COVID-19 is painfully exposing the existing and persisting health, social and economic inequalities in our societies. This pandemic has the heaviest impact on the lives of people living in deprivation or facing difficult socio-economic circumstances. As it affects everybody, it covers all demographics, all geographies, and all cultures, the involvement of youth workers, educators and educational leaders as the frontline staff is essential to help young people and young entrepreneurs build financial literacy – money knowledge, skills, and habits at key transitional moments. We believe that today’s youth should become empowered economic citizens, capable of understanding the importance of saving, to be equipped with the skills to be employed and create their own livelihoods. We want young people to learn to manage their money wisely. By empowering youth, we can help them transfer their knowledge to their families and to entire communities.
The main aim of the 8 organizations is to design a collection of 3 financial education tools for Youth NGOs to be used by these to equip young people and young entrepreneurs with the know-how and key-competences necessary to achieve a high-quality financial literacy throughout two years.
Moreover, we focus on creating a cross-sectoral network of financial experts (from the public, private and not-for-profit sector) who can actively contribute with their know-how to the development of Youth Finance Academy training package, educational game and multimedia content (podcasts, micro-learning videos, articles) and promote the necessity of integrating financial education in high-schools, universities, and Youth NGOs through 6 national seminars and 1 Youth Financial Education Forum.
24 youth workers will become financial educators in 8 local communities through 1 short-term staff training event where they deepen their know-how on financial literacy, test, and learn how to facilitate the Youth Finance Academy training modules and the educational game.
238 young people and 181 young entrepreneurs to be involved in 2 blended mobilities and 16 local workshops to improve their financial literacy.
28 young people and 21 young entrepreneurs will directly participate in 2 international blended mobility activities during the project to improve their financial literacy through non-formal activities and multimedia, digital learning resources.
Another 330 will benefit from local workshops, test the training toolbox, and the educational game, to be designed during the project.
1)Youth Finance Academy training toolbox assist Youth NGOs to reach out for YP/YE to learn basic and intermediate knowledge and management skills in finance. The toolbox will focus on creating positive financial habits among young people and young entrepreneurs through NFE activities, handouts, micro-learning videos, and podcasts with financial experts.
The toolbox will contain 2 different modules:
Module 1: Finance education essentials for young people: Financial Psychology, Savings, Expenses, & Budgeting, Account Management, Jobs & Career, Credit Profile, Loans & Debt, Risk; Management & Insurance, Investments & Personal Finance Planning, Skill Development, Economic & Government Influences, Tools;
Module 2: Finance education essentials for young entrepreneurs: business budget execution; Financial Planning – Budget Forecasting; tools for transparent and efficient cash flow; financial management tools; Financial Risks; financial diagnosis and how it can save a business; Funding opportunities.
2)Youth Finance Academy educational game aims to require players to make decisions about income, expenses, and savings and to explore big questions about the economy and world of finance. The players (young people) will be able to complete the game in a progressive way only, challenge after a challenge by answering to scenarios based on real-life situations identified through the research, collecting skills & knowhow badges.