Financial Literacy for Young Women
Addressing Financial Literacy needs of Young NEET women towards their financial Inclusion
2020-3-SE-KA205-003003
About
This project was an effort to develop an educational program to train-the-youth workers coming from financial institutions, youth centres and educational organisations involved with youth, NEETs, migrants, and women to train young women with a double-disadvantage (NEET with a migrant background) to become financially literate.
The project aimed to develop an innovative training program for youth workers giving them guidance and tools to train young NEET women with a migrant background in Financial Literacy, to directly train youth workers on the subject.
Financial Literacy explained
Financial Literacy means the capability to make effective decisions regarding the use of money. A financially literate individual is able to make intelligent judgments and take effective choices regarding the usage and management of money. It is the ability to understand and properly apply financial management skills.
Needs to be Addressed
Small-scale needs assessment investigated the knowledge and needs of young women with regards to financial literacy. The results, taking into account the perspective of the young women from different geographical contexts, revealed that young NEETs and those with a migrant background, seem to have less knowledge of financial literacy and more need to be trained in this field in order to increase their opportunities for social inclusion, financial independence, and employability opportunities.
Our Results
The results, taking into account the perspective of the young women from different geographical contexts, revealed that young NEETs and those with a migrant background, seem to have less knowledge of financial literacy and more need to be trained in this field in order to increase their opportunities for social inclusion, financial independence, and employability opportunities.
Equal Access
According to the 5th Sustainable Development Goal of the UN, women have the right for equal access to:
Processes that will enable them to fuel sustainable economies and benefit societies and humanity at large and being financially literate comes to play an invaluable part to that.
But, according to Bruegel (2018) despite its important role, financial literacy is not included in the school curricula, and, therefore, non-formal and life-long learning processes and solutions should be considered after the school cycle is completed. Promoting the involvement and coordination among relevant stakeholders (financial institutions, youth centres and educational organisations involved with youth, NEETs, migrants, and women empowerment in the EU) could contribute to the development of well-organised training programs on financial literacy for young women to increase their basic skills and key competences to keep up with the increasing complexity of the financial markets and acquire the financial knowledge, confidence, and ability to effectively participate in economic activities and financial decision-making, both within and outside their households.
This project aimed to contribute in:
1. Promoting the involvement and coordination among relevant stakeholders (financial institutions, youth centres and educational organisations involved with youth, NEETs, migrants, and women empowerment in the EU)
2. The development of well-organised training programs on financial literacy for young women
3. Increasing their basic skills and key competences to keep up with the increasing complexity of the financial markets and acquire the financial knowledge, confidence, and ability to effectively participate in economic activities and financial decision-making, both within and outside their households.
Objectives
Intellectual Outputs Resources
IO1 was proposed to include pedagogic resources developed to address the following 4 core competencies, which according to the preliminary needs analysis were recognised as the weakest points related to the financial literacy levels of women: -Introduction to Budgeting (Why and how to budget) -Tracking Your Spending (A simple way to get the most from your monthly budget) -The concept of financial health (including smart decision-making) – Financial Risk Management.
To support the delivery of the newly designed curriculum, the FLY-IN Trainer’s Manual for youth workers was developed. This manual was designed to ensure that a quality training outcome is achieved when they first deliver the newly developed FLY-IN curriculum. The manual put a special emphasis on online learning and on the roles of youth workers in these dynamic environments. The resources will bring a variety of new environments into the learning process to ensure that youth workers will: – feel confident working with the new resources in these non-traditional learning environments; – recognise the benefits of online learning for marginalized target groups; – become aware of the risks that exist when working in online environments. A group of youth workers were trained (C1) on IO1 and IO2 to use it to promote and improve financial literacy rates among young NEET women.
An e-learning portal was developed, in which all resources are available. It includes online tools that support the delivery of the aforementioned IOs. The e-Learning platform is an addition to the previous IOs, an e-Tool, to assist youth workers (who completed the C1 training program) in their training of young women, as well as assisting young women in their own learning process with the help of online materials.
Partners
International cooperation of partners from Sweden, UK, Cyprus, Greece and N. Macedonia within the framework of this project was an important factor that allowed them to develop and present a comprehensive training program for young NEET women with migrant background to become financially literate. The needs assessment carried out through the contribution of all partners was invaluable in the sense that it presented trans-European recommendations.
The International Women’s Organisation in Malmö (IKF Malmö) is a nonprofit organisation independent of religion and political ideologies. IKF Malmö functions as a meeting point and a platform for equality, democracy, and inclusion while it is developing workforces, skills and networks. The organisation has been working for foreign-born women in the region of Öresund since 1970. The International Women’s Organisation in Malmö was a pioneer for other International Women’s Organisations in Sweden and is a co-creator of Internationella Kvinnoförbundet, the international organisation at the national level.
Innovation Hive is a private non-profit organization located in Greece, specialized in the fields of research and innovation. Our actions aim to enhance the economic and social cohesion of European societies while our goal is to find solutions to the new innovation challenges, achieve growth, sustainability and maximize the impact to the society. The organization’s philosophy in order to achieve these goals is based on co-creation methodologies and a quadruple helix approach. The engagement of stakeholders from industry, science and society is aiming to create links between the businesses, the academia and the civic actors in order to develop a combination of knowledge, skills, tools, values and motivation. The final goal is to make the difference in local societies and to succeed at the highest level the principles of social innovation concepts.
National Council for Gender Equality is a national grass-root multiethnic, multi-generational, creative, future-orientated network – membership organization committed to achieving gender equality, development, protection of women’s / human rights and peace. NCGE was established in 1994 and has grown to be one of the biggest women’s networks in North Macedonia. NCGE’s network consists of local organizations and women from different ethnic, cultural and social background from urban and rural areas of the country. Since its establishment, NCGE has been implementing projects for women’s empowerment with special focus on economic empowerment, political empowerment, empowerment of women from rural areas, women with disabilities, as well as women from ethnic minorities
STANDO is a research and educational organisation, dedicated to the advancement of research and innovation and is, at the same time, an approved VET Centre (VET provider).It actively participates in the planning and implementation of national and international projects, aiming at providing innovative solutions that facilitate the development of people and the cohesion of societies. Its strength primarily lies in a highly qualified team and its extended network of international partners. For this project, the organisation involved staff that are experts in dissemination, quality assurance, entrepreneurship fostering and innovation.
Inova has been running since 2001 and provides consultancy services in the area of entrepreneurship and career development, with a focus on diversity and equal opportunities. In particular, our work has focused on supporting those who are under-represented or who face particular challenges to fulfil their potential in a professional setting. For example, we have worked extensively with young people and under-represented women such as migrant women and women in non-traditional fields such as Science, Technology, Engineering & Maths (STEM) and our director, Marina Larios, is president of WiTEC, the European Association of Women in SET.
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This project has been funded with the support from the European Commission. This publication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
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