Developing Financial Competencies

The eFinLit project (Developing Financial Competencies for EU Citizens Utilizing Online Learning and Digital Literacy) aims to promote the financial literacy of disadvantaged young EU adults (18-35), covering numeracy, language, reading, collaboration and communication skills.

The escalating numbers of low income and unemployed young adults (18-35) constitute not only a current problem, but it’s a challenge to be dealt with in the years to come. This group of EU citizens is one of the largest disadvantaged groups in the European society, constituting almost the 35% (over 40% for some EU countries) of the total young adults in Europe.

Improving financial literacy skills of such a disadvantaged group in the EU society such as the low income and unemployed young adults can have significant benefits for everyone, since good financial literacy skills help individuals to make the most of opportunities based on their available resources, meet their goals, secure their financial wellbeing, and contribute to the economic health of society. These would allow people to understand the mechanics of the economy and the market, how to deal with daily financial issues, and protect them from slipping in to extremely negative situations. 

The eFinLit will develop an online educational platform which will encompass social networking tools, online games, data bases, and a training packages of online self-regulated modules, which will also be available through mobile platforms. The proposed online training modules to be developed (covering each one of them 2 ECTS - 50 -60 hours of study/work/play) 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
  9. Glossary