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Financial Literacy in Portugal: state of the art
and gap analysis
Anabela Mesquita
Paula Peres
Luciana Oliveira
AGENDA |
• PART 1
• Contextualization
• Financial education
• eFinLit
• Aims and objectives
• Results
• Partnership
• PART 2
• eFinLit results
• State of the Art and Gap Analysis
• SWOT
• Future work
• Conclusions
23/10/2015
Anabela Mesquita, Paula Peres, Luciana
Oliveira / sarmento@iscap.ipp.pt
2
Part 1
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
3
• Economic turbulence
• Market shortcoming
• Escalating number of low income
• Unemployed young adults (largest disadvantaged group in
the EU society)
INTRODUCTION |
Great need to equip young adult with the tools and skills
to manage their income in a way that will sustain their
quality of life and financial flexibility at decent levels in
the long term
Developing Financial Competencies for
EU Citizens Utilizing Online Learning and
Digital Literacy23/10/2015
Anabela Mesquita, Paula Peres, Luciana
Oliveira / sarmento@iscap.ipp.pt
4
• Financial education
• Process by which individuals
• improve their understanding of financial products and concepts;
• develop the skills and confidence to become more aware of financial risks
and opportunities, to make informed choices, to know where to go for help,
and to take other effective actions to improve their financial well-being and
protection (OECD)
• Financially literate
• person will have some basic knowledge of key financial concepts and
the ability to apply numeracy skills in financial situations.
FINANCIAL LITERACY |
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sarmento@iscap.ipp.pt
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Developing Financial Competencies for EU Citizens
Utilizing Online Learning and Digital Literacy
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
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PARTNERSHIP|
Portugal – ISCAP School of Accounting and Administration of Porto
(Coordinator) (Higher education institution)
Cyprus – INNOVADE LI LTD
(Enterprise)
Itália – CE.S.CO.T. VENETO – Centro Sviluppo Commercio Turismo e Terziario
(Business association)
Austria – E-C-C Verein fuer interdisziplinaere Bildung und Beratung
(Training Centre)
Slovenia – INTEGRA INSTITUT, Institut za razvoj cloveskih virov
(Training Centre)
Slovaquia – QUALED obcianske sdruzenie pre kvalifikáciu a vdelávanje
(Training Centre)
Cyprus – CARDET Centre for Advancement of Research and Development in
Educational Technology (Training Centre)
Spain – IEF Institute of Financial Studies
(Research Centre)
Started in 2014 and will end in 2016
23/10/2015
Anabela Mesquita, Paula Peres, Luciana
Oliveira / sarmento@iscap.ipp.pt
7
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
1
2
3
4
5
AIMS AND OBJECTIVES |
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
8
• The development of basic and transversal skills: improve the digital, basic math, and
financial skills of young adults, will indirectly improve their language and reading skills
• The promotion of Innovative and student-centered pedagogical approaches: deploy
innovative, student-centered, ICT based pedagogical approaches, such as the eLearning,
online games, peer to peer support, and educational technology tools that are based on the
self-interest and paste of the students
• The development of appropriate assessment and certification methods: support both
formatting and summative assessment methods, based on the ECTS. Online certificates will
be provided to the eFinLit students upon completion of each module, accredited by the HE
and training institutions of the eFinLit consortium of partners
• The design and implement assessment of the eFinLit transversal skills as noted above
SPECIFIC OBJECTIVES |
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
9
• To provide tangible learning outcomes: The learning outcomes will immediately
become visible in the everyday life of the young adults
• The validation of non-formal and informal learning: encompasses a series of
components related to non-formal and informal learning such as access to online data and
games, use of multimedia, forums and social networks. The partners will validate these
activities provide online certificates to the users
• The improvement of funding approaches for skills development: would potentially
be an improved funding approach for skills development, since through the development of
sophisticated, innovative online educational resources and tools can build a wide range of
skills of EU citizens.
