One of the most significant tools for preventing indebtedness and reducing the risks of poverty and social exclusion is increasing financial literacy among adults. The MAIN GOAL of the Finance 4U project is: PREVENTION OF ADULT INDEBTEDNESS AND REDUCTION OF THE RISK OF POVERTY AND SOCIAL EXCLUSION THROUGH IMPROVING FINANCIAL LITERACY. Specific goals: • Widely popularizing and raising awareness about the issue of "low financial literacy" and the risks it entails; • Enhancing the knowledge of adults in the field of personal finance, for the products offered by financial institutions, and improving digital literacy; • Assisting adults at risk of indebtedness by acquiring specific knowledge and skills for personal financial planning and budgeting; • Creating educational content with opportunities to overcome low financial literacy. The project is implemented in partnership between 2 NGOs in Bulgaria and Italy, which together and simultaneously developed specific educational content, conducted training sessions, and through informational events and materials directed the attention of the society towards improving and enhancing financial literacy at the local, national, and European levels.
In the conditions of inflation and economic crises, the problems arising from low financial literacy in society become apparent. People struggle to comprehend these processes and face difficulties in making financial decisions. They fail to plan their expenses and often fall into the trap of indebtedness, poverty, and in some cases, bankruptcy. The "Finance4U" project identifies these needs in both partner countries, as similar problems are known in many countries in the EU and worldwide as a whole. The main objectives of the team are to increase public awareness of financial literacy issues and to support the process of enhancing knowledge and skills in personal finance management. Developing specialized educational content and conducting training with adults in Italy and Bulgaria is our contribution to a positive change in attitudes, skills, and understandings regarding their incomes, expenses, personal and family budgets. In the long run, it aims to build responsible habits and opportunities for making adequate and informed decisions for their future. All of this leads to improving the well-being of both individual participants and their families, and ultimately, society as a whole.