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10th edition of the ABBL Woch vun de Suen

Published on 15 March 2024

The 10th edition of the ABBL Woch vun de Suen highlights the importance of financial education for young people in Luxembourg, bringing together 74 speakers and around 900 pupils to develop essential money management skills through classroom activities and the Money Odyssey app.

Summary

    At a time when financial education for young people should be a priority more than ever, the ABBL Foundation for Financial Education is organising the Woch vun de Suen event for the 10th consecutive year. It will take place from 18 to 22 March and aims to raise awareness among pupils in cycle 4 of Luxembourg’s basic schools (aged 10 to 12) about good money management and responsible consumption.

    Financial literacy: alarming findings for young people in Luxembourg

    In December 2023, the ABBL Foundation, in conjunction with the Commission de Surveillance du Secteur Financier (CSSF) conducted the first-ever survey of residents’ financial literacy, the OECD/INFE, an international benchmark in this field.

    “The findings were alarming, particularly among the youngest members of society”, says Jerry Grbic, Chairman of the ABBL Foundation. Whatever the dimension – financial knowledge, responsible attitudes to money or cautious behaviour in the face of online fraud – the level of Luxembourgers aged between 18 and 29 is below average.

    “Against a backdrop of geopolitical and environmental polycrisis, high interest rates and a bleak economic outlook, we may well ask whether our children are sufficiently well-prepared to face up to the economic realities of life. The answer is undoubtedly no, and calls for a broader awareness on the part of our political leaders, and for more determined and concrete action”, stresses Jerry Grbic, while welcoming the fact that the subject was mentioned in the coalition agreement signed last November.

    Against a backdrop of geopolitical and environmental polycrisis, high interest rates and a bleak economic outlook, we may well ask whether our children are sufficiently well-prepared to face up to the economic realities of life. The answer is undoubtedly no, and calls for a broader awareness on the part of our political leaders and for more determined and concrete action.

    Jerry Grbic

    CEO, ABBL

    ABBL Woch vun de Suen: mobilising the financial education sector

    Aware of their responsibility, players in the financial sector have been working for years to promote financial education. “We have been organising the Woch vun de Suen for ten years and can count on a network of motivated volunteers from the ranks of ABBL staff and members as well as CSSF agents,” explains Jessica Thyrion, coordinator of the Foundation. “But all this cannot be achieved without the enthusiasm of many teachers who are aware of what is at stake for their pupils”.

    Once again this year, 74 speakers will be visiting some 60 classrooms across the country. All in all, around 900 pupils will benefit from the initiative.

    Gilles Roth, Minister of Finance, and Claude Marx, Director General of the CSSF, will be personally involved in the programme and will be visiting classes.

    We have been organising the Woch vun de Suen for ten years and can count on a network of motivated volunteers from the ranks of ABBL staff and members as well as CSSF agents

    Jessica Thyrion

    Adviser – financial education, ABBL

    A 100% digital edition

    For the past two years, the Money Odyssey mobile application, created by the ABBL Foundation, has been used to deliver the courses. “Money Odyssey is a fun way of acquiring knowledge, using a gamification approach,” explains Jessica Thyrion. Money Odyssey is suitable for young people (from 10 years) as well as adults.

    New this year, the application has been enhanced with a Financial Challenge mode that allows players to compete online on the basis of their financial knowledge.

    The ABBL Foundation for Financial Education

    The ABBL Foundation for Financial Education was created in September 2016. It has four objectives:

    • to raise awareness of financial education among the general public,
    • to support professional training in the field of finance,
    • to develop academic programmes in finance via the University of Luxembourg and
    • to encourage research by funding doctorates, post-doctorates and chairs.

    Further information: ABBL Foundation for Financial Education and Financial Education for Luxembourg.

    Contacts

    Paul Wilwertz

    Paul Wilwertz

    Head of Communication, ABBL

    Published on 15 March 2024

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