SPECIFIC OBJECTIVES |
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sarmento@iscap.ipp.pt
10
1. Carry out a transnational eFinLit state of the Art and gap analysis
2. Develop an online curriculum composed of 8 modules: Digital Literacy and Access to
Financial Information, Basic Math, Budgeting, Savings, Indebtedness, Credit and Loans,
Consumer Rights, Investment and Entrepreneurship
• The identification of these modules was done during the development of a previous project also about
Financial Literacy called, FINLICO – Financial Literacy Competences for Adults (see http://www.financial-
literacy.eu/index.php?id=29)-)
3. Develop an eFinLit online platform and mobile application
The eFinLit backbone is based on ICT which include social networking tools, online games, data bases,
and a training packages of online self-regulated modules, which will also be available through mobile
platforms. These will include:
• eLearning platforms, WEB 2.0 networking tools, Mobile applications, Digital material, Videos,
Online Management Tools, Social Media
1. Development of an adaptation toolkit
EXPECTED RESULTS|
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
11
STATE OF THE ART AND GAP ANALYSIS: Results
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Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
12
Part 2
• The METHODOLOGY adopted to produce the eFinLit
STATE OF THE ART AND GAP ANALYSIS REPORT at EU
level has consisted in a 4-step exercise implemented
from October 2014 to the end of February 2015:
• Identification of the field of investigation and
agreement on an operational proposal including the
design of the tools and a first set of schedules to
complete the research.
• Issue of a final operational proposal including survey
and interviews questionnaires, focus group (field
research) and country overviews (desk research),
plus the database format that had to be integrated by
all partners.
23/10/2015
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sarmento@iscap.ipp.pt
13
• Translations and adaptation: All the partners were
requested to:
• Translate it to their languages if necessary so as to carry
out the field research;
• Whether insert the survey inputs onto an online
questionnaire in EN or TRANSLATE into each language..
• Implement the questionnaires in different adult schools
and send the results to an excel file to be analysed.
• Analysis of the results achieved, issue of national
reports plus issue of final EU national report.
23/10/2015
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sarmento@iscap.ipp.pt
14
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
15
• The UNIVERSE considered is formed by adults (18-
35 years) from Austria, Cyprus, Spain, Italy, Portugal
Slovenia and Slovakia. Austria, Cyprus, Spain, Italy,
Portugal Slovenia and Slovakia
• SAMPLE - methodology “Judgement sampling”,
particularly, purposive sampling, in which each
sample does not have a known probability of being
selected; that is, in Austria, Cyprus, Spain, Italy,
Portugal Slovenia and Slovakia the adults have been
identified providing interesting information for the
survey according to a freely selection process
implemented by the participating organisations.
• SIZE OF THE SAMPLE - 392 valid questionnaires.
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
16
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
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COUNTRY
Number of
questionnaires
Austria 57
Cyprus 42
Spain 84
Italy 52
Portugal 76
Slovenia 38
Slovakia 43
TOTAL 392
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sarmento@iscap.ipp.pt
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INDICATOR ITEM TO ELABORATE QUESTION
Profile of the respondents Name of person, country, attainment to Associations/organisations/etc., e/mail address
Problems and contingencies
to be addressed regarding
financial literacy
1. Digital Literacy and Access to Financial Information
2. Basic Math
3. Budgeting
4. Savings
5. Indebtedness
6. Credit and Loans
7. Consumer Rights
8. Investment and Entrepreneurship
…
Awareness of importance of
training to face their
problems
• Participation in training courses regarding financial education in the past
• Participation in training courses in the past
• How much time you ready to invest in training per year?
...
Educational strategies and
formats
• Frequency of use of computer
• Participation in ICT related (wholly online or blended learning) training courses
• Use of the Internet for learning purposes
• Use of mobile devices for learning purposes (podcast, etc.)
• Do you have a smartphone, if yes, which OS (iPhone, Android, other)?
• Do you have a tablet, if yes, which OS (iPad, Android, other)?
• Do you have internet access?
• Do you listen to podcasts?
• Do you visit online forums to solve financial problems? If yes, which ones and what are the main discussion topics?
• ...
