The difficult situation among European households related to COVID-19 reminds us all of the importance of financial education and its practical dimension in our lives. Financial education that not only equips us with the right knowledge and skills, but above all with the awareness to function in a difficult reality such as the global panic caused by a pandemic. The anxiety that people are worried about will be growing in the coming days, because for many people their income will be at risk and they may be affected by unemployment. At the same time, this does not change the fact that certain costs, such as: rent, electricity, gas, water, and household loan instalments will still have to be paid. People who are used to planning, running household budgets and those who managed to have savings will certainly be in a much better situation. But it is never too late to learn. Therefore, it is worth sharing as soon as possible ways to supplement your financial education so that you can control your financial situation more effectively and better prepare yourself for a difficult period in your life.
According to publication OECD (2019) “Smarter financial education: key lessons from behavioural insights for financial literacy initiatives” educational programs should be tailored to the needs of the recipient, written in a simple and understandable language, interactive and above all containing practical elements and modern technological solutions such as mobile applications, calculators, websites encouraging specific actions in the area of personal finance. You can learn more about it Here.
In Europe, many organizations provide useful tools for managing personal finances and run inspiring educational projects.
While staying at home, we recommend to all consumers, debt advisors and teachers using financial e-education.
Here you can find some of the tools we have collected among our members in different languages:
Debt and budgeting tools
MABS Self Help Tool – will allow you to assess your debts, make out a budget and show you how to take the first steps in dealing with your creditors. It takes roughly 45 to 60 minutes to work through the tool.
MABS Budgeting Tool – will allow you to set out your income and expenditure and make a budget. It takes roughly 15 to 20 minutes to work through the tool.
MABS money management education resources:
This interactive website is a money management programme developed with St John of God Carmona Services. It has been designed to meet the needs of learners with intellectual disabilities, or any learner who likes to spend lots of time on particular activities. It is available free of charge visit www.moneycounts.ie for more information.
Yo-Yos is a new online resource which aims to provide young people with the skills and resources to manage their money effectively. It is aimed at young people participating in informal learning environments of all kinds, including Youthreach, the Community Training Centres, youth organisations, clubs and schools. The website can be accessed at www.yo-yos.ie
Special info COVID-19
The CYCLES project is set to improve entrepreneurship skills and financial literacy of child and youth care practitioners (CYCP) in order to upgrade their skills in the first place and second to be able to transfer the knowledge to young care leavers to prepare them for their future individual daily life.
Additional benefits of the CYCLES project are:
- – First, the job profile of CYCP may involve a number of administrative and financial duties. Financial and entrepreneurial training can facilitate everyday work for CYCP as well as for their employers.
- – Second, moving up the career ladder, CYCP will eventually be charged with the management of divisions or institutions. Being familiar with the basics of entrepreneurship and financial literacy, they will be better prepared to take the next career step.
Dilemme is a budget and financial education program available throughout France, based on several fun tools:
1.Dilemme Éducation (board game) : a playful educational tool that offers the possibility to approach different themes (banking, savings, insurance, etc.) with any type of audience and to build tailor-made sessions. The game allows you to learn about budget and finance in a fun way.
- Dilemme Entrepreneurs (board game) : when entrepreneurship becomes a serious game! Dilemme has developed a version of the board game especially for entrepreneurs. The objective is to allow players to understand several aspects of the different stages of entrepreneurship, from the start-up to the daily life of an entrepreneur.
The three supports below are used for Dilemme Education and Dilemme Entrepreneurs :
Dilemme Anim’App : This mobile app is designed to provide pedagogical support through facilitation advice and the reinforcement of a few theoretical main points. It allows the game cards to be generated, either randomly or in a predetermined tailor-made way, according to the priority themes or the public concerned.
Pedagogical usb keys : They contain many practical educational resources (budget guides, templates of official letters, podcasts hosted by lawyers, etc.).
