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Financial literacy, skills assessment framework, training model, and material to boost financial literacy among the young
R1, led by BICC, will carry out a comprehensive skills assessment and gap analysis of the primary target groups of the project (young people aged up to 29 years, i.e. secondary school students of economic classes and specialities, NEETs and youngsters registered at the local employment offices, volunteers and young people doing internships, university students, youth / informal leaders, etc.).
The comprehensive skills assessment and gap analysis will be done utilizing different tools (country analysis, online survey, focus groups, and qualitative interviews).
R1 will develop an innovative Financial literacy Self-Assessment Tool (FLST), which will represent an online-based questionnaire and guidance methodology that will assess, evaluate and interpret the financial literacy of a young person, as well as suggest the skills, necessary to build to overcome the identified deficiencies. The tool will be fully digitalised and available on the online platform (R2). Once developed and piloted, the
FLST will be disseminated to educational institutions across partner countries, as part of the dissemination campaign of the project.
Following the skills assessment framework, the project will create a set of digital training modules content-wise to be then deployed in an online learning environment (R2). A training methodology will be developed to determine the scope of the training content, the structure of the training provision as responding to desired learning outcomes.
Some of the aspects/topics covered by the training content and materials will be views of own financial status, understanding expenses as related to income, projection in time, financial responsibility, knowledge and understanding of own finances, responding to a crisis, loans, savings, insurance, accounts, credit, credit philosophy and credit cards, financial services, and many others.
Duration: 1/12/2021 – 31/12/2022
Know your finances: an online training on financial literacy for the young
The training modules, as developed in R1, will be integrated into an online training environment, freely accessible to the target group. To this aim, an online platform will be designed to host the training provision and all relevant functionalities. The platform will provide a highly stimulating learning environment, supporting trainee exploration and including of the appropriate on-screen environments, texts, graphics and motion graphics, static animation, as well as integrated videos.
Pilot testing: The learning applications will be made available to young users/testers in Bulgaria, Greece, Portugal and North Macedonia to be used over a period of three months. Online tester/participants will test the Platform and learning material to verify the content and functionality over a longer period and report any needs for correction or improvement.
Networks of Financial Influencers and Financial Literacy talks
R3 aims to help young people manage their finances and raise awareness of the need for financial literacy under a specific methodology. The trainers will hold separate events at a national level through Financial Literacy Talks (i.e. informal group meetings in the form of chat clubs) in which groups of young people will participate. Based on the developed methodology, trained facilitators will establish FinFluencers Networks across partner countries, which will create a comfortable and welcoming environment for young people that will broaden their social and professional network. Other key stakeholders such as representatives of banks, financial institutions, successful entrepreneurs, community and youth leaders will also be invited to join and broaden the network, leading to a wide area of expertise and the potential to exchange knowledge and connections. In this regard, “The Young FINFluencers Guide” will be developed to serve as a handbook for organising and sustaining the Networks in each country.
Training: Following the completion of the Guide, the partners will choose young people in each country to be trained in running and organising the networks in their countries. These will be the FinFluencers, who will hold sessions regionally to disseminate the expertise gained during the training.