ABSTRACT
This chapter analyzes financial literacy in Germany. Data from the 2017 Financial Literacy Survey of the Consumer Finance Research Center (CFCR) are used to assess the financial literacy in Germany, concerning ten areas of knowledge (e.g. payments, bank accounts, loans and debt, investments, retirement and planning, etc.). The first part presents some descriptive statistics about the financial literacy of the whole sample, and stresses correlation between different areas of knowledge. The second part presents the results of empirical analysis devoted to investigating the relationship between individual financial literacy and some socio-demographic characteristics (e.g. age, gender, income, education, etc.). Results show that, on average, Germans correctly answered 49% of the 50 financial literacy questions. The areas of knowledge where the Germans performed at their best and worst are ‘bank accounts’ (72% of correct answers) and ‘bonds’ (24% of correct answers).
