ARE YOUNG PEOPLE FINANCIALLY LITERATE?

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We have started our FinLit project, Financial Literacy for a quicker Financial Independence, back in 2020. Our first intellectual output, IO1 was defining the baseline of the project objective, identifying the current levels of knowledge among youth and the existing educational offer on the fields of financial literacy for them.

Our national findings were gathered in the State-of-the-art report, which represents a result of a systemic, theoretical, and practical elaboration of the present conditions about the financial literacy related topics, as well as the definition of the gaps and obstacles in those fields within all three partner countries – Greece, Poland and Slovenia.

Partners carried out a review of higher education and secondary education offerings, also comprehending a review of existing training materials and methods used. In addition to that, competencies questionnaire on financial literacy was distributed among young people in each partner country to gather actual feedback from our main target group – youth between 18 and 24 years old.

Especially field research data in Slovenia, Poland and Greece showed that financial literacy levels are not desirable. Moreover, desk research reported lack of (free) courses available in matters of financial literacy for youth and their personal finance management. Therefore, FinLit team started to prepare a plan, how the gaps in educational offer and in the knowledge of youth should be addressed innovatively in order to help them build up their financial stability properly.

Based on all these information, the consortium of the FinLit project then proceeded to the other intellectual outputs; IO2: development of an e-platform and IO3: creation of an innovative e-course, covering all the aspects and gaps detected, leading to a better level of knowledge on financial literacy and presenting them with all the necessary skills to assure stable personal finance management in everyday life of young people.

State-of-the-art report with more interesting information per each partner country is available here: https://finlitproject.eu/wp-content/uploads/2021/09/FINLIT-IO1-FINAL-short-version.pdf

Thank you for your attention and time 😊

FinLit team