Ambassadors’ platform : Online space dedicated to the program that allows the ambassadors to follow the schedule of the sessions and to access educational resources.
- Dilemme Junior (application) : this mobile app is an educational game for children to raise their awareness of budget management.
- Dilemme Avenir and Dilemme Family : in progress ! Dilemme Avenir to talk about pension savings scheme, investments or insurance (boardgame used during sessions) and Dilemme Family to play at home with kids and adults.
Powerpoint presentation od Dilemme and a short presentation of Dilemme ambassadors’ training session.
“The first steps in finance” – the textbook discusses the fundamentals of personal finances and is
intended for young people who are taking their first steps towards becoming financially
Over-indebtness information and advice service/
Informations und beratungsservice bei ueberschuldung Follow this link.
Budget calculator – OUTILS-DE-CALCUL/BUDGET-FAMILLIAL-TAUX-DENDETTEMENT
Avoid over-indebtedness/ ÜBERSCHULDUNG – nein danke!
Germany/ non-profit advice agency “Geld und Haushalt” of the German Saving Banks Association
Free guides to financial knowledge:
Guide “Everything about accounts”. The topics of payment procedures, online banking, mobile banking, security for online payments, granted overdraft facility (overdraft line), account statement and account models are explained in detail and in a generally understandable way. Find the guide Here.
The free guide “Insure with measure” shows how to create adequate insurance protection for every phase of life and for every budget thanks to clever planning.
The goal of saving is simple: opt out today to have more money in the future. Thanks to the free guide “Saving for later” you can prepare your savings strategy at home on the sofa and put your finances on a solid foundation – even with a small budget.
To get the most out of your loans, you need to evaluate your financial options. The free guide ‘Financing on schedule’ helps you find out when to borrow and when to save.
Savings plan calculator – Do you have the motivation to save? Use the savings plan calculator to find out what amount will be raised depending on the amount of capital and saving period. In this way you can direct your savings goal.
Financing calculator – if you are considering buying a property, you should realistically calculate how much it can cost. You can use the financing calculator to determine the overall financial framework you need.
Savings despite the debt?
What you should know about loans?
7 tips when the situation is financially difficult
When should my child receive pocket money – and how much?
How to read a bank statement correctly?
How do transfers and direct debits work?
Materials for teachers – lesson plans
Since 2008 SCHULDNERHILFE OÖ has been developing free teaching materials for teachers (Ministry of Social Affairs). So far, for kindergarten, primary school and school level 8/9 and 10/11. Each topic contains knowledge transfer materials, practical examples and relevant exercise and training sequences. All materials are intended for use in the classroom and can be downloaded free of charge. There is also a picture folder with the title “I want! Need? Do I have. Consumer education for children “, which can be used in different ways in kindergarten and primary school.
Budget calculator on-line
Examples of budgets:
Number 74 of Das budget magazine is about budget advice under the slogan “Prevent instead of paying” – to download
Financial driving license – a project implemented in various regions of Austria.
An example of a project carried out in Upper Austria:
The aim of the project is to provide practical financial knowledge on three different levels depending on the target group and age: basic, advanced and professional.
The topics on the different levels correspond to the age, level of knowledge, interests and type of school or education of the participants and differ in content and didactic preparation.
It is advisable to implement all levels of difficulty, which strengthens the financial security of young people.
After successful completion, participants finish with a driving licence in Upper Austria. This certificate is very positively perceived by employers in Upper Austria and should therefore be an integral part of any meaningful application document.
The innovative financial and budgetary education program for all.
Via a fun and innovative pedagogy, Dilemme offers a learning method based on constant back and forth between experimentation and theory. This tool allows everyone, whatever their mode of learning, their level, their life experience and to acquire new practical knowledge, to initiate an awareness or to awaken personal, collective or philosophical questions concerning consumption, marketing methods, societal choices, solidarity, read more Here
Dilemma Junior is a program that is based on the eponymous app , available free from the usual download platforms, and educational workshops aimed at a public elementary school as part of school activities and / or extracurricular. Read more Here
Dilemma Entrepreneurs is an innovative education program on the challenges of entrepreneurship.
