The matter is a serious one, Febelfin said, because the habits instilled in young people are carried through into adult life, and mistakes made early on can have long-lasting effects. “If you ask me, children from the age of 12 ought to know what a savings account is, and from the age of 15 they should know the difference between shares and bonds,” said Febelfin chairman Stefaan Decraene. The federation would prefer to leave it to the government to determine the exact means of achieving the goal.

The terms of the leaving certificate of secondary education in the Dutchspeaking system are to be adjusted from next year to include a measure of “financial literacy,” the office of education minister Pascal Smet said.

But the problem is not restricted to school students. Although adults achieved passing grades, the numbers were not spectacular. The average person knows more about bank affairs than insurance matters and more about general questions than those linked to specific products.

A selection of the questions put by Febelfin:
You put €100 in a savings account with an interest rate of 2% a year.

What is the balance after five years, if nothing is deposited or withdrawn?
a.More than €102
b.Less than €102
c.Exactly €102

Family insurance:
a.is only useful if I have children or pets
b.is only useful if something happens at home
c.is also useful in other situations

A variable rate of interest is:
a.the interest I pay on a loan, which can be adjusted
b.the interest I pay on a loan, which is linked to the health index
c.the interest I earn on my account, adjusted annually

Answers: a, c and a