FINYOUTH – Financial literacy for youngsters from low socioeconomic contexts

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Increase the financial literacy of young people aged 18 to 30 from fragile socio-economic contexts using an innovative methodology based on gamification.

Context

Following the financial crisis of 2007-2008, the financial independence of most people in the world has been jeopardised. The repercussions of the loss of financial power are becoming clearer, with more and more people falling into the so-called “poverty trap”. A poverty trap is created when an economic system requires a significant amount of capital to escape poverty. When individuals do not have this capital, they may also have great difficulty acquiring it, relying on online gambling and betting, creating a cycle of self-reinforcing poverty. We know that traditionally many groups of people encounter barriers to access or have had fewer opportunities for training or education in financial skills, which is why we want to give them the opportunity to improve their financial competence, essential element to avoid increasing their financial fragility and improve their well-being. The project aims to prevent young people from fragile socio-economic environments from falling back into excessive debt and online gambling.

Objectives

  • Build the capacity of youth organisations and youth workers to implement non-formal sessions on financial literacy with a focus on the risks of online gambling and microtransactions in videogames;
  • Train 270 vulnerable youngsters on financial literacy through non-formal methodologies to make more educated decisions;
  • Raise the awareness of young people on the impact of financial decisions in their lives;
  • Raise the awareness of the general public, with a focus on young people, on important financial issues through small video informative pills.

Activities

  • Training course for youth organizations on financial literacy and risks associated to online gambling;
  • Development and implementation of the recruitment strategy at national level;
  • Development of the gamified methodology and curriculum for the workshops’ implementation
  • Development of the platform on 5 real world simulations scenarios.

Resources

  • Interactive training materials with a young language explaining from basic bank transactions to compound interests, microtransactions and the risks of online gambling and excessive debts;
  • Manual explaining how to implement the gamified methodology to increase the financial literacy of vulnerable youngsters;
  • Multilingual Social Media content with captions on financial concepts as well as awareness raising on the risks of online gambling, excessive debts, digital actives.

Impact

Quantitative:

  • Number of people participating in the training courses: min. 270;
  • Number of workshops implemented: min. 18;
  • Number of languages in which all results will be available: 5;
  • Number of Info Days organised: 15 short events (150 youngsters in total).

Qualitative:

  • Increased knowledge and understanding of financial literacy by youth workers and youngesters: min. 75%;
  • Likelihood of using the training materials: min. 75%;
  • Level of satisfaction of participants at all stages of the project (research, development, training, piloting, multiplier events): min. 75%.

Partners

Il progetto

FINYOUTH – Financial literacy for youngsters from low socioeconomic contexts

Numero di progetto

2023-1-ES02-KA220-000154658

Data di attuazione

02/10/2023 – 01/10/2025

Istituzione Finanziatrice

ERASMUS-YOUTH-2023-PCOOP-ENGO

Categorie

Unità

Info & contatti

E-mail

giuseppe.romeo@cesie.org

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