The starting point of this program is based on a workshop developed around a board game used as support during sessions that can bring together ten participants.
This educational tool puts the teams in the situation of an entrepreneur starting and then developing his activity over three years. Thanks to a double budget spreadsheet, players manage their personal and professional budgets independently. The mechanisms of the game make it possible to approach in a playful way various challenges of the life of entrepreneurs (question cards, challenges, events, etc.), to acquire concrete and practical knowledge on the environment linked to creation, to development and the difficulties that a business may encounter. Read more Here
Updated information that may be helpful for consumers to overcome COVID-19
Next to standard material on budgeting and financial guidance, there are also:
- a sample letter you can send to creditors to ask for a revised repayment scheme.
- A roadmap: grip on your money in times of corona
- Explanations and guidance to the financial support that the government is spreading out to self-employed.
Special paper which is delivered door-to-door in some local municipalities:
Nibud has developed a number of useful calculation tools that you can use to calculate various aspects of your financial situation.
Plan annual revenues and expenses.
This step-by-step plan explains how to make such a budget step by step. You can download or print a useful Excel sheet.
Guide to financial education (infographic)
Purchasing power calculator 2020
Retirement – thanks to the Retirement and Retirement Plan you can check how you can reduce the risk of insufficient retirement income.
Money Plan Study (grand) children is a calculation tool, useful for all parents and grandparents who want to save or invest and thus contribute to the education of their (grandchildren) children.
Consumer knowledge – materials for consumers and teachers
Here you will find answers to questions about purchases, contracts and complaints.
Support and information, especially during COVID-19
COVID 19 – your rights as a consumer – here you can find answers to frequently asked questions about international yravel and travel within Sweden, hotels and accommodation, canceled events, concerns and risk groups, packages and deliveries, and many more, also in English, Arabic languages.
Lesson bank – over 70 ready-made lesson plans with work student’s cards and additional materials such as films, quizzes, dedicated to topics related to consumer rights, including environmental issues, and financial knowledge on personal finance management.
“Kollen debt” is a lesson material based on reality, which consists of two previously planned lessons. The heart of the material are movies in which students gain knowledge by discussing and reflecting on their personal finances and the choices they make every day.
“Checking cash” is a teaching material on personal finances for high school students. The goal is to increase young people’s interest in and knowledge of private finances, and to help teachers teach about personal finances
Financial education in Portugal has been provided by private, profit (mostly financial institutions) and not-for profit (consumer associations and other civil society initiatives), institutions and by the Portuguese central bank.
Private initiatives are diverse, going from websites with financial glossaries, simulators and tips about savings, consume, credit and investment to educational projects implementation in and with schools, municipalities and third sector organizations. We give some examples below, but the contents and materials of these programs are not available to the public
The national strategy on financial literacy carried out by the Bank of Portugal is aligned with the best practices defined by the International Network on Financial Education, of whom the Bank of Portugal is a member since its creation, in 2008. The national strategy has, as its greatest exponent, the National Plan for Financial Education (Plano Nacional de Formação Financeira [PNFF]), the educational aspect of public intervention. However, there are other tools concerning financial information and counseling, namely:
– Bank Customer Website (Portal do Cliente Bancário)
Created in 2008 by the Bank of Portugal, it is an instrument of behavioral supervision that promotes information on the rights and duties of bank customers and discloses the rules that regulate the marketing of banking products and services, while also supporting the financial training of bank customers. Here we can find some useful tools and materials, as noted below.
– Municipal Consumer Information Centers (Centros de Informação Autárquica ao Consumidor [CIAC])
CIAC are local structures that result from protocols between the municipalities and the Directorate-General for Consumers. They constitute a solution of proximity and free support aiming at promote and assure consumers’ rights. The vast work of these entities in the area of consumption includes activities for the dissemination of financial information and the promotion of financial training actions addressed to specific audiences.
