European Financial Literacy Game for Adults’ Citizens Erasmus Project

Project Title

European Financial Literacy Game for Adults’ Citizens

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 2018

Project Topics

This project is related with these Project Topics: Key Competences (incl. mathematics and literacy) – basic skills; Open and distance learning; ICT – new technologies – digital competences

Project Summary

European countries are investing efforts in introducing topics of financial literacy in formal training programmes/offers, often in the framework of the National Qualification Frameworks and several side initiatives (informational based) are also set in place to foster the understanding of financial literacy topics. However, those programmes and initiative target the younger generations very much. Euroinvestment offers educational resources addressing low skilled adults involved in formal and informal training initiatives (including RVCC processes) overcoming an existing gap in the provision of quality and appealing educational resources, flexible enough to be used for several purposes. A consortium of six organisations from three different countries (Portugal, Spain and Cyprus) joined their efforts to design and implement Euroinvestment project for a period of 26months.
Our results were designed and produced with the involvement of end-users (more than 400 individuals, both low skilled adults and adult trainers, tutors and other professionals were involved in the activities), covering relevant topics to improve adults financial literacy levels such as managing income and financial resources; make informed saving options or borrowing decisions; plan adequately for retirement; understanding the impact of interest rates when buying goods or services; etc. The resources developed are populated with stories and exercises that reflect real-life situations that users can face and thus mirror their reality and they, while using, can understand immediately how to use the concepts in practice and, through that, improve the way they manage their finances and income.
The following outcomes are available:
– Strategic Plan for financial education of low-skilled adults (EN), mirroring the specific needs of low skilled adults on financial literacy and how they deal with their finances and management of their income, including their willingness to use ICT-based educational materials, and ending with a roadmap for the development of the other resources of the project. Partners have also designed a booklet that presents the strategic plan more simply and intuitively, and easy to share with the stakeholders, which was translated into national languages (Portuguese, Spanish, Greek) + Catalan. This IO has 2 main benefits: it is a helpful tool for adult trainers and adult training providers who are looking for games that enable a more didactic teaching approach for concrete themes; it will be extremely relevant as a support tool for the development of more adjusted educational solutions for adults, presenting suggestions and recommendations for approaches different from the traditional teaching-learning models.
– EuroInvestment Game is composed of 3 blocks of educational materials, consisting of 15 mini-games, covering 3 main topics: Risk & Credit, Money & Transactions, Planning & Management. The 15 mini-games were designed to support formal/informal training initiatives addressing low-skilled adults and the increase of their financial literacy skills levels. The games have different levels of complexity, aligned with the topics presented, from beginner to intermediate and expert. All the games are open to any user without registration and can be used with the support/guidance of a trainer or autonomously by adults. Although developed in English, the games are subtitled in Portuguese, Spanish, Greek and Catalan.
– Euroinvestment Play by the rules, includes 2 Handbooks– one for Trainers, aimed to explain what the games are about, linked with the framework of competences, and how can they be used in training offers for adults, including formal and informal training, and one for Trainees aimed to support the adults as independent users, enabling them to use the games outside any training setting, more as a guide for users). The guides were translated into each partners language (Portuguese, Spanish, Greek) and in Catalan.
– A training course for professionals working with adult education, consisting of a flexible training programme that can be implemented face-to-face, at distance or in a mixed approach to training further professionals working with low skilled adults (trainers, teachers, tutors, RVCC professionals), on the relevance of teaching financial literacy topics, how to best use and explore the Euroinvestment mini-games in formal and informal training contexts.
Further, the high relevance of the materials produced and their possible flexible uses, allows for their use outside the scope of adult education, enabling its use in regular school education with young students, in regular VET offers, and also outside the traditional learning units of a financial literacy competences framework.
The results were found as very relevant for adult education (formal and informal contexts), but users also expressed that the games and the handbooks can be used in regular VET offers with young trainees and in school education.

EU Grant (Eur)

Funding of the project from EU: 203111,55 Eur

Project Coordinator

INOVA+ – INNOVATION SERVICES, SA & Country: PT

Project Partners

• CESAE Digital – Centro para o Desenvolvimento de Competências Digitais
• INNOVADE LI LTD
• FUNDACIÓ PRIVADA INSTITUT D’ESTUDIS FINANCERS
• CENTRE FOR ADVANCEMENT OF RESEARCH AND DEVELOPMENT IN EDUCATIONAL TECHNOLOGY LTD-CARDET
• ACCION LABORAL PLATAFORMA PARA LA IMPLANTACION DE PROGRAMAS DE INCLUSION LABORAL EN COLECTIVOS DESFAVORECIDOS