Financial Literacy Training in Adult Education Erasmus Project

Project Title

Financial Literacy Training in Adult Education

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: Quality Improvement Institutions and/or methods (incl. school development); New innovative curricula/educational methods/development of training courses; Pedagogy and didactics

Project Summary

The project idea grew up combining two main considerations:
1) Several studies show that a person’s skills to understand, use basic financial and economic concepts plays an important role in achieving an appropriate level of economic wellbeing. Adequate skills enable citizens to take advantage from opportunities offered by financial systems and take into account also risks in a proper manner. The level of financial knowledge is not uniform throughout the countries of this partnership. Indeed, the overall level of financial literacy is quite low. Many adults struggle, in particular, with the knowledge of basic economic concepts and they are less likely to put good behaviours into practice, like for example, drawing up a family budget. Financial literacy is particularly low among the least educated people and those coming from disadvantaged background. Elder people and women seem to have also difficulties in deciding independently and/or consciously in financial matters or even in simple family, household issues.
2) Education is one of the most important factors in ensuring adequate levels of understanding financial concepts and Financial literacy education is clearly a need for adult learners. Many research suggest great need for it and studies have been conducted about various aspects of financial education for adults. Most often, however, these studies focus on those of richer population group rather than on low-income populations. Further, they tend to focus on what information is provided, with little or no attention to the teaching strategies and methodologies or the pedagogy used.
Teachers and educators in adult institutes, and more generally, general schools play a very important role in planning and implementaing actions to foster, support the development and strengthening of key competences in Financial Literacy in a lifelong learning perspective. Regardless of how well financial education programs are designed, success is largely dependent on
the quality of instruction that the adult learners actually receive.
Unfortunately, teachers and educators in adult schools often feel unprepared to competently deliver financial literacy lessons, prepare materials even though they also believe how important it is for their learners (and also for themselves). Many reported that they felt in some cases unprepared to teach some more technical topics, for example risk management or banking. In the partner countries, there are some guidelines for adult schools giving autonomy in implementing Financial literacy with lesson plan and examples. However, the guidelines do not mention explicitly learning and training resources from which teachers can improve their skills both of the technical subjects or the teaching methodology.
Our project intends to facilitate the setting up of Financial literacy training courses in adult education institutions thanks to a traininig path developed at international level targeting adult learners and the teachers of adult schools. Our objective is to:
– promote a model at European level, to bring benefits to the European adult sector which want to increase the quality of Financial literacy learning curriculum;
– improve the capacity development of the schools/training institutions that should implement Financial Literacy paths/programmes;
– improve the provision of better guidance on skills and competencies;
– develop tutoring and coaching skills in teachers;
– identify in the learning paths competences to be acquired through non-formal learning, personalized learning.

Thus, 7 partners (universities, adult training providers) coming from 5 EU countries (Turkey, Italy, Spain, Czech Republic, UK) set up a specific partnership in order to produce an innovative Output, an open online resource hosting the Financial Literacy Training with extra resources adult learners and education institutes in Europe could use to ensure high-quality Financial Literacy preparation and training. In addition, the project will develop also an Android mobile application for budget management for two kind of users: a personal assistant in budget management and a professional assistant for entrepreneurs.
We expect a multi-level impact according to the target groups involved:
– increased European dimension, enlargement of partners’ networks and their efficiency in working and supporting financial literacy learning activities also in other sectors;
– improve adult school curriculum and consequently, an increased level of attainment;
– greater teacher confidence, knowledge, and preparedness, in financial issues which in turn can translate to positive adult student outcomes;
– better understanding of interconnections between formal and non-formal education;
– increased teacher-job satisfaction;
– increase interest in financial topics and competency in financial matters;
– create the basis for further acquisition of financial knowledge, enable learners to become financially more literate, make responsible decisio

EU Grant (Eur)

Funding of the project from EU: 209841 Eur

Project Coordinator

SELCUK UNIVERSITESI & Country: TR

Project Partners

• Hayat Boyu Gelisim Dernegi
• Euphoria Net Srl
• Asociación Valencia Inno Hub
• Masarykova univerzita
• KONYA IL MILLI EGITIM MUDURLUGU
• Eurospeak Language Schools Ltd