– Indebted Consumer Support Network (Rede de Apoio ao Consumidor Endividado [RACE])
The entities of this network provide a support, information and advice to consumers who are at risk of defaulting on credit agreements or who, due to delays in fulfilling obligations arising from credit agreements, are inserted in a renegotiation process with the credit institution. Government aggregates and seals these entities on a network. They come from private and civil society initiatives.
National Plan for Financial Education (PNFF)
The PNFF was created in 2011 following the first national inquiry on financial literacy of the population. It is headed by the National Council of Financial Supervisors (Conselho Nacional dos Supervisores Financeiros [CNSF]) that include: the Bank of Portugal, the Portuguese Securities Market Commission (Comissão do Mercado de Valores Mobiliários [CMVM]) and the Insurance and Pension Funds Supervisory Authority (Autoridade de Supervisão de Seguros e Fundos de Pensões [ASF]). It frames and supports national initiatives and have as partners private, associative and academic institutions. For the period 2016-2020 it established as specific targets: kindergartner children, basic and secondary education students, university students, workers, vulnerable groups, entrepreneurs, business-owners and managers of SMEs, besides the population in general.
PNFF activities are developed through several axes. The majority of the projects are directed to basic and secondary education students and conducted at schools, promoted and implemented by teachers.
Is PNFF mission to:
– Establish the guiding principles of the national financial education strategy;
– Conduct surveys on financial literacy;
– Promote initiatives that bring visibility to the topic of financial education, as “Todos Contam” contest (encourages the development of financial education projects in schools) and Financial Education Day;
– Foster the Todos Contam website (www.todoscontam.pt), a portal for financial education that provides information in simple language on relevant topics for the management of personal finance and tools to support the most important financial decisions. The Todos Contam (Everyone counts) site is also a platform for sharing financial education content and initiatives developed under the Plan and by its stakeholders.
Concerning the promotion of knowledge, dissemination of financial informative materials and educative programs development, directed to ECDN requested points, PNFF provides:
- Useful tools
– financial glossaries and simulators https://www.todoscontam.pt/glossario/glossario (the simulators are presented by topic)
- Practical knowledge – “ready to use” material
– Videos and leaflets on various topics on the libraries of Todos Contam website
– E-learning platform on Todos Contam website: http://elearning.todoscontam.pt.
Launched in 2015, this platform aims to support the training of trainers and also support financial education initiatives for the general population, increasing the geographical coverage of the PNFF. Here we can find a set of classes and support materials on family budget, savings and investment, credit and insurance.
– Financial Education Notebooks
The PNFF is responsible for developing educational references that guide the implementation of strategies with different target audiences. There is already a benchmark for schools, divided by different levels of education, and a benchmark for companies. Although much of the work of teachers or trainers is based on materials collected and developed by themselves, the PNFF (in partnership with Financial Supervisors, the Ministry of Education and four associations in the financial sector) has developed the Financial Education Notebooks that aim to support trainers and trainees in addressing the themes defined in the financial education frameworks. They can be used in different curricular learning contexts, within the scope of classes, complementary offers or projects.
