Background and aim: Financial literacy (or financial competence) has become an internationally relevant and highly regarded topic. Since people often lack sufficient financial competence, in many countries efforts have been made to foster formal financial education. Less attention, however, has been paid to whether informal learning using information available on the Internet can also support the development of financial competence. However, this seems to be an important question because the Internet has expanded the opportunities for informal learning. In addition, people need to acquire financial competence on their own because not every financial topic relevant in one’s lifetime is covered in formal education syllabi. Against this background, in this study we tested whether people are able to develop financial competence by learning informally using information available on the Internet. We focused on mortgage loans, as they are comparatively complex financial products. Mortgage loans have the potential to significantly influence an individual’s financial situation. In addition, society might carry the burdens of risky and uninformed decisions about mortgage loans—as the financial and real estate crisis has shown.Method: 45 students of economics and business studies in their final undergraduate year participated. They were randomly assigned to an experimental or a control group. The experimental group explored information about mortgage loans using the loan calculator of a German bank. The control group did not explore webpages. Before the intervention, students from both groups completed knowledge tests and self-assessed their financial knowledge and behaviour. After the intervention, students had to work on a case and to decide whether a small family should take out a mortgage loan for financing a house. The decision had to be justified. In addition, students were administered an immediate and delayed knowledge test.Results and conclusions: Students of both groups did not differ in knowledge acquisition, decision making about taking a mortgage loan and argumentation quality. However, prior knowledge can be referred to in order to explain the results. Therefore, informal learning using the Internet did not seem to be effective if people did not have sufficient prior knowledge. This result underlines, on the one hand, the necessity of financial education—be it prior to informal learning or in the course of informal learning. On the other hand, the results can be interpreted as a hint to consider how to improve informal learning activities, e.g. by supporting self-regulation or by improving information material.

Professional development requires reflection. However, a conceptual model that considers the different perspectives on reflection remains missing. Regarding reflection, three different research streams can be distinguished: (I) an individual action-process-perspective, (II) a critical perspective, and (III) a social-relatedness perspective. From these three streams, important components are derived in the present study and integrated into one conceptual model. This model contains the individual and contextual components which influence reflection and considers reflection to be a process containing mutually influencing emotion, motivation, and cognition which can lead to various outcomes such as performance and, consequently, innovation. For illustrating the meaning of the model’s components in a specific professional context, we used data from an interview study with eight teachers of vocational schools. The conceptual model can serve as a basis for further research on reflection in all kinds of work contexts and be used to foster professional development, for instance by developing interventions to foster reflection.

Financial literacy is a key competence for individuals and society. Financial literacy empowers citizens to make informed decisions regarding budgeting, saving, and investing, thereby enhancing financial well-being, reducing vulnerability to financial crises, and contributing to economic stability and social equity. Despite its importance, there is a lack of clarity in terminology and comprehensive models that reflect the multifaceted nature of financial competence. To address this gap, the AFin network, funded by the German Research Foundation (DFG), aims to conceptualize financial comptence through three main objectives: (1) developing a holistic competence model that integrates cognitive, emotional, motivational, and behavioral aspects; (2) systematizing existing test instruments and underlying constructs; and (3) designing a holistic assessment approach that includes financial behavior. This interdisciplinary and international network brings together researchers from fields such as economics, educational psychology, and business education. The collaborative structure included working groups, expert inputs from various practitioners, and iterative discussions. Their collective work culminates in a SpringerBrief structured around concepts, frameworks, competence models, assessments, and a technology-based testing prototype. This chapter introduces the AFin research network and lays the groundwork for a more unified and action-oriented approach to financial education that is necessary for both academic advancement and practical implementation in education systems.

Purpose: In Germany, various approaches have been taken to tackle the current teacher shortage in technical and vocational education and training (TVET). One attempt to remedy the shortage in Bavaria has been the introduction of an engineering education study programme at universities of applied sciences. Ideal candidates for this programme should have an interest in both engineering and social interaction. For effective recruitment, therefore, it is necessary to know applicants’ characteristics such as their vocational interests. In this study, the vocational interest profiles of students in TVET teacher training programmes were identified and their interest profiles and further characteristics were compared with those of other VET students at universities and universities of applied sciences.Design/methodology/approach: An online questionnaire based on Holland’s interest theory and adapted from the Allgemeiner-Interessen-Struktur-Test-3 (interest structure test) was administered to 85 students in TVET teacher training programmes at universities and universities of applied sciences in Bavaria. Items regarding reasons for choosing a particular study programme, university location and other personal details were added.Findings: The vocational interest profiles of students at universities and universities of applied sciences can be described as similar but weakly differentiated. Insights are provided by the characteristics of students such as the majority being first-time academics in the family. The reasons for choosing the degree programme and university location highlight the fact that a large proportion of students in engineering education would not have chosen a teaching-related degree programme if it had not been offered at the respective university of applied sciences.Research limitations/implications: Although the sample in this study was small and, therefore, limiting, it represented a high proportion of TVET teacher training students in Bavaria and a substantial proportion of first-year students in TVET teacher training programmes at universities and universities of applied sciences in Bavaria (section 2.2 and 3.1). Thus, the findings provide valuable insights into commonalities in interest profiles between engineering education students at universities of applied sciences and other TVET students at universities. With respect to the domain of the chosen vocational specialisation, differentiated profiles emerged that, for example, showed a stronger artistic orientation among students in construction technology/wood. For further analysis, the previous variable-centred orientation of the analysis can be supplemented by person-centred analyses (e.g. cluster analysis and latent variable mixture modelling, LVMM) (cf. Leon et al., 2021).Practical implications: The findings in this study reveal the potential for attracting candidates to universities of applied sciences if they prefer to study in rather rural areas close to their hometowns. With the aim to educate prospective teachers for future work not only in metropolitan regions but in rural areas too, offering bachelor degree programmes in rural areas would seem promising. A regional option can boost the recruitment of new students and attract candidates that otherwise would be unable to pursue studies or a career as a teacher in vocational education. The results of this study and those of previous studies suggest that universities of applied sciences can cooperate with universities to help solve the teacher shortage problem.Social implications: Overall, it is apparent that the students' interests reached comparatively high values in all interest orientations and thus are only weakly differentiated. If undifferentiated profiles indicate low levels of career readiness, this significantly affects the recruitment of young people for the teaching profession. Assessing career orientation and promoting vocational interests should be prioritised during secondary school education. Vocational orientation measures are essential and should provide insight into typical activities of daily work life in different professions and thus pique and foster interests.Originality/value: This study provides insight into how to respond to the teacher shortage in VET by identifying important characteristics of engineering education students using vocational interest profiling.