"Financial literacy is a combination of awareness, knowledge, skill, attitude and behavior necessary to make sound financial decisions and ultimately achieve individual financial wellbeing" (OECD-INFE definition)
Economic Financial Literacy (EFL) and wealth management are core basic skills key to improving personal financial wellbeing as well as achieving an active citizenship. Mastering these set of skills may be crucial for low-income groups, helping them to avoid crossing the poverty line (or achieving a better standard of living). The importance of financial education programs, in particular those targeted to low-income groups is widely recognized by Governments and international organization.
The project “Financial Literacy: a Key Tool to Improve People’s Life Cycle” (FinKit) will focus on actions to improve Economic-Financial Literacy; in particular, specific tools (booklets, videos, games) will be developed to increase the capacity of practitioners, such as trainers/coaches/volunteers, programme developers, policy makers, local development agencies, financial players to successfully transfer EFL knowledge.
FinKit, funded by the European Commission through the Erasmus + program, started in November 2015 and will last three years. The study will be carried out by a network of European institutions including: CeRP-Collegio Carlo Alberto (leading institution); the INSEAD OEE Data Services (France), the Spanish Confederation of Education Centres, the Polytechnic Institute of Setúbal (Portugal); the Ufficio Pio of the Compagnia di San Paolo (Italy). Local stakeholders, such as the Turin Savings Museum, will be involved.