Financial literacy in old age: IU launches research project “FiBiSen”
The findings from the interdisciplinary project are intended to serve as recommendations for targeted financial education programmes
IU International University of Applied Sciences is launching the interdisciplinary research project “FiBiSen”, which investigates the knowledge and needs of older people with regard to financial education.
Erfurt, 1 October 2025. Studies¹ show that older people – especially women with interrupted employment histories, former self-employed individuals, and migrants – often have less financial literacy and face a higher risk of poverty. Currently, there are hardly any systematically developed educational and advisory services tailored to older people. However, these services would help seniors make sound financial decisions in retirement and secure their long-term economic well-being.
In this context, IU International University of Applied Sciences is launching the interdisciplinary research project "FiBiSen", which investigates the knowledge and needs of older people regarding financial education. The project aims to gather sound data in order to develop tailored educational programmes. These programmes should empower seniors to shape their own financial future.
"In light of demographic change, sound financial education is crucial, especially for senior citizens – not only for their individual security, but also for social cohesion. Strengthening the financial security of the older generation simultaneously promotes intergenerational fairness and lays the foundation for a stable future," emphasises project manager Dr. Johannes Treu, Professor of General Business Administration and Economics at IU International University of Applied Sciences.
Interdisciplinary approach for practical solutions
The project, funded by an IU incubator at IU International University of Applied Sciences, brings together three experts from business administration, early childhood education, and social work:
- Prof. Dr Johannes Treu (Business Administration and Economics) is the project manager and leads the quantitative part of the study, develops online questionnaires and analyses the data to systematically identify knowledge gaps and needs.
- Prof. Dr Stephan Otto (childhood education) is responsible for the qualitative study, evaluates interviews with senior citizens and considers intersectional aspects of the target group.
- Prof. Dr Okka Zimmermann (Social Work) contributes her expertise on social disadvantages and combines qualitative and quantitative research to adequately reflect the heterogeneity of senior citizens.
“Through our interdisciplinary approach, we combine economic, educational and social perspectives to fully understand the financial needs of older people and to develop targeted educational programs that truly provide support,” explains Dr. Okka Zimmermann, Professor of Social Work at IU International University of Applied Sciences.
“Financial education in old age is not just about knowing numbers, but is closely linked to individual life circumstances and social contexts such as a migration background – this must be taken into account,” adds Dr. Stephan Otto, Professor of Childhood Education at IU International University of Applied Sciences.
Research focus: Needs and knowledge gaps of older people
Key areas of investigation for the project include:
- Which areas of financial education are particularly important for senior citizens?
- Where do specific knowledge gaps exist?
- What training, advice and information services do senior citizens want?
- What barriers and motivators influence participation in educational opportunities in old age?
The research project combines various methods: First, the experiences of senior citizens are gathered through interviews. This is followed by a survey to confirm the results and to capture both personal impressions and actual knowledge gaps.
IU research as a basis for concrete offers
The collected data is intended to provide policymakers and education providers with concrete recommendations on how they can design their financial education programs to be more targeted, practical, and needs-based. This would enable older people to plan their financial future more independently and securely.
Further information on the research project “FiBiSen”: https://www.iu.de/forschung/projekte/fibisen/
Financial education as a research topic at IU
Professor Dr Johannes Treu conducts research at IU on the topic of financial literacy and regularly appears as an expert in the media. He was, among other things, a co-author of the IU study "Financial Literacy – What is the State of Financial Knowledge in Germany?", published in August 2023. He is currently working with IU on another study on financial well-being in Germany.
Press release from IU dated 2 August 2023, regarding the study “Financial Education – What is the state of financial knowledge in Germany?”: https://www.iu.de/news/repraesentative-kurzstudie-zu-finanzieller-bildung/
Study website: https://www.iu.de/forschung/studien/finanzielle-bildung/
Contact for inquiries
Prof. Dr Johannes Treu
johannes.treu@iu.org
1 Sources:
https://www.destatis.de/DE/Themen/Querschnitt/Demografischer-Wandel/Aeltere-Menschen/armutsgefaehrdung.html
https://www.iwkoeln.de/fileadmin/user_upload/Studien/IW-Trends/Daten/IW-Trends-3-2012-Niehues-Pimpertz.pdf
https://www.bamf.de/SharedDocs/Anlagen/DE/Forschung/Forschungsberichte/fb18-aeltere-migranten.pdf
https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Fachartikel/2023/fa_bj_2304_Finanzwissen.html
https://www.cash-online.de/a/rentner-studie-ein-drittel-der-ehemaligen-selbststaendigen-muss-mit-weniger-als-700-euro-auskommen-680247/
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