Global levels of financial literacy vary and are negatively associated with the main element of inclusion and growth such as poverty, inequality, social exclusion and social mobility. In Europe, objective measures of financial literacy have reported above average achievements in countries such as Sweden and Denmark and below average levels in some countries such as Croatia, Hungary, Romania and Portugal. Financial institutions and the products they create are becoming complex whilst individuals are increasingly required to make personal financial decisions, which affect their quality of life over an increasing length of life. Financial illiteracy is highlighted among young people and initiatives to provide financial literacy have been promoted by the OECD, EU, national governments, NGOs and other stakeholders. However, the provision of financial literacy for young people has primarily focused on children of secondary school age (11 years and above). A comprehensive solution to the problem of financial illiteracy in Europe calls for the need to commence learning this essential skill earlier in childhood. Lack of age-appropriate teaching and learning resources makes it difficult for teachers who are often not subject specialists to provide the right quality of financial literacy. The ProFiLE project brings together eight partners located in four European countries (UK, Hungary, Croatia and Italy) which have obtained below average scores in recent financial literacy surveys (OECD/INFE & PISA 2015). In each country a HEI/NGO partner will work with a school partner. Project outputs will strengthen the provision of financial literacy in the participating countries and beyond through the development of age appropriate learning outcomes in financial literacy, teaching materials, learning tools, integrating toolkits and an academic publication on financial literacy for pupils in the target age group (7-11 years). Each of these outputs will target providing support to educators in formal and non-formal learning institutions on how to begin and/or sustain effective financial literacy programmes. Direct beneficiaries will be teachers in schools and home schooling set-ups, parents, learning support staff in schools, clubs, societies and other institutions supporting learning. Such individuals and institutions have struggled with the development of appropriate resources as financial products and institutions require specialist technical knowledge to understand. The outputs will be translated into four languages (English, Hungarian, Croatian and Italian). Mainstreaming and multiplier events, a project website and media outlets will be used to disseminate the learning outcomes, learning materials, learning tools, integration toolkits and research findings. Using these resources, it is anticipated that educators will be able to confidently support 7-11 year-old learners in gaining requisite financial concepts and skills. With lifelong skills in financial literacy, these children will transition into later stages of their life equipped to become competent financial decision makers. The project will contribute to finding a solution to the problem of unequal access to financial literacy.
Our intention was to identify age-appropriate learning outcomes for financial literacy, design teaching and learning materials that facilitators of learning can use both in and out of school environments, provide virtual tools to provide challenge and support for independent learning, provide best practice on how to use the materials and tools, and a reflective academic paper on financial literacy for children.
The need for people to be financially capable exists as this ability is fundamental to overall wellbeing. It is also known that financial literacy is generally lower than it should be. Attempts to meet this need have not adequately targeted younger audiences. Both in formal and information education settings, globally, and across Europe specifically, curriculum and learning activities have not adequately provided age-appropriate learning materials and tools for young children. Changes in society (e.g., availability and use of computer/mobile devices) present both opportunities and challenges for learning in general and the acquisition of financial literacy for the target group.