The document summarizes a presentation on financial literacy in Portugal. It discusses the current state of financial literacy and identifies gaps. It outlines the objectives of developing an online curriculum and platform to improve EU citizens' financial competencies. A survey was conducted that found citizens lack basic math skills and financial planning habits. There is also a lack of free online courses on financial literacy. The project aims to address these gaps by developing 8 online modules covering topics like digital literacy, budgeting, and consumer rights.

1. Financial Literacy in Portugal: state of the art
and gap analysis
Anabela