Other offers on ECDN points:
- Useful tools
– Financial glossaries and simulators on Bank of Portugal and Bank Customer websites
– Financial glossaries and simulators on private and associative organizations websites (not associated with specific products)
https://www.asfac.pt/simulador (association of specialized credit institutions)
https://reorganiza.pt/category/glossario-financeiro/ (insurance mediation, credit intermediation and financial coaching company)
- Pratical knowledge
– Financial tips
– “Ready to use” material
– Bank Customer Website material: https://clientebancario.bportugal.pt/pt-pt/materiais ; https://clientebancario.bportugal.pt/pt-pt/educacao-financeira-digital-para-jovens-o-que-e
– DECO (consumer association)
– DECOJovem (various topics, including financial management) https://decojovem.pt/
– DECO over-indebted support office brochure https://gasdeco.net/literacia-financeira/espaco-academico/outras-acoes/
– DECO on-line course O essencial da economia pessoal (The essentials of personal economy) http://moocs.decoforma.pt
– Manuals on the broader topic Consumer Education, on the website of the Consumer Directorate-General: https://www.consumidor.gov.pt/consumidor_4/educacao-ao-consumidor/manuais-para-professores.aspx
– Money Museum information and quiz
- Educational projects implemented among different age groups
As mentioned above, there are many actions taking place by private initiative (banks, credit intermediation companies), associations, non-profit organizations, local authorities, whose materials we do not have access to. They lack a systematic character, that is, they happen occasionally and respond to a specific need of a specific target audience.
– Most of the projects are aimed at children and adolescents to complete compulsory education (12 years of schooling, 6-18 years)
PNFF stands out, but there are other programs developed mainly in schools, which go beyond the use of didactic-pedagogical materials designed by PNFF:
http://www.facm.pt/facm/facm/pt/servico-educacao/educacao-financeira (António Cupertino de Miranda Foundation)
https://www.asfac.pt/pagina/62/aflatoun (AFLATOUN program implementation in Portugal, by ASFAC)
Finances for all (Finanças para Todos) – DECO Training for leaders and technicians of youth associations http://decoforma.pt/oferta-programas-abertos/formacao-financeira-para-todos-estudantes-jovens/
https://www.apoiare.pt/formacao/pessoas-familias/ (Non-profit association for observation, research and support in debt re-education)
Finances for all (Finanças para Todos) – DECO Training for most vulnerable and economically unprotected consumers –http://decoforma.pt/oferta-programas-abertos/formacao-financeira-para-todos-consumidores-vulneraveis/
O PNFF tem parcerias com empresas e com o Instituto do Emprego e Formação Profissional
Finances for all (Finanças para Todos) – DECO Training for business employers and employees of micro, small and medium-sized enterprises http://decoforma.pt/oferta-programas-abertos/formacao-financeira-para-todos-pmes/
Where to read about financial measures to support families’ difficulties arising from the COVID 19 pandemic
https://covid19estamoson.gov.pt (Government website, all the measures. Social and economics here: https://covid19estamoson.gov.pt/estado-de-emergencia-nacional/medidas-economicas-e-sociais/)
Financial tips for this period: https://reorganiza.pt/artigos
Financial and Consumer Counselling Offices – free legal aid in a field of civil law, bankruptcy law, banking law, credit union law and consumer law. The contact with advisers is provided during individual meetings or by phone, e-mail or mail. Everyone can receive debt/legal advice, however one client has the right to consult his/ her problem three times in one case. In the cases where more attention is required, clients are attended as many times as they need. Advisers are not only responsible for debt/legal advice, they also draft legal documents such as petitions to declare bankruptcy, proposal for the splitting into instalments and others required documents.
Regarding to the client financial situation advisers provide assistance in:
1. determining the financial and legal situation of the client,
2. providing information on the customer's rights and entitlements,
3. clarifying credit procedures,
4. home budget advice,
5. clarifying issues related to over-indebtedness.
The aid is provided throughout Poland.
„Live financially!- how to manage finances in your personal life”- one year program addressed to teenagers between 15-19 years old. Students participate in workshops maintained by their teacher, who was previously trained by SKEF (SPFE) in special weekend course. Every participant receives coursebook, which provides information about personal finance, basic financial services and products, teaches how to use them safely and gives additional exercises. Coursebook introduces such topics as: budget, planning your career, investments and insurances.. Every year workshops are provided in 25-30 high schools throughout the Poland. Additionally with workshops is organised contest of the same name “Live financially!- how to manage finances in your personal life”. Contest consist of two part. During first phase students are obliged to prepare essay on a particular subject e.g. “Prepare financial plan for study in different town/country”, “How can I save money for the car?”, “How you imagine your best financial education lesson?” From the submitted essays the jury selects ten best competition works. Authors of the best ten essays are invited to a final stage of the contest, during which they compete by answering test questions and open questions from the issues contained in the coursebook for the cash prize.
