Promoting Financial Literacy in Europe Erasmus Project

Project Title

Promoting Financial Literacy in Europe

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 school education

Project Call Year

This project’s Call Year is 2019

Project Topics

This project is related with these Project Topics: Key Competences (incl. mathematics and literacy) – basic skills; New innovative curricula/educational methods/development of training courses; Inclusion – equity

Project Summary

Global levels of financial literacy vary and are negatively associated with the main element of inclusion and growth such as poverty, inequality, social exclusion and social mobility. In Europe, objective measures of financial literacy have reported above average achievements in countries such as Sweden and Denmark and below average levels in some countries such as Croatia, Hungary, Romania and Portugal. Financial institutions and the products they create are becoming complex whilst individuals are increasingly required to make personal financial decisions, which affect their quality of life over an increasing length of life. Financial illiteracy is highlighted among young people and initiatives to provide financial literacy have been promoted by the OECD, EU, national governments, NGOs and other stakeholders. However, the provision of financial literacy for young people has primarily focused on children of secondary school age (11 years and above). A comprehensive solution to the problem of financial illiteracy in Europe calls for the need to commence learning this essential skill earlier in childhood. Lack of age-appropriate teaching and learning resources makes it difficult for teachers who are often not subject specialists to provide the right quality of financial literacy.

The ProFiLE project brings together eight partners located in four European countries (UK, Hungary, Croatia and Italy) which have obtained below average scores in recent financial literacy surveys (OECD/INFE & PISA 2015). In each country a HEI/NGO partner will work with a school partner.

Project outputs will strengthen the provision of financial literacy in the participating countries and beyond through the development of age appropriate learning outcomes in financial literacy, teaching materials, learning tools, integrating toolkits and an academic publication on financial literacy for pupils in the target age group (7-11 years). Each of these outputs will target providing support to educators in formal and non-formal learning institutions on how to begin and/or sustain effective financial literacy programmes. Direct beneficiaries will be teachers in schools and home schooling set-ups, parents, learning support staff in schools, clubs, societies and other institutions supporting learning. Such individuals and institutions have struggled with the development of appropriate resources as financial products and institutions require specialist technical knowledge to understand.

The outputs will be translated into four languages (English, Hungarian, Croatian and Italian). Mainstreaming and multiplier events, a project website and media outlets will be used to disseminate the learning outcomes, learning materials, learning tools, integration toolkits and research findings. Using these resources, it is anticipated that educators will be able to confidently support 7-11 year-old learners in gaining requisite financial concepts and skills. With lifelong skills in financial literacy, these children will transition into later stages of their life equipped to become competent financial decision makers. The project will contribute to finding a solution to the problem of unequal access to financial literacy.

EU Grant (Eur)

Funding of the project from EU: 310061 Eur

Project Coordinator

UNIVERSITY OF GLOUCESTERSHIRE & Country: UK

Project Partners

• Rogers Személyközpontú Oktatásért Alapítvány
• Carl Rogers Személyközpontú Óvoda és Általános Iskola
• St Edward’s Preparatory School
• Istituto Comprensivo statale Amari-Roncalli-Ferrara
• Osnovna škola Marije Jurić Zagorke
• CENTRO PER LO SVILUPPO CREATIVO DANILO DOLCI
• FORUM ZA SLOBODU ODGOJA