Journal - Allianz

EUROPE
The number of 18-to-20-year-olds in Germany who have
fallen into debt has more than trebled since 2004. The situation
is hardly better in other countries. The foundation My Finance
Coach has developed a program to address this issue.
FRANK STERN
Caution: debt trap!
Even adults can find it hard to resist the temptations
of the consumer world. So how are children and adolescents
supposed to cope, especially since they don’t
learn how to manage their money at school? To fill this
educational gap, Allianz, management consulting firm
McKinsey and marketing agency Grey set up My Finance
Coach in 2010. In the meantime, accounting firm KPMG
and conglomerate Haniel have joined the club.
Praised by some for its commitment and viewed critically
by others, the foundation is now active in Germany,
Thailand, Malaysia, Indonesia and Argentina. “Naivety
about money matters is a global problem,” says managing
director Christian Keller. “Young people need practical
financial instruction to act as responsible consumers.”
My Finance Coach goes where the knowledge gaps
are the greatest: in less academic secondary schools.
It presents lesson material developed by experts and
sends employees from the founding companies to coach
students. But consumer protection agencies remain
skeptical. They are afraid that big business will exert too
Generation smartphone: My Finance Coach
explains where hidden costs lie
much sway on the lesson content in schools and that the
participating companies could engage in subliminal lobbying
in the classroom. But that’s precisely what doesn’t
happen with My Finance Coach, says Christian Keller
reassuringly.
The charitable foundation was declared an official
project of the UN Decade of Education for Sustainable
Development in 2011 and was awarded the Comenius
Seal for exemplary educational media by the German
Society for Pedagogy and Information. Coaches must
confirm in writing that they will not use the lessons for
marketing purposes. No company brochures, no advertising
material, not even a ballpoint pen bearing the
company logo are allowed.
Since the project’s launch in 2010, 1350 coaches in
Germany have instructed over 200,000 students aged
between 10 and 16 on the ins and outs of financial matters:
how to manage money, how to recognize hidden
costs and how to avoid exceeding one’s budget. Some of
the modules, which have been devised by teachers and
Shutterstock
My Finance Coach
Christian
Keller
“Everything is
above board”
My Finance Coach, an initiative of Allianz, Grey,
McKinsey, Haniel and KPMG, was set up to teach
school children how to manage their money wisely.
Critics are skeptical. We interviewed the managing
director of My Finance Coach, Christian Keller.
Mr. Keller, how independent is My Finance Coach?
Well, we have no financial agenda, if that’s what you
mean. Our work has nothing to do with marketing, sales
or data collecting. Our aim is to prepare young people
for life in general and to fill a gap in their knowledge
that the school curriculum evidently fails to address.
In this respect we’re assuming an important social and
political role. In the best-case scenario we’re educating
a new generation of young adults who will have a more
informed approach to their finances. In the long run this
will benefit everyone, not just the initiators of My Finance
Coach. Young people will be more knowledgeable about
money matters – whether they’re purchasing a car, an
insurance policy or a cell phone. In the end, our commitment
today will help prevent people from falling into
debt in the future.
Critics fear that the business community could
exert a subliminal influence on the teaching of the
subject.
All our lesson materials are freely available on the
internet – and that’s an important seal of approval.
Everything is above board. We’ve established a code of
conduct that forbids our coaches from engaging in any
form of advertising in the classroom. Violators can
be prosecuted under employment laws. That’s no
joke. The trust that pupils and teachers ▶
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