Rating of specific features of
learning and e-Learning
courses
1. Quality of learning contents
2. Design
3. Navigation
4. Loading time
5. Text easy to read
6. Easy to use
7. Frequently Asked Questions Available
8. Availability of learning resources (such as blog, forum, Library...etc)
9. Availability and interaction with a tutor
10. Distant
11. Face to face
12. Certification
13. ...
...MORE? ...
Results
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
19
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
20
Problems and
contingencies
Average Rating 1 to 5 (5 most 1 least)
AT CY ES IT PT SL SK AVERAGE
1. Digital Literacy and
Access to Financial
Info
3,35 4,4 3,76 3,65 4,1 4,18 3,4 3,83
2. Basic Math 3,82 4,5 4,19 3,87 4 4 3,4 3,97
3. Budgeting 3,95 4,6 3,67 3,71 4,2 4,18 4,09 4,06
4. Savings 3,4 4,6 3,99 4,19 4,2 4,37 3,49 4,03
5. Indebtedness 3,14 3,8 2,94 3,88 3,1 3,39 3,49 3,39
6. Credit and Loans 2,86 4,1 2,89 3,92 3,5 3,89 3,63 3,54
7. Consumer Rights 4,05 4,6 4,04 4,29 4,3 4,39 3,7 4,20
Rating of Problems and contingencies in AT, CY, ES, IT,
PT, SI, and SK
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
21
Fig. 4: Have you attended any training
courses in the past?
Fig 5: Have you attended training
courses regarding financial education in the
past?
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
22
AT CY ES IT PT SL SK AVERAGE
Fully on-line 2,54 4 3,37 2,75 3,4 4,08 4,09 3,46
Blended learning 3,16 4,1 3,58 3,69 3,8 4,36 4,12 3,83
Classroom Training
(Instructor Led)
4,61 3,8 4,32 4,08 3,7 3,61 4,22 4,05
Rating of Preferred learning formats - in AT, CY, ES,
IT, PT, SI, and SK
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
23
Percentages of use of Internet
23/10/2015
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sarmento@iscap.ipp.pt
24
Frequency of use of computer and Mobile
devices in AT, CY, ES, IT, PT, SI, and SK
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
25
Percentages of use of smartphone and tablet in
AT, CY, ES, IT, PT, SI, and SK
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
26
Most used Op. System in AT, CY, ES, IT, PT, SI, and SK
23/10/2015
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sarmento@iscap.ipp.pt
27
Participation in online forums related to financial
education in AT, CY, ES, IT, PT, SI, and SK
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
28
FEATURES Average
Easy to use 4,36
Quality of learning contents 4,25
Navigation 4,20
Text easy to read 4,21
Availability and interaction with a tutor 4,12
Loading time 4,02
Use of mobile devices 3,94
Availability of learning resources (such as blog,
forum, Library...etc.)
3,86
Design 3,64
Frequently Asked Questions Available 3,63
Certification 3,17
Average rating of features of learning and e-Learning
courses
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
29
Average rating of features of learning and e-
Learning courses
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
30
STRENGHTS WEAKNESSES
 Increase of citizens awareness about the
need to become financially literate
 ONLINE approach: allowing for an
increased reach of individuals, lower
production costs than traditional courses
and free of charge
 Training and information will be provided
using popular channels, i.e. apps, QR
codes, social networks, etc.
 The learning approach is attractive, but
also simple and practical
 A modular training system with small units
will help learners keep on track
 Different audience profiles
 Lack of target group financial planning and
savings habits, which are not incorporated
or promoted in early stages of education
 Need to clarify translation issues of training
materials during the development of IO2
 Values and ethics: (key players oriented in
order not to feel responsible for the lack of
information of the public) and lack of
transparency plus conflict of interests
 The figure of financial educator is not
present in the project
SWOT
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
31
OPPORTUNITIES THREATS
Young adult population does not seem to be
aware of their need to develop personal
financial management skills
Negative perceptions from the population
about financial institutions
Easy access to Internet
Young adult people promptness to digital
environments and technologies
Young adult population have easy access to
mobiles smartphones and computers
Global increased awareness about financial
sustainability among young adult population,
as a result of social and economic crisis
Online training as convenient option to fit
personal and professional life of the target
group and may be adjusted to different
audience profiles
 Global economic and social crisis
 Lack of lifelong learning habits
 Lack of experience and trust in distance
learning
 Low level of digital literacy
 Cultural issues: People lack of interest,
motivation and habits concerning the search
for financial information/strategies/training
 Financial companies’ aggressive marketing
 Tendency to contract personal credit on
regular basis
SWOT
Next steps
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
32
• Prepare the contents for the curriculum following the
guidelines of b-learning.
