with credit. There is a lack of education about the negative spiral that debt can set in motion. Don&#8217;t buy anything you can&#8217;t afford! If I don&#8217;t learn how to handle money strategically from the outset, I will find it difficult to build up my wealth. As a result, I won&#8217;t be able to live in the financial abundance I would like to live in. In addition, a lack of financial education means that people don&#8217;t realize that they, alone, are responsible for their financial situation. They look for someone to blame for their situation. Isn&#8217;t a financial literacy course at the age of 18 good enough? In my experience, this is not good enough at all because we are already very far along in our personal development at the age of 18. By that time, we are very likely already the &#8220;product&#8221; of our environment. If a child grows up in financial circumstances that are characterized by debt due to loans or bad feelings about money, then their own financial path is negatively preloaded. As the child does not know that there are &#8220;other&#8221; financial paths, the familiar ones are taken. The topic of financial education must absolutely be taught in schools in order to create better opportunities for our children! Is the crucial nature of financial education underestimated in politics? Certainly! If people do not learn early on that they bear full responsibility for their financial situation, then one consequence of this can be that people rely more on social systems and then &#8220;burden&#8221; them in the long term. The number of people in debt has risen in recent years. What are the biggest temptations? Do you know how high the debt in Germany is? It is currently over 2 trillion, 44 billion euros! That means a current sum of EUR 24,600 per capita. Debt is increasing by almost EUR 10,000 per second! These figures are from 15.07.2020. You can find out about the current level of debt at any time on the page The Taxpayer. Debt is increasing every day because people do not know and in some cases have not understood the important basic principle: Only buy what you can afford! In the past, I didn&#8217;t know the difference between &#8220;good debt and bad debt&#8221; either. There is huge misdirection in the economy, which entices people with zero-percent financing and makes it an &#8220;it&#8221; factor to buy certain things on credit. Banks and commercial enterprises are tempting people with cheap consumer loans, and people are not being honest with themselves and not admitting that they cannot afford certain things at the moment. It is important to develop alternative ways of fulfilling consumer desires without using financing. It&#8217;s no good at all to pay back a vacation you take today over the next one to three years. How are you going to afford a vacation later if you can&#8217;t afford it today? For me, financial education is the basic prerequisite for a fulfilling and successful life. What can people do if they still want to go on vacation? And how can I buy a car with little money, for example? If you want to go on vacation or buy certain things even though your account balance doesn&#8217;t allow it, you can use the following alternatives: If you want to travel and don&#8217;t have any money, use systems such as Couchsurfing or &#8220;work and travel&#8221;. Start saving for your financial wishes in a separate account early on. Use marketplaces that offer used items at a low price. Buy a car that is older. Take a look at the everyday situations in which you can save money. This could be your daily coffee-to-go, for example. Develop ideas to increase your income. People with a lower level of financial literacy are more likely to take out expensive loans, save less for their old age and often don&#8217;t even know what effective interest rates they pay on loans. Yet these are supposedly simple concepts that would at ..."}