Understanding Saving in Europe

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Type and Duration

ERASMUS, September 2019 until August 2022


Chair in Finance

Main Research

Wealth Management

Field of Research

Banking and Finance


Given the changing demographic and the continuous low interest rate environment, long-term decisions by individuals are becoming increasingly important. Saving optimally over the life cycle requires knowledge and competences many people have never acquired, yet everyone has made these decisions for themselves. Apart from basic financial knowledge, such as the time value of money or the interaction between risk and return, life-cycle savings and investment decisions require additional concepts and considerations, such as human capital, decisions on housing (rent or buy), inflation and how to protect one`s assets from it, or the impact of certain risks. The project "Understanding Saving in Europe" (USAVE) develops online courses that enable participants from two different target groups to acquire the necessary knowledge and skills in the field of life-cycle-based saving and investing. One of the courses is aimed at the general public and does not require specific previous knowledge. The other online course is aimed at students of finance, economics or related disciplines at universities. Both courses can be taken free of charge whenever the participants find the time, and at their own pace. Both courses are complemented by online software applications that allow calculations to be performed without having to spend much time understanding the formulas in the background (course 1, aimed at the general public) or coding (course 2, aimed at students). The main objectives of both courses are to improve the participants' understanding of long-term personal financial decisions and to equip them with the skills needed to create and periodically revisit/improve their own financial planning over the entire life cycle. The second course (aimed at students) also deepens and discusses the theoretical principles, methods and formulas behind the concepts and online applications.