• This curriculum should be concluded (draft version) in
October 2015. It will be followed by a pilot test.
FUTURE WORK|
23/10/2015
Anabela Mesquita, Paula Peres, Luciana
Oliveira / sarmento@iscap.ipp.pt
33
• Financial Literacy has been identified as one of the priority issues in Europe.
• It is necessary to prepare young adults to face the challenges of a modern
society, mainly one that is submerged into a financial crisis.
• After the struggling with indebtedness, society needs to look now to the young
generation and to educate them to avoid past problems.
• Society has realized now that education is the key (at least one of the keys) to
equip citizens with the necessary tools to face future challenges.
• eFinLit project addresses these challenges by providing for free the so necessary
education. Modules will be developed and provided via an online platform for all
those interested in improving their financial education skills. Each contribute is
one step ahead towards the increased sense of citizenship.
CONCLUSIONS|
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
34
THANK YOU!
Anabela Mesquita
(sarmento@iscap.ipp.pt)
Paula Peres
Luciana Oliveira
"The European Commission support for the production of this
publication does not constitute an endorsement of the contents
which reflects the views only of the authors, and the
Commission cannot be held responsible for any use which may
be made of the information contained therein."
23/10/2015
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
35

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Financial Literacy Competencies - the efinlit project

  • 1. Financial Literacy in Portugal: state of the art and gap analysis Anabela Mesquita Paula Peres Luciana Oliveira
  • 2. AGENDA | • PART 1 • Contextualization • Financial education • eFinLit • Aims and objectives • Results • Partnership • PART 2 • eFinLit results • State of the Art and Gap Analysis • SWOT • Future work • Conclusions 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 2
  • 3. Part 1 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 3
  • 4. • Economic turbulence • Market shortcoming • Escalating number of low income • Unemployed young adults (largest disadvantaged group in the EU society) INTRODUCTION | Great need to equip young adult with the tools and skills to manage their income in a way that will sustain their quality of life and financial flexibility at decent levels in the long term Developing Financial Competencies for EU Citizens Utilizing Online Learning and Digital Literacy23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 4
  • 5. • Financial education • Process by which individuals • improve their understanding of financial products and concepts; • develop the skills and confidence to become more aware of financial risks and opportunities, to make informed choices, to know where to go for help, and to take other effective actions to improve their financial well-being and protection (OECD) • Financially literate • person will have some basic knowledge of key financial concepts and the ability to apply numeracy skills in financial situations. FINANCIAL LITERACY | 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 5
  • 6. Developing Financial Competencies for EU Citizens Utilizing Online Learning and Digital Literacy 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 6
  • 7. PARTNERSHIP| Portugal – ISCAP School of Accounting and Administration of Porto (Coordinator) (Higher education institution) Cyprus – INNOVADE LI LTD (Enterprise) Itália – CE.S.CO.T. VENETO – Centro Sviluppo Commercio Turismo e Terziario (Business association) Austria – E-C-C Verein fuer interdisziplinaere Bildung und Beratung (Training Centre) Slovenia – INTEGRA INSTITUT, Institut za razvoj cloveskih virov (Training Centre) Slovaquia – QUALED obcianske sdruzenie pre kvalifikáciu a vdelávanje (Training Centre) Cyprus – CARDET Centre for Advancement of Research and Development in Educational Technology (Training Centre) Spain – IEF Institute of Financial Studies (Research Centre) Started in 2014 and will end in 2016 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 7
  • 8. 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 1 2 3 4 5 AIMS AND OBJECTIVES | 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 8
