BACKGROUND: As per PISA 2018 (Volume IV): Students’ Financial Literacy, across OECD countries and economies, as many as 22% of students perform below Level 2 in financial literacy, which can be considered the baseline level of proficiency that is required to participate in society. Although 56% of 15-year-olds in participating OECD countries and economies have a bank account and 19% have a prepaid debit card, yet only 31% have the skills to manage a bank account. NEEDS: There’s no other place in the world with such wide-ranging differences in financial literacy as Europe. Norway and Sweden (both scoring 71%) are highest ranking whereas in the Eastern Bloc, no country east or south of Hungary scoring over 50%. European surveys show that young adults have amongst the lowest levels of financial literacy. This is reflected by their general inability to choose the right financial products and often a lack of interest in undertaking sound financial planning. Many young people face financial decisions and as misinformed or ignorant consumers of complex and sophisticated financial services in Europe, often fall into spirals of overspending, debt-trap and wealth erosion. OBJECTIVES: The project objective is to support VET teachers and trainers with a quality financial education supported by online digital database of tools and resources for financial education, digital platform for APPs learning to enhance mathematical, digital, entrepreneurship and financial management competencies. This includes a pedagogical handbook for transferability of the methodology in an European context. TARGET: VET teachers and trainers responsible for mathematical, digital and entrepreneurship education and training. PARTNERSHIP I DONT KNOW project consortium includes MSEI (MT) plus 5 partners KIST (AT), AYG (FI), IBC (DK), OTS (HR) and PSSV (HR). Each partner has worked on previous European projects and has specific expertise in financial education and VET systems and brings strategic networks involving well-known partners from all EU countries. ACTIVITIES I DONT KNOW project is scheduled for 24 months with the following activities for creating: - online digital database of good practices, tools and resources for financial education - modular training curriculum - digital training platform for learning via APPs for financial education - I DONT KNOW pedagogical handbook - Project management and implementation comprising quality control measures (monitoring) to ensure timely implementation as per allocated budget. METHODOLOGY The definition of each activity group has been designed to ensure a balanced distribution between the objectives and activities of the project. All activities have one lead partner and each partner will lead or participate in at least one activity. All partners will participate actively in all activities, intellectual outputs and responsibilities of all activities have been agreed with all partners prior to submission of this application OUTPUTS 1. online digital database of good practices, tools and resources for financial education 2. modular training curriculum 3. digital training platform for learning via APPs for financial education 4. I DONT KNOW pedagogical handbook - Several marketing/dissemination and exploitation/valorisation initiatives and outcomes. IMPACT ENVISAGED - Young students enhancing financial competence (120) - participating organisations and their trainers (60) - I DONT KNOW pilot training in all countries (120) • Stakeholders involved in dissemination (300); • VET providers, decision and policy makers (120). LONG TERM BENEFITS The project will have a direct impact in the improvement of the skills that teachers and trainers require to effectively support digital, mathematical and financial competence, providing them with innovative tools and resources to stimulate the innovation and the financial competencies by VET students, learners and apprentices. The long term impact envisaged is a strengthening of the VET system and programmes to fully exploit the potential benefits of digital learning via APPs to boost financial competence and wealth management by young persons in Europe.
The project "I DONT KNOW" implemented several activities in order to achieve its objectives of improving financial literacy among young people in Europe. These activities include: Internet research to gather information and identify best practices in financial education Data analysis to understand the specific needs of young EU citizens in financial literacy Implementation of solutions and tools found through internet research and data analysis Development and implementation of apps for financial education Analysis of the results obtained from the implementation of the apps and improvement of the apps based on the results. The specific activities that were implemented include: An online digital database of good practices, tools, and resources for financial education A modular training curriculum for financial education A digital training platform for learning via APPs for financial education The "I DONT KNOW" pedagogical handbook Project management and implementation, including quality control measures to ensure timely implementation and adherence to the allocated budget Testing of the products with teachers and students Information activities to disseminate the project deliverables to a wider audience
According to PISA 2018 data, 22% of students across OECD countries and economies perform below the baseline level of proficiency in financial literacy, which is necessary to participate in society. Despite the fact that 56% of 15-year-olds in participating OECD countries and economies have bank accounts and 19% have prepaid debit cards, only 31% possess the skills to manage a bank account. This lack of basic financial literacy skills has been observed to be particularly prevalent among lower-income groups, women, and youth. Surveys in Europe indicate that young adults have among the lowest levels of financial literacy, leading to difficulty in choosing the right financial products and a lack of interest in sound financial planning. This often results in overspending, debt-traps, and erosion of wealth. We strongly believe in the need to improve financial literacy and financial responsibility across all age groups, genders, and levels of education. The project aims to teach financial literacy and management/responsibility starting at a young age, in order to better prepare individuals for their future and to ensure that they are not ill-prepared for the time when they receive their pensions.