• Cooperation partnership project

  • Youth sector

  • Duration: 18 months (01/03/2023 – 01/09/2024)

  • Funded by the Erasmus+ programme by the European Union

So far, individuals with fewer opportunities in the society (Roma, Latin America (LA) immigrants, minorities etc aged 16-25.) were limited in the amount of assets that they could earn. Many of these individuals should become capable of saving money and building assets, yet often do not have financial literacy skills and abilities. Furthermore, these youth group also lack the self-determination skills needed to direct their life decisions effectively. Specifically, they lack from the nine components of self-determination that include: problem-solving, choice-making, decision-making, goal-setting, self-regulating, goal-attainment, self-efficacy, self-awareness, and self-advocacy. Therefore, we need to develop a financial literacy course that incorporates financial literacy content taught through the lens of self-determination theory. For many persons with fewer opportunities exist for them to acquire the knowledge and skills to make financial decisions; to obtain competitive, compensated employment; and to access financial services in order to build assets. In light of the lack of curricula, trainings and recent legislation, we would like to develop a financial literacy non-formal course, which could be delivered either at extracurricular school activities (teachers’ class) or via non-formal NGO’ s delivered training. The uniqueness of our course is that it will provide financial content via digital media embedded within the components of self-determination and active citizenship.

Our motivation is to stimulate the financial knowledge of these youth in order to improve their ability to make sense of and manipulate money in its different forms, uses, and functions, including the ability to deal with everyday financial matters and make the right choices to meet one’s personal needs. In addition, we want to improve their financial skills, which are including the ability to apply knowledge and understanding across a range of contexts, in both predictable and unexpected situations. These skills include managing and resolving any financial problems and taking advantage of financial opportunities. With this project we will improve their overall financial behavior: We will improve their ability to appreciate the wider impact of financial decisions on one’s personal circumstances, one’s family, and the community at large, and to understand rights, responsibilities, and sources of advice or guidance. This includes an ability to make decisions related to cash management, rainy‐day funds, life events planning, and benefits planning.

Overall, we want to increase their inclusion to the society and labour market via financial socialization, which includes the ability to acquire values, attitudes, and information that contribute to one’s financial knowledge and skills. Friends, parents, community organizations, and institutional youth workers with whom youth develop and maintain relationships can provide some of the sources of this socialization,.