Comparison of financial education and knowledge in the United States and Germany: Curriculum and assessment

Changes in the economy and society lead to a growing necessity of financial education. In this context, we investigate the approaches to financial education in secondary schools in the United States and Germany. We seek to answer the question if and how the implementation of financial education is similar and different between the two countries. We address this question for financial education by comparing the educational conditions, coursework structures, content standards, instructional resources, and assessment within each country. Additionally, we focus on differences in cognitive structure of financial knowledge and understanding among students within each country. For this exploratory analysis, we used data from the Test of Financial Literacy that was administered to students in the United States and Germany (n = 2326). The empirical results reveal differences in knowledge structures in specific content areas among students in the two countries. Possible reasons for such differences and other implications are discussed.