In 2019, there were more than 3.3 million unemployed young people in the EU. For the first time in history there is a risk that today’s youth will end up less financially stable than their parents.
29% of 16-29 years old are at risk of poverty or social exclusion and 11.6% of 15-24 years old are not included in the education, training, furthermore 15.9% of youth is unemployed in this age group.
Social and economic exclusion go hand in hand. Financial literacy actually makes a difference. When young people learn to live independently, they will need to be able to plan and make the appropriate financial decisions, for example, to choose a utility contract, a mobile operator. They will have to manage the risks, e.g. save money for “rainy days”, avoid unmanageable debt and take care of pension. At the same time, financial products are becoming more complex, thus making reasonable decisions became more difficult.
E+ FinLit project is here to provide tools and knowledge for youth to become more financially literate.