Developing Financial Competencies for EU Citizens Utilizing Online Learning and Digital Literacy Erasmus Project

Project Title

Developing Financial Competencies for EU Citizens Utilizing Online Learning and Digital Literacy

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 2014

Project Topics

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

Project Summary

In the current times of economic turbulence and market shortcoming, where the majority of EU citizens are struggling to manage the financial challenges they face, a real life need for the development of their financial literacy competencies has been identified, in particular among young EU adults (18 – 35). It was in this context that the eFinLit project was created. Its main goals were to help people to understand the mechanics of the economy and the market, providing them with the necessary tools to deal with daily financial issues, and protect them from slipping in to extremely negative situations. Moreover, the project also intended to, directly and indirectly, promote the digital numeracy, language, reading, collaboration and communication skills of the target. To attain these goals, the consortium developed an online educational platform which encompasses social networking tools, online games, data bases, and training packages of online self-regulated modules, which are also be available through mobile platforms. The online training modules developed are:
1. Digital Literacy and Access to Financial Information
2. Basic Maths
3. Budgeting
4. Savings
5. Indebtedness
6. Credit and Loans
7. Consumer Rights
8. Investment and Entrepreneurship

The consortium of the eFinLit consisted from 8 partner from 7 different EU countries; partners come from a wide range of backgrounds including training centres, family care centres, research and development centres, and SMEs. The eFinLit is in full alignment with the priorities, objectives and aims of the ERASMUS+ Strategic Partnerships call for Adults as it envisions in adults up-skilling and provision of transversal skills, provide access to Open Educational Resources based on ICT, carry awareness campaigns, and promote validation, accreditation and certification for adult training.

To attain the objectives the consortium undertook several activities. The first one consisted on a State of the Art and Gap Analysis. Here partners collected information about the gap in financial literacy in particular in the training of digital, financial and math literacies. Results provided information not only about financial literacy but also about eLearning and adequate pedagogies to be used with the target of this project. These were later incorporated in the learning platform and modules developed, which consisted in the next activity. 8 modules were developed, each one being divided in basic and advanced levels. Basic was designed for a target with a lower level of education (translated in all partners’ languages) and Advanced for a target with a higher level of education (contents only in English). All modules followed the latest pedagogical developments concerning eLearning and so are interactive, have videos, games, quizzes and a final self-evaluation test so each user can assess his / her knowledge at the end. The platform also has a forum so all users can interact. All models were tested and validated and suggestions and comments were incorporated. A web portal was also developed – http://efinlit.eu/. Here, users can find, besides the eLearning platform, also an elibrary with additional suggestions such as a toolkit in a digital flip book format with information regarding the modules as well as hints and advices on how to use the materials with the students. Useful links can also be found here. A mobile app was also developed – https://play.google.com/store/apps/details?id=cardet.efinlit. This allows all users to use the platform wherever they are.
Dissemination activities were also organized. Each partner organized national seminars to present the results of the project and involve the target group. At the end of the project a multiplier conference was organized in Cyprus. Additionally, partners also organized other dissemination events or participated in seminars and conferences presenting the project. News were also published in several publications, including journals, newspapers, and websites just to mention a few. 8 newsletters were produced and sent to thousands contacts all over Europe.
The target group was involved since the beginning of the development of the project. His opinion and concerns were taken into consideration throughout the project. Moreover, all the activities contributed to attract interest from the media. Due to the language proximity some contacts were also made with Brazil and perspectives of collaboration and dissemination there were also envisaged.
In a Europe still recovering from the crisis and dealing with the problem of migrants and refugees, this project can also be used as a useful tool to help these people to develop the necessary skills to survive after having healed the wounds of war.

EU Grant (Eur)

Funding of the project from EU: 231931 Eur

Project Coordinator

INSTITUTO POLITECNICO DO PORTO & Country: PT

Project Partners

• INTEGRA INSTITUT, Institut za razvoj clovekovih potentialov
• INNOVADE LI LTD
• CE.S.CO.T. VENETO – Centro Sviluppo Commercio Turismo e Terziario
• SCIENTER ESPAÑA S.L.
• QUALED obcianske zdruzenie pre kvalifikáciu a vzdelávanje
• CENTRE FOR ADVANCEMENT OF RESEARCH AND DEVELOPMENT IN EDUCATIONAL TECHNOLOGY LTD-CARDET
• E-C-C Verein fuer interdisziplinaere Bildung und Beratung