FinAncial EducatIon foR Legal economY – FAIRLY Erasmus Project

Project Title

FinAncial EducatIon foR Legal economY – FAIRLY

Project Key Action

This project related with these key action: Cooperation for innovation and the exchange of good practices

Project Action Type

This project related with this action type : Strategic Partnerships for adult education

Project Call Year

This project’s Call Year is 2020

Project Topics

This project is related with these Project Topics: Inclusion – equity; Economic and financial affairs (incl. funding issues); Key Competences (incl. mathematics and literacy) – basic skills

Project Summary

Disparity in financial literacy among European citizens represents a big challenge for the EU. Any commercial, economic or social action (i.e. study loans, paying taxes, taking up employment, starting an enterprise, signing a rent contract, starting a mortgage) requires basic financial competencies that many people lack. This becomes especially problematic for adults, as this lack of knowledge becomes a real obstacle to plan their economic life and achieve entrepreneurial objectives (to start a new business, business loans and relations with investors).

Financial literacy programmes target children or highly educated young in almost all EU States but are not able to reach adults, households and NEETs, facing more barriers in learning such subjects. The rising complexity of the financial system and of the connection in the economy has hampered the capacity of every EU citizen in the field of economic decisions. This, in turn, damages the economy discouraging people, in particular those with a low skilled background, when dealing with financial and credit institutions or with the entrepreneurial world. Thus, financial literacy education sits at the heart of any solid economic system for Europe, because education is key to shaping people’s mind-set, attitudes and skills. Finally, it is important to educate about the so-called “legal economy”. In fact, above all in the rural areas, uneducated or low-skilled people often address to informal or “black financial market” fostering illegal practices and exposing themselves to risks, such as usury or fraud.

The project objective will be engaging this target groups and educating them on financial themes will impact in their live and support them in the understanding of financial activities. The project aims to close the financial literacy gap revealed by past European Projects and pointed out in significant publications by institutions like the OECD and EBF, with specific attention dedicated to the target group through a high quality Educational methodology applied to the financial education sector. Moreover the project wants to take a further step on. In fact, a key element for proper financial education is the provision of fundamental tools to recognize the illegal conduct on the part of the “suppliers” of services, necessarily related to financial choices in daily or working life. ICT tools will be developed not only for improve training methodologies but also to provide a useful tool to understand basic financial and economic mechanisms.

The project will involve representatives of the following target groups:
Unemployed/NEETs, households, professional (mostly freelances) workers and in general all low skilled people who feel the need to learn more about the financial world. Besides, a wide range of stakeholders will be involved such as trainers, financial and banking field and law enforcement representatives.

For this reason, the general objectives of this project will be:
– To increase the financial literacy of adults;
– To increase the ability of the mentioned target groups to deal with daily or life economic/financial decisions;
– To increase the ability of the target group about how to start a business and to cope with the related issues;
– To educate to the so-called “legal economy” above all in the rural and less-developed areas;
– To increase the ability of the target groups to recognize financial “misconducts” to make right their financial or economical choices;
– To develop innovative education practices, with a particular attention to the methodology and the development of educational ICT tools, such as smartphone apps.

The Intellectual Output that will result from the activity of the partnership will be:
IO1: Legal economy training module.
IO2: Training platform and App.
IO3: Practical guide for informed and safe financial choices.

Teaching/Learning activities aim at supporting the assessment of methodologies, training material and ICT tools developed in FAIRLY project. They will allow generating innovation on financial and anti-fraud skills and dissemination of FAIRLY results. A learning activity is the most accurate way to test the efficacy of the developed training material and of the FAIRLY platform. The outcome of the learning activity can give the chance to consolidate the methodology and to offer a valid training system for the sustainability of the project.

This project brings together several partners from different sectors and countries, including Chamber of Commerce, Adult edu providers, banking system companies and expert companies to prevent, detect and investigate frauds, corruption and unethical business behaviours. In detail the partners will be: Italian Luxembourg Chamber of Commerce (Luxembourg), CBE (Belgium), DomSpain (Spain), VEDA (Bulgaria), Hibis (Norway), CIOFS-FP Piemonte (Italy). The project will last 24 months and it will organize 4 project meeting and 6 multiplier events.

EU Grant (Eur)

Funding of the project from EU: 179944 Eur

Project Coordinator

CAMERA DI COMMERCIO ITALO-LUSSEMBURGHESE & Country: LU

Project Partners

• Hibis AS
• CENTRO ITALIANO OPERE FEMMINILI SALESIANE – FORMAZIONE PROFESSIONALE PIEMONTE CIOFS – FP PIEMONTE
• COOPERATION BANCAIRE POUR L’EUROPE
• Varna Economic Development Agency
• DOMSPAIN SLU