Developing Financial Competencies for EU Citizens: Utilizing Online Learning and Digital Literacy (eFinLit)

In the current times of economic turbulence and market shortcomings, where the majority of EU citizens are struggling to manage major social and personal financial challenges, there is an immediate need for the development of EU citizens’ financial literacy competencies. Such a progress would allow people to understand the mechanics of the economy and the market, how to deal with daily financial issues, and be protected them from major financial shortfalls. The eFinLit, will be addressed to young EU adults (18-35), and beyond the development of financial literacy skills, will also empower skills such as the digital literacy, numeracy, language, reading, collaboration and communication.

The eFinLit will develop an online educational platform which will encompass social networking tools, online games, data bases, and a training packages of online self-regulated modules, and will also be accessible through mobile platforms. The proposed online training modules to be developed (each module covering 2 ECTS - 50 -60 hours of learning activities) are:

1. Digital Literacy and Access to Financial Information
2. Basic Maths
3. Budgeting
4. Savings
5. Indebtedness
6. Credit and Loans
7. Consumer Rights
8. Investment and Entrepreneurship
9. Glossary

The specific objectives of the project are:

• Identify and address specific needs of EU citizens in financial literacy
• Utilize ICT tools and digital literacy to improve EU citizens’ competencies in dealing with financial issues
• Develop a partnership model of a wide range of expert organizations in the fields of training, online learning and literacies
• Address the challenges of financial management generated by the current economic transformations taking place in EU
• Meet the basic objectives of EU 2020 strategy such as social cohesion through digital literacy

The consortium of the eFinLit is consisted from 8 partner from 7 different EU countries (Cyprus, Portugal, Spain, Austria, Slovenia, Slovakia, and Italy). The eFinLit is in full alignment with the priorities, objectives and aims of the ERASMUS+ Strategic Partnerships call for Adults as it envisions in adults up-skilling and provision of transversal skills, provide access to Open Educational Resources based on ICT, link adult education with higher education (ECTS), carry awareness campaigns, and promote validation, accreditation and certification for adult training.

Project Website