Money & Life Skills – Financial Capability Made Easy

The escalating numbers of low income and unemployed young adults (18-35) constitute not only a current problem, but it is a challenge to be dealt with in the years to come. This group of EU citizens is one of the largest disadvantaged groups in the European society, constituting up to 40 % of the total young adults in Europe. The Organisation for Economic Co-operation and Development (OECD), states that low income jobs and unemployment leaves a “wage scar”, whereby people who are unemployed when they should be at the start of their career can suffer from lower than average wages for decades afterwards. Youth unemployment and low income also does further damage by undermining pension savings, placing millions of young people across Europe at risk of having an inadequate income when they are older.

 

Improving financial literacy skills of such a disadvantaged group in the EU society will have significant benefits for everyone, since good financial literacy skills help, in combination with other economic “life skills”, individuals to make the most of opportunities, meet their goals, secure their financial well-being, and contribute to the economic health of society.

 

In this context, there is a great need to equip those young adults with skills to manage their (minimum) income in a way that will sustain their quality of life and their financial and civic competences at decent levels. Such skills cannot be categorised in theoretical terms such as “budgeting”, but must refer to real-life situations of these young people, if we want them to become more competent. Therefore, our online modules will cover aspects such as:

• the first car

• getting married

• renting a flat

• buying a house

• expecting baby

• getting divorced

• losing the job

• an accident happened

 

We will develop clear and simple learning materials in the languages of the partnership which will upgrade the economic resources of low income and unemployed young adults in Europe.

 

The overall objectives of the Money & Life Skills project build on the Policy Priorities of the Erasmus+ Strategic Partnerships for adults and for all fields:

• Re-skilling, up-skilling literacy, numeracy and digital skills and civic competences: Money & Life Skills will have strong focus in improving numeracy, digital, and financial skills, while indirectly it will also improve the users’ language and reading skills;

• Access to Open Educational Resources in Education and Training: Money & Life Skills will be fully deployed through open and free access online tools and mediums such an e-learning platform, mobile applications, online games, social media, multimedia applications and networking;

• Modernize education systems: The Money & Life Skills online modules will be accredited based on the European Credit Transfer System (ECTS), where each module will have a certain number of ECTS credits, in order to secure easy integration in education systems

• Awareness raising: Money Skills will be supported by a wide awareness raising campaign through social media, multimedia, dissemination seminars and conferences.