Financial literacy for youngsters from low socioeconomic contexts

Wednesday 17 April 2024

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In which way many people often believe they can accumulate capital? Through gambling, betting money against the odds. But anyone who has ever heard of financial stability knows that gambling is not a sustainable way to obtain and retain money, because of its inherent addictive nature. This is especially true for people with low capitalization, who base their gains on gambling.

In recent decades many people have seen their purchasing power decrease, mainly due to the financial crisis the world experienced in 2007. The repercussions of this loss of financial power are becoming clearer and clearer, with more and more people falling into the so-called poverty trap. It is a mechanism that makes it very difficult for people to come out of a socio-economic state of poverty. A poverty trap is created when an economic system requires a large amount of capital to escape poverty. When individuals do not have this capital, they may also have difficulty in acquiring it, relying on unsustainable accumulation tools, thereby creating a self-reinforcing cycle of poverty.

FINYOUTH  offers young people – between 18 and 30, with a fragile socio-economic background – the opportunity to improve their financial literacy and therefore their well-being.

Through 18 workshops based on an innovative gamification methodology, young people will learn how to invest, manage a budget and save money through real-world simulation scenarios, but without risk. These modules consist of interactive training materials, with a simple language that explains: from basic banking to compound interest, from microtransactions to the risks of online gambling and excessive debt.

Information videos in 5 languages, an online platform, training materials, and a handbook will be available.

FINYOUTH plans to develop a training course on financial literacy, dealing with the risk associated with online gambling, investments and microtransactions in video games.

The idea is to reach as many young people and youth organizations as possible with promotion actions targeted and implemented through social media. The aim is to ensure that the results of the project are available not only to the participating partners, but to anyone who wants to care for and develop their financial literacy.

Want to know more about the project? Contact Giuseppe Romeo:
giuseppe.romeo@cesie.org.

About FINYOUTH

FINYOUTH – Financial literacy for youngsters from low socioeconomic contexts is a project funded by the ERASMUS-YOUTH-2023-CFOOP-ENGO programme for cooperation in the fields of education, training and youth.

Partner

For further information

Read about FINYOUTH. Contact Giuseppe Romeo: giuseppe.romeo@cesie.org.

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