ERSTE Stiftung
ERSTE Stiftung

Erste Financial Life Park

Europe’s biggest financial education initiative

Did you know?

A “loan shark” is a colloquial expression that describes someone who offers credit at unfair conditions and operates outside the regulated banking system.

A loan shark may grant credit quickly and without asking for security, but the borrower will usually have to pay excessively high interest. Or did you know that “BIC” stands for the international eight-digit or eleven-digit Business Identifier Code that has replaced the former bank code as a unique identifier of banks and other companies around the world? Because the BIC is included in the IBAN code, it no longer has to be stated separately for money transfers within the European Union.

“Money”

Pink Floyd, 1973
As the world of finance becomes more complex, most of us aren’t able to keep up. A lack of knowledge and skills in financial affairs has negative consequences for the economy, but also for society and culture.

What can we do?​

Let’s try to raise interest in finance and the economy among children, young people and adults to promote and strengthen responsible management of personal finances.

The Erste Financial Life Park (FLiP), a facility for innovative financial education, promotes know-how in money matters. It offers 1,500m² of interactive exhibition space and much more besides. The FLiP Experience visitor programme combines with the FLiP Library, FLiP Lab and FLiP Web to create an information platform about money, the economy and entrepreneurship.

“Money, Money, Money”

Abba, 1976
FLiP2Go tours Austria, photo: FLiP

Why are we doing this?

Money plays an important role in our lives. It therefore makes sense to actively address money issues – something which only very few people do.

The FLiP is neither a marketing tool nor a sales promotion gimmick. It is a centre for knowledge transfer dedicated exclusively to education about finance and the economy. We need a sound grasp of basic financial facts to cope with the money issues in our lives and manage our personal finances. Everybody needs skills and knowledge in the financial field to be able to take the right financial decisions and participate successfully in economic activities. Financial education is a powerful tool to improve people’s individual lives and advance society at large. Money management skills are crucial in the struggle against growing indebtedness among young people.

“Money for nothing!”

Dire Straits, 1985

Kardea

KARDEA! is the first award throughout Austria for financial education in schools. It encourages conscious and responsible use of money. KARDEA! motivates students to reflect about money and build up financial literacy. All pupils at any Austrian school can take part. www.kardea.org

Kardea-Logo

Good to know

  • www.financiallifepark.at
  • Am Belvedere 1, 1100 Vienna, Austria
  • Visitors: more than 110,000 since the opening
  • FLiP2Go tours Austria: more than 200 days a year
  • Educators: 5 fulltime, over 100 volunteers
  • Guided tours per day: 5
  • Large portfolio of digital and analog teaching and learning materials
  • Advisory panel of academics and practitioners:
    Christoph Badelt (chair) – President of the Austrian Fiscal Advisory Council and economist
    Hans Grohs – Expert in social affairs and debt advisory services
    Sue Lewis – Chair of the UK Financial Services Consumer Panel, financial education advisor to the OECD
    Gyöngyi Lóránth – Department of Finance, University of Vienna
    Johanna Mair – Stanford University, Hertie School of Governance
    Leonore Riitsalu - Expert in financial well-being and behavioural insights
  • Certificates for E-Learning Challenges:
    Education Alliance Finland 2019, 2020, 2021, 2022
    Gütesiegel Lern-Apps for Entrepreneurship Challenge and Future Choices Challenge

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ERSTE Stiftung

Florian Bauer

Director Social Finance, Sustainability and Innovation
Since 2023, Florian Bauer has been responsible for social finance, sustainability and social innovation at ERSTE Foundation. Prior to this role, Florian worked in the NGO & Social Entrepreneurship sector for more than 13 years. He led the Renewable Energy and Energy Efficiency Partnership (REEEP), an international multilateral NGO that works to accelerate market-based deployment of renewable energy and energy efficient systems in developing countries, and was Managing Director & COO of the Impact Hub Vienna. From 2020-2023, Florian established strategic alliances with key partners and helped to create innovative semantic technology solutions at Semantic Web Company (SWC), a leading IT company in semantic AI solutions.

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