KA205: YOUTH FINANCE ACADEMY

Erasmus+ KA205– “Youth Finance Academy” (YFA)

December 1st 2020 –November 30th 2022

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Youth Finance Academy is an Erasmus+ KA205 – Strategic Partnerships for Youth project that aims to develop innovative education tools that can equip young people and young entrepreneurs with the know-how and competences necessary for them to make sound financial decisions at a personal and professional level, to create their own livelihoods, and to become empowered, financially literate economic citizens.

Context

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. The constant threat of financial crisis has made it crucial to address the need for financial literacy educational programs.

Without it, people fail to make the right decisions. As it affects everybody, it covers all demographics, all geographies, and all cultures, it is essential that the public, private, and not-forprofit sector join forces transnationally to support youth develop their financial literacy.

During the initial phase of developing YFA project, 8 organizations collected data from 314 young people (aged 18-30), 59 young entrepreneurs (aged 18-30), 149 youth workers (aged 18+) to get a better insight of the financial behavior and financial learning needs of these groups.

  • More than half of the young people (51%) stated that they are not in control of their finances, and 67% of them affirms they have received no financial education in schools and they relate only to direct life experiences
  • Most young entrepreneurs stated that they are not familiar with financial management tools, and that they need to learn about updated notions that could apply in reality since most of the things learned at formal education settings can no longer be applied
  • The vast majority of youth workers stated that they have no specific training on financial education (97%), while they think that “educators are not prepared because not even the national education system is ready to teach Financial Education to young people” (78%)

Objectives

Starting from the recommendations of the European Union integrated into “Financial Education for all” guide and responding to the above needs, YFA project pursues the following objectives:

  • To create 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 innovative financial literacy tools and promote the necessity of integrating financial education in high-schools, universities, and Youth NGOs
  • To help youth workers deepen their know-how on financial literacy and provide them with tools and methods (training modules, educational games) to become financial educators
  • To design high-quality financial education learning environments that can improve the financial literacy of young people and  young entrepreneurs

Consortium

  1. Romania (Lead): Monomyths Association
  2. Romania: Civitas Cluj Napoca
  3. Greece: Entrepreneurship And Social Economy Group (EKO)
  4. Finland: Nuorisokeskus Piispala
  5. Bulgaria: Association Walk Together
  6. Denmark: Intercollege APS
  7. Norway: Terram Pacis
  8. Lithuania: Tavo Europa
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Outputs

A) 13 Financial education mind-maps

During the project, the consortium will create a collection of 13 mind-maps in electronic format which will integrate the key-findings and data collection of a two-phases research:

  • Intro on the financial behavior of young people;
  • Intro on the financial behavior of young entrepreneurs;
  • Basic principles and rules to create focused, straightforward and simple to understand financial educational content;
  • Key-insights to customize financial education programs based on the beneficiaries needs;
  • Techniques to encourage youth and young entrepreneurs to take actions;
  • Financial tools, skills, and know-how needed by young entrepreneurs;
  • Seven national mind-maps with financial education “hot-spots” (existing providers and available programs, tools).

Each mind-map will have integrated one unique QR code as a legend that can be scanned by users who want to read the mind-maps in detail. These QR codes will redirect them directly to the Monomyths Learning platform where detailed information will be provided.

B) Youth Finance Academy training toolbox

The partners will develop a cardboard box containing non-formal education (NFE) activities for 2 different training modules; one for young people (YP) and one for young entrepreneurs (YE).

The cardboard box will focus on creating positive financial habits among YP/YE through NFE activities, handouts, micro-learning videos, and podcasts with financial experts, embedded through QR codes on the back of each card. Trainers and young people will be able to access these materials by scanning the QR code embedded in the Monomyths Learning platform.

The toolbox with NFE activity plans covering an integrated financial literacy curriculum will be designed in modular format (on topics & on level of knowledge) to accommodate a variety of training programs, schedules and learning outcome goals: short workshops, 3 hours intensive training, financial camps or long-term courses. The modular design and clear organization of the cards will allow

Youth Workers to choose the cards with activities and topics that best aligns with the desired learning outcomes.

C) Youth Finance Academy educational game

 Based on the answers provided by the young people who completed the project survey in the initial phase of the project, the partners have decided to develop an educational decision game for youth.

Hackathon

At first a 1-day hackathon will be organized, in which members of the network, game developers, educational experts, and youth workers will be invited to join and design together with the 16 representatives of the partner organizations a prototype for the game of the financial decision.

Content Development

After the 1 day hackathon, the prototype, rules, and content (real-life scenarios and possible decisions that youth can take, document the consequences of their decisions) will be further developed and improved by the partners and the graphic designer until a final decision game will be printed.

Final steps

The same embedding mechanism (QR codes) will be used to link the professional answers with the game cards so youth can access them while playing and check why their decisions were or weren’t the optimum ones. After the game’s finalization it will be translated in the national languages of all partner countries.

The Game

The game to be developed will invite 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 challenge by answering to scenarios based on real-life situations identified through the research, collecting skills & know-how badges.

Kick-Off Meeting

2nd Meeting (Norway)

3rd Meeting (Romania)

Final Meeting (Greece)

IO1 Financial Education Mind-Maps

IO2 Youth Financial Academy Training

IO3 Youth Financial Academy Educational 

 

C1: Financial Education Training for Youth Workers

C2: Financial Education Camp for Young People

C3: Financial Education Camp for Young Entrepreneurs

E1: Romania

E2: Bulgaria

E3: Denmark

E4: Norway

E5: Lithuania

E6: Finland

E7: Greece