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 will be 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 aims 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:

  • Education

  • Decent work

  • Representation in economic decision-making

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.