“Help save the family”, “Help youth save up” – the aim of both projects is to help group of people who are exposed to higher risk of inability to manage their finance. Project “Help save the family” The project directed to families with low income, who did not have a chance to gain financial capacity and literacy, and were thus exposed to overindebtedness. The one edition of the project lasts 9 month. During that period participants are obliged to save all bills and take care of their financial budget. Moreover, at the beginning they set themselves the goal of saving as a family. Every month the family meets with their mentor (employee of the SKEF), during that time together have possibility to learn more about planning, financial products and services, project individual budget, discuss incomes and expenses. Also they have time to consider various opportunities to improve their financial position . After the period of 9 months it is expected that family will be able to manage their budget in a more conscious way and save some money for the goal set at the beginning.,. The most important is the inclusion in this process of collecting receipts, planning, saving the whole family, including children who will receive a lesson in financial education in a practical way.
Project “Help the youth save up”
The Society for Promotion of Financial Education (SKEF) from Poland has prepared a new project in the field of financial education “Help the youth save up”, which aims at developing knowledge, skills and positive attitudes in the field of personal finance management among children from orphanages over 15 years of age.
Due to the lack of support from the family environment, additional activities should be introduced to this group to support their development and to better prepare them for adulthood.
One of such activities may be participation in the project “Help the youth save up”, which will provide children from orphanages with education in the area of personal finances.
During the project, participants will have the opportunity to acquire practical skills in planning and preparing a personal budget and using it in everyday life, responsible use of products and services available on the financial market, including loans, credits, personal bills and therefore effective management of personal finances. The project will last 5 months. Each participant will receive monthly pocket money. They will also receive the support of a mentor who will give them guidance throughout the duration of the project.
During the project, pupils will participate in three practical workshops in the field of financial education. The thematic scope of the workshop has been individually selected to meet the needs of its participants. Young people will choose themes of their interest.
At the end of the project, after meeting all conditions, young people will receive a cash payment as agreed at the beginning of the project and to achieve their individual goal. We hope that the knowledge, experience and skills acquired in the project will contribute towards making more informed and responsible financial decisions in the future.
“I think, I decide, I act – finance for the youngest” – 2,5-year project directed at younger elementary schoolchildren implemented with National Bank of Poland in cooperation with Polish elementary schools and teachers; it implements financial education materials among 44 groups of pupils who can experience 80 hours of regular workshops based on the educational package “I think, I decide, I act – Finance for the youngest”, prepared by Professor Małgorzata Żytko from the University of Warsaw, Dr. Alina Kalinowska from the University of Warmia and Mazury and Ewa Kruk from SKEF.
The educational package “I think, I decide, I act – Finance for the youngest”:
- builds children’s knowledge in economics and finance;
- develops skills related to functioning in the financial environment;
- enables personal experience related to money management;
- supports development of mathematical skills of school students in the context of everyday economic and financial experiences;
- develops the ability of critical thinking;
- encourages self-searching of information, carrying out experiments and analysing sources and texts related to money matters;
- encourages students and teachers to teamwork using the project method;
- develops language skills through moderated discussions on financial topics;
- supports understanding of the humanistic dimension of financial processes;
- inspires and awakens creativity through fun.
The educational package “I think, I decide, I act – Finance for the youngest” contributes, as a result, to building and developing financial awareness and responsibility for the decisions taken.