  • 9. • The development of basic and transversal skills: improve the digital, basic math, and financial skills of young adults, will indirectly improve their language and reading skills • The promotion of Innovative and student-centered pedagogical approaches: deploy innovative, student-centered, ICT based pedagogical approaches, such as the eLearning, online games, peer to peer support, and educational technology tools that are based on the self-interest and paste of the students • The development of appropriate assessment and certification methods: support both formatting and summative assessment methods, based on the ECTS. Online certificates will be provided to the eFinLit students upon completion of each module, accredited by the HE and training institutions of the eFinLit consortium of partners • The design and implement assessment of the eFinLit transversal skills as noted above SPECIFIC OBJECTIVES | 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 9
  • 10. • To provide tangible learning outcomes: The learning outcomes will immediately become visible in the everyday life of the young adults • The validation of non-formal and informal learning: encompasses a series of components related to non-formal and informal learning such as access to online data and games, use of multimedia, forums and social networks. The partners will validate these activities provide online certificates to the users • The improvement of funding approaches for skills development: would potentially be an improved funding approach for skills development, since through the development of sophisticated, innovative online educational resources and tools can build a wide range of skills of EU citizens. SPECIFIC OBJECTIVES | 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 10
  • 11. 1. Carry out a transnational eFinLit state of the Art and gap analysis 2. Develop an online curriculum composed of 8 modules: Digital Literacy and Access to Financial Information, Basic Math, Budgeting, Savings, Indebtedness, Credit and Loans, Consumer Rights, Investment and Entrepreneurship • The identification of these modules was done during the development of a previous project also about Financial Literacy called, FINLICO – Financial Literacy Competences for Adults (see http://www.financial- literacy.eu/index.php?id=29)-) 3. Develop an eFinLit online platform and mobile application The eFinLit backbone is based on ICT which include social networking tools, online games, data bases, and a training packages of online self-regulated modules, which will also be available through mobile platforms. These will include: • eLearning platforms, WEB 2.0 networking tools, Mobile applications, Digital material, Videos, Online Management Tools, Social Media 1. Development of an adaptation toolkit EXPECTED RESULTS| 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 11
  • 12. STATE OF THE ART AND GAP ANALYSIS: Results 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 12 Part 2
  • 13. • The METHODOLOGY adopted to produce the eFinLit STATE OF THE ART AND GAP ANALYSIS REPORT at EU level has consisted in a 4-step exercise implemented from October 2014 to the end of February 2015: • Identification of the field of investigation and agreement on an operational proposal including the design of the tools and a first set of schedules to complete the research. • Issue of a final operational proposal including survey and interviews questionnaires, focus group (field research) and country overviews (desk research), plus the database format that had to be integrated by all partners. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 13
  • 14. • Translations and adaptation: All the partners were requested to: • Translate it to their languages if necessary so as to carry out the field research; • Whether insert the survey inputs onto an online questionnaire in EN or TRANSLATE into each language.. • Implement the questionnaires in different adult schools and send the results to an excel file to be analysed. • Analysis of the results achieved, issue of national reports plus issue of final EU national report. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 14
  • 15. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 15
  • 16. • The UNIVERSE considered is formed by adults (18- 35 years) from Austria, Cyprus, Spain, Italy, Portugal Slovenia and Slovakia. Austria, Cyprus, Spain, Italy, Portugal Slovenia and Slovakia • SAMPLE - methodology “Judgement sampling”, particularly, purposive sampling, in which each sample does not have a known probability of being selected; that is, in Austria, Cyprus, Spain, Italy, Portugal Slovenia and Slovakia the adults have been identified providing interesting information for the survey according to a freely selection process implemented by the participating organisations. • SIZE OF THE SAMPLE - 392 valid questionnaires. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 16
  • 17. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 17 COUNTRY Number of questionnaires Austria 57 Cyprus 42 Spain 84 Italy 52 Portugal 76 Slovenia 38 Slovakia 43 TOTAL 392
  • 18. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 18 INDICATOR ITEM TO ELABORATE QUESTION Profile of the respondents Name of person, country, attainment to Associations/organisations/etc., e/mail address Problems and contingencies to be addressed regarding financial literacy 1. Digital Literacy and Access to Financial Information 2. Basic Math 3. Budgeting 4. Savings 5. Indebtedness 6. Credit and Loans 7. Consumer Rights 8. Investment and Entrepreneurship … Awareness of importance of training to face their problems • Participation in training courses regarding financial education in the past • Participation in training courses in the past • How much time you ready to invest in training per year? ... Educational strategies and formats • Frequency of use of computer • Participation in ICT related (wholly online or blended learning) training courses • Use of the Internet for learning purposes • Use of mobile devices for learning purposes (podcast, etc.) • Do you have a smartphone, if yes, which OS (iPhone, Android, other)? • Do you have a tablet, if yes, which OS (iPad, Android, other)? • Do you have internet access? • Do you listen to podcasts? • Do you visit online forums to solve financial problems? If yes, which ones and what are the main discussion topics? • ... Rating of specific features of learning and e-Learning courses 1. Quality of learning contents 2. Design 3. Navigation 4. Loading time 5. Text easy to read 6. Easy to use 7. Frequently Asked Questions Available 8. Availability of learning resources (such as blog, forum, Library...etc) 9. Availability and interaction with a tutor 10. Distant 11. Face to face 12. Certification 13. ... ...MORE? ...
  • 19. Results 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 19
  • 20. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 20 Problems and contingencies Average Rating 1 to 5 (5 most 1 least) AT CY ES IT PT SL SK AVERAGE 1. Digital Literacy and Access to Financial Info 3,35 4,4 3,76 3,65 4,1 4,18 3,4 3,83 2. Basic Math 3,82 4,5 4,19 3,87 4 4 3,4 3,97 3. Budgeting 3,95 4,6 3,67 3,71 4,2 4,18 4,09 4,06 4. Savings 3,4 4,6 3,99 4,19 4,2 4,37 3,49 4,03 5. Indebtedness 3,14 3,8 2,94 3,88 3,1 3,39 3,49 3,39 6. Credit and Loans 2,86 4,1 2,89 3,92 3,5 3,89 3,63 3,54 7. Consumer Rights 4,05 4,6 4,04 4,29 4,3 4,39 3,7 4,20 Rating of Problems and contingencies in AT, CY, ES, IT, PT, SI, and SK
  • 21. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 21 Fig. 4: Have you attended any training courses in the past? Fig 5: Have you attended training courses regarding financial education in the past?
  • 22. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 22 AT CY ES IT PT SL SK AVERAGE Fully on-line 2,54 4 3,37 2,75 3,4 4,08 4,09 3,46 Blended learning 3,16 4,1 3,58 3,69 3,8 4,36 4,12 3,83 Classroom Training (Instructor Led) 4,61 3,8 4,32 4,08 3,7 3,61 4,22 4,05 Rating of Preferred learning formats - in AT, CY, ES, IT, PT, SI, and SK
  • 23. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 23 Percentages of use of Internet
  • 24. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 24 Frequency of use of computer and Mobile devices in AT, CY, ES, IT, PT, SI, and SK
  • 25. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 25 Percentages of use of smartphone and tablet in AT, CY, ES, IT, PT, SI, and SK
  • 26. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 26 Most used Op. System in AT, CY, ES, IT, PT, SI, and SK
  • 27. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 27 Participation in online forums related to financial education in AT, CY, ES, IT, PT, SI, and SK
  • 28. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 28 FEATURES Average Easy to use 4,36 Quality of learning contents 4,25 Navigation 4,20 Text easy to read 4,21 Availability and interaction with a tutor 4,12 Loading time 4,02 Use of mobile devices 3,94 Availability of learning resources (such as blog, forum, Library...etc.) 3,86 Design 3,64 Frequently Asked Questions Available 3,63 Certification 3,17 Average rating of features of learning and e-Learning courses
  • 29. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 29 Average rating of features of learning and e- Learning courses
  • 30. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 30 STRENGHTS WEAKNESSES  Increase of citizens awareness about the need to become financially literate  ONLINE approach: allowing for an increased reach of individuals, lower production costs than traditional courses and free of charge  Training and information will be provided using popular channels, i.e. apps, QR codes, social networks, etc.  The learning approach is attractive, but also simple and practical  A modular training system with small units will help learners keep on track  Different audience profiles  Lack of target group financial planning and savings habits, which are not incorporated or promoted in early stages of education  Need to clarify translation issues of training materials during the development of IO2  Values and ethics: (key players oriented in order not to feel responsible for the lack of information of the public) and lack of transparency plus conflict of interests  The figure of financial educator is not present in the project SWOT
  • 31. 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 31 OPPORTUNITIES THREATS Young adult population does not seem to be aware of their need to develop personal financial management skills Negative perceptions from the population about financial institutions Easy access to Internet Young adult people promptness to digital environments and technologies Young adult population have easy access to mobiles smartphones and computers Global increased awareness about financial sustainability among young adult population, as a result of social and economic crisis Online training as convenient option to fit personal and professional life of the target group and may be adjusted to different audience profiles  Global economic and social crisis  Lack of lifelong learning habits  Lack of experience and trust in distance learning  Low level of digital literacy  Cultural issues: People lack of interest, motivation and habits concerning the search for financial information/strategies/training  Financial companies’ aggressive marketing  Tendency to contract personal credit on regular basis SWOT
  • 32. Next steps 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 32
  • 33. • Prepare the contents for the curriculum following the guidelines of b-learning. • This curriculum should be concluded (draft version) in October 2015. It will be followed by a pilot test. FUTURE WORK| 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 33
  • 34. • Financial Literacy has been identified as one of the priority issues in Europe. • It is necessary to prepare young adults to face the challenges of a modern society, mainly one that is submerged into a financial crisis. • After the struggling with indebtedness, society needs to look now to the young generation and to educate them to avoid past problems. • Society has realized now that education is the key (at least one of the keys) to equip citizens with the necessary tools to face future challenges. • eFinLit project addresses these challenges by providing for free the so necessary education. Modules will be developed and provided via an online platform for all those interested in improving their financial education skills. Each contribute is one step ahead towards the increased sense of citizenship. CONCLUSIONS| 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 34
  • 35. THANK YOU! Anabela Mesquita (sarmento@iscap.ipp.pt) Paula Peres Luciana Oliveira "The European Commission support for the production of this publication does not constitute an endorsement of the contents which reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein." 23/10/2015 Anabela Mesquita, Paula Peres, Luciana Oliveira / sarmento@iscap.ipp.pt 35

Editor's Notes

  1. In a scenario of economic turbulence and market shortcoming, where the escalating numbers of low income and unemployed young adults (18-35) constitute a problem, and a challenge to be dealt with in the years to come, a real need for the development of the financial literacy competencies of this target has been identified. This group of EU citizens is one of the largest disadvantaged groups in the European society, constituting almost the 35 % (over 40% for some EU countries) of the total young adults in Europe. According to the Organisation for Economic Co-operation and Development (OECD), economists have already established that low income jobs and unemployment tend to leave a “wage scar”, whereby someone who is unemployed when they should be at the start of their career can suffer from lower than average wages for decades afterwards [2]. Now, recent research from the OECD shows that youth unemployment and low income also does further damage by undermining pension saving, placing millions of young people across Europe at risk of having an inadequate income when they are older. Improving financial literacy skills of such a disadvantaged group in the EU (e.g. low income and unemployed young adults) can have significant benefits for everyone, since good financial literacy skills help individuals to make the most of opportunities based on their available resources, meet their goals, secure their financial wellbeing, and contribute to the economic health of society. Financial literacy skills would allow people to understand the mechanics of the economy and the market, how to deal with daily financial issues, and protect them from slipping in to extremely negative situations [3].