Financial Literacy in the Netherlands

Abstract

Even in a relatively wealthy country with an extensive system of social benefits such as the Netherlands, people find it increasingly difficult to manage their day-to-day and long-term finances. The number of households with problematic debts has increased over the last decade, a trend that was already visible before the economic crisis. Netherlands has a long history of financial education. In 2006, existing financial education efforts were consolidated into a national strategy. Financially educated young people are one of the priorities in the national strategy. Most material related to financial education for children and young people is based on a framework of learning goals and competencies for financial empowerment. Financial education efforts are based on extensive research of financial behaviour of young people and adults. In recent years, a shift is taking place in financial education. It has become apparent that only providing information and knowledge to consumers is insufficient to influence behaviour. In coming years, more attention will be given to research on the factors that do influence behaviour and developing interventions that are effective in terms of responsible financial behaviour. In addition, an increasing effort will take place to ensure that financial competencies are integrated in the school curriculum.