IU launches research project on financial education for older adults

Studies indicate that older people – particularly women with interrupted employment histories, former self-employed individuals, and migrants – often possess less financial knowledge and are at a greater risk of poverty. To date, there has been a lack of systematically developed educational and advisory services tailored to the needs of this demographic. Such services would, however, support older people in making secure financial decisions in retirement and in achieving long-term economic security.

In response to this, IU International University has launched the interdisciplinary research project “FinBiSen”, which aims to examine the level of financial literacy and the specific needs of older adults in relation to financial education. The primary objective of the project is to gather robust data in order to develop educational offerings precisely targeted to this group. These offerings are intended to empower older people to manage their financial futures autonomously.

“In light of demographic change, sound financial education is especially vital for older adults – not only for their individual security, but also for social cohesion,” remarked project leader Professor Johannes Treu, Professor of General Business Administration and Economics at IU International University. “Strengthening the financial security of the older generation also promotes intergenerational justice and lays the foundation for a stable future.”

Interdisciplinary Approach for Practical Solutions

The project, funded within the framework of an IU Incubator, brings together three experts from the fields of business administration, early childhood education, and social work:

• Professor Dr Johannes Treu (Business Administration and Economics) leads the project and manages the quantitative aspect of the study, designing online questionnaires and analysing data to systematically identify gaps in knowledge and areas of need.
• Professor Dr Stephan Otto (Early Childhood Education) is responsible for the qualitative component, evaluating interviews with older adults and considering intersectional aspects of the target group.
• Professor Dr Okka Zimmermann (Social Work) contributes expertise on social disadvantage and links both qualitative and quantitative research to adequately reflect the heterogeneity of older people.

“Through our interdisciplinary approach, we combine economic, pedagogical, and social perspectives to achieve a comprehensive understanding of the financial needs of older adults and to develop targeted educational offerings that truly provide support,” explained Professor Okka Zimmermann.

“Financial literacy in later life is not merely about numerical competence; it is closely linked to individual life circumstances and social contexts such as a migration background, all of which must be taken into account,” added Professor Stephan Otto.

Research Focus: Needs and Knowledge Gaps Among Older Adults

Key elements of the project include:

• Which areas of financial education are especially important for older adults?
• Where do specific gaps in knowledge exist?
• What further education, advice, and information offerings do older people desire?
• What barriers and motivators impact participation in educational programmes in later life?

The project combines different methods: initially, interviews are conducted to capture the experiences of older adults, followed by a survey designed to validate the findings and reveal both personal insights and actual knowledge gaps.

IU Research as a Basis for Tangible Offerings

The findings will provide policy-makers and educational providers with concrete recommendations for designing user-focused, practical, and needs-based financial education opportunities. As a result, older adults would be better positioned to plan their financial futures with greater independence and security.

Further information on the “FinBiSen” research project may be found at: https://www.iu.de/forschung/projekte/fibisen/

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