Training courses: “Safe family, safe senior” , “Aware senior” (projects addressed to seniors implemented with National Bank of Poland supporting financial literacy among elderly people) “Safe family, safe senior”- project focuses on two issues: common account and disposition in the event of death. Seniors in the group of 15 people could participate in the workshops during which were presented abovementioned information. Additionally each participant received small coursebook with the information presented during workshops. Subject presented in the workshops are especially interesting for seniors, because large number of old marrieds posses common account, however do not know about basic right and obligations related to this kind of account. Disposition in the event of death might be especially useful for those who would like to safe the financial stability for the members of family in case of their death, without waiting for judicial succession.
“Aware senior”- project focuses on two main issues: cashless payments and Credit Information Bureau. Seniors in the group of 15 people could participate in the workshops during which were presented abovementioned information. Additionally each participant received small coursebook with the information presented during workshops. Subjects presented in workshops might be useful for Senior in current financial word. The popularity of cashless payments is still growing, Seniors shall be aware of the new opportunities as well as risks. Second part of the workshops was dedicated to Credit Information Bureau which is responsible for processing loan and credit data. It is crucial for Seniors to be aware of that kind of institution.
Poland Komisja Nadzoru Finansowego/ Financial Supervision Authority
“Be careful” – website provides basic guidance regarding potential risks provoked by Corovirus crisis. Nowadays consumers may become victims of fraudsters, who take advantage from unusual situation. On the website consumers may obtain information how to prevent themselves from hazardous situation and to take conscious steps such as: to protect private data, to verify information in proper institutions, to verify investments which promise high profits.
“Crowdfunding” –website provides basic information about the role and importance of the crowdfunding in current investments. Materials are divided into two groups: first one describes different kinds of risks related to this kind of investments and second one focuses on the rules of crowdfunding.
“Fascinated by”– campaign which prevents from investing into condohotel or aparthotel without proper information about investment. Consumers who are interested in such project shall have access to all information related to project and shall not feel uncomfortable to ask further questions. Website consists of practical guidance for investor and quiz. The campaign was created in collaboration with Financial Supervision Authority, Office for Competition and Consumer Protection and Ministry of Investment and Development.
Lesson scenarios for financial education:
“First steps in the financial market” – project introduces the board game as a tool to understand basic financial terms and mechanism. The aim of the lesson is to raise awareness of the pupils about the risks of investments. After the lesson students shall understand what is the capital market and what are its functions, know how stock exchange works, are aware of basic dangers related to investments.
“Lesson scenarios for the risks associated with investing in capital market” – set of lesson scenarios in the area of investment. The brochure is divided into 4 individual scenarios:
– investing in shares and bonds
– investing in derivatives
– investing in investment funds
– investment limits in the investment fund
Depending on the subject, students get familiar with new financial terms, which are explained during classes. Than the teacher encourages pupils to further discussion over the subject. Also are available additional exercises to work in groups.
“The first steps in finance” – the textbook discusses the fundamentals of personal finances and is intended for young people who are taking their first steps towards becoming financially independent.
Support materials for teachers:
Also there you can find directions, slides for teaching, slides with questions and tasks, answers to questions.
Videos on different topics such as:
What do young people know about finance?How expensive are we?
Setting goals, Secure finance
Calculators: some various calculators on savings and loans
Educational program – Wise Finance provides education material on finance for 13 – 15 years old students. The program is run by The Icelandic Financial Services Association and The Icelandic Pension Funds Association. All activites and teaching material are in the name of Wise Finance, there are no promotions of companies involved. The main goal of Wise Finance is to inspire teachers in teaching financial literacy and enable employees of financial corporations and pension funds to work to gether towards improving young people‘s financial literacy.
More info: https://fjarmalavit.is/um-fjarmalavit/
IS YOUR ASSOCIATION WORKING WITH Financial Education?
Then the ECDN would like to hear whether you have any aducational tools available, and which you would be ready to share with the members of the ECDN, this will improve the level and availability of FINANCIAL EDUCATION across Europe and help thousands of people in need!