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 » Background

Project Background

Over the past few years, financial literacy has been the focus ofmany  state-run programmes in many European countries. National and international public authorities, as well as private institutions and organisations, have been and are developing an increasing number of programmes and initiatives promoting financial literacy. They are trying to develop ways to improve financial education and literacy standards.

One of the aims of this project is to include existing training resources. We decided not to „re-invent the wheel“ but identify and select good practice examples for training materials, and exercises that are available in the countries of the partnership. This work was based on the findings of an earlier piece of research carried out by a Leonardo da Vinci partnership called "Financial Literacy" and their framework analysis.


At the end of this partnership the partners involved realized that it was not enough to identify the existing good practices in the field of financial education in their countries. Financial literacy and the development of the necessary competences among adult learners needed a further step – the production of specific resources and tools addressing their particular needs. With this idea in mind, the FinLiCo project proposal was developed and the partnership was built – bringing together different expertise and perspectives of the European problem of financial illiteracy. Who are the people who have with little to defend themselves in the jungle of financial products? How can we help those adults with few financial competences? These are some of the questions on which this FinLiCo project was based.

Here is one example demonstrating how we took the situation of our learners into consideration:


The exercise "debt spiral" has been developed by the project to help learners

-       to understand the typical process of falling into debt

-       to understand causes and consequences of various actions involved into debt management

-       to learn about typical patterns and mistakes repeated by the majority of people in debt

-       to increase the debt literacy

-       to raise the awareness of risky loans and the severe consequences of indebtedness

You will find more exercises in the Toolbox!