Financial Literacy for a quicker Financial Independence Erasmus Project

Project Title

Financial Literacy for a quicker Financial Independence

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 youth

Project Call Year

This project’s Call Year is 2020

Project Topics

This project is related with these Project Topics: Economic and financial affairs (incl. funding issues); ICT – new technologies – digital competences

Project Summary

BACKGROUND AND NEEDS
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% of16-29 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 and 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.
PARTNERS
The FinLit project involves 4 partners from 3 coutries, with relevant experiences and competencies to successfuly implement the project activities and achieve its goals.
GOAL
The goal of FinLit is to empower young people with competencies, knowledge and confidence to take responsibility for their lives and create a secure future for themselves and their families. Specific objectives:
• map existing competencies in partner countries on financial literacy (40 young people in each country will be included); young people will also identify their financial literacy needs
KPIs: 3 competence folders / 40 young people / 120 completed questionnaires
• Develop a platform (with an e-course) that will ensure that young people have acquired knowledge, skills and competences in financial literacy
KPIs: 1+ integrated course platform,> 20 young, with certificates obtained
• create training materials and deliver a course using “short-term staff training” and “short-term youth blended mobility” – 20 young people and 15 individuals (staff)
KPIs: successfully completed activities and acquired knowledge, competences, skills
• Perform multiplication events
KPIs:> 110 participants
• disseminate (n> 1000)
TARGET GROUPS
a) Young people (18-24 years old): integrated or have already completed formal and non-formal learning and training and are interested in acquiring additional or new financial literacy skills, competences and knowledge.
b) Staff (youth workers, teachers, trainers, professors) at various institutions working with youth (e.g. youth organizations, non-governmental organizations, schools, universities) interested in increasing their knowledge of financial literacy
c) Organizations active in the fields of youth as well as financial, financial sustainability. Their needs are largely intertwined with the educational needs of the staff.
d) Project partners
METHODOLOGY
FinLit project will be implemented through O1-O3, C1-C2, and E1-E4.
PROJECT IMPACTS
There are several types of expected FinLit impacts:
Short term:
1. Impact of (online) training actions during project lifetime. In the short term, the project will increase the competences and knowledge of> 100 young people through participation in project activities, validation of e-platform, e-material, …
2. Impact of Dissemination actions during project lifetime. In the short term, 1,000 people (young people and other stakeholders) from partner countries will be aware of FinLit’s activities, mainly through multiplication events, dissemination activities, a closing conference.
3.Impacts on youth and society – with new knowledge and competences, young people will be able to better manage their own financial resources, become more confident, make appropriate financial decisions, which will have a positive impact on their lives and society as a whole.
Long-term:
4. Impact of (online) training actions after the project life time. We expect that young people will show a strong interest in acquiring financial literacy competences and skills. In the long term, at least 10 young people will be trained in financial literacy every year, thanks to the work they have done and the results obtained, 5 years after the project is completed.
5. Impact of Dissemination actions after the project life time. In the long term, we will continue to disseminate information with the website, social networks and annually inform at least 250 young people and other stakeholders, who will be able to share experiences on the existing website, e-platform, and acquire new knowledge.

EU Grant (Eur)

Funding of the project from EU: 108277 Eur

Project Coordinator

Mladinski kulturni center Maribor & Country: SI

Project Partners

• INNOVATION HIVE
• Mednarodni institut za implementacijo trajnostnega razvoja, Maribor
• FUNDACJA EUROPEJSKI INSTYTUT OUTSOURCINGU