Paper presented at INTED 2016, Valencia, Spain

1. IMPROVING FINANCIAL LITERACY IN EUROPE:
CONTRIBUTIONS OF THE EFINLIT PROJECT
Anabela Mesquita1
Paula Peres2
Luciana Oliveira2
1CICE – ISCAP / Polytechnic of Porto and Algoritmi RC
2CICE – ISCAP / Polytechnic of Porto

2. • 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 Literacy
09/03/2016 Anabela Mesquita, Paula Peres, Luciana Oliveira 2

3. 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 |
09/03/2016 Anabela Mesquita, Paula Peres, Luciana Oliveira 3

4. • Development of basic and transversal skills: digital, basic math, financial, language and
reading skills
• Promotion of Innovative and student-centered pedagogical approaches: e.g.
eLearning, online games, peer to peer support, and educational technology tools
• Development of appropriate assessment and certification methods: support both
formatting and summative assessment methods
• Design and implement assessment of the eFinLit transversal skills as noted above
• Provide tangible learning outcomes
• Validation of non-formal and informal learning
SPECIFIC OBJECTIVES |
09/03/2016
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
4

5. 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
4. Development of an adaptation toolkit
EXPECTED RESULTS|
09/03/2016
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
5
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

6. 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
09/03/2016 Anabela Mesquita, Paula Peres, Luciana Oliveira 6

7. Ongoing activities
State of the Art and Gap analysis - Results

8. 09/03/2016
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
8
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?
...
...MORE? ...
STATE OF THE ART AND GAP ANALYSIS| RESULTS
INDICATOR ITEM TO ELABORATE QUESTION
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? ...

9. 09/03/2016
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
9
COUNTRY
Number of
questionnaires
Austria 57
Cyprus 42
Spain 84
Italy 52
Portugal 76
Slovenia 38
Slovakia 43
TOTAL 392
STATE OF THE ART AND GAP ANALYSIS| RESULTS

10. 09/03/2016
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
10
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
STATE OF THE ART AND GAP ANALYSIS| RESULTS

11. 09/03/2016
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
11
Have you attended any training courses in the past?
Have you attended training courses regarding
financial education in the past?
STATE OF THE ART AND GAP ANALYSIS| RESULTS
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

12. 09/03/2016
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
12
Percentages of use of Internet
Frequency of use of computer and Mobile
devices in AT, CY, ES, IT, PT, SI, and SK
Percentages of use of smartphone and
tablet in AT, CY, ES, IT, PT, SI, and SK
Most used Op. System in AT, CY, ES, IT,
PT, SI, and SK
STATE OF THE ART AND GAP ANALYSIS| RESULTS

13. 09/03/2016
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
13
Participation in online forums related to financial education in AT, CY, ES, IT, PT, SI, and SK
STATE OF THE ART AND GAP ANALYSIS| RESULTS

14. 09/03/2016
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
14
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
STATE OF THE ART AND GAP ANALYSIS| RESULTS

15. 09/03/2016
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
15
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
STATE OF THE ART AND GAP ANALYSIS| RESULTS

16. 09/03/2016
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
16
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
STATE OF THE ART AND GAP ANALYSIS| RESULTS

17. • 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 are
being developed and will be 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|
09/03/2016
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
17

18. http://efinlit.eu

19. THANK YOU!
Anabela Mesquita
(sarmento@iscap.ipp.pt)
http://efinlit.eu
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."
09/03/2016
Anabela Mesquita, Paula Peres, Luciana Oliveira /
sarmento@iscap.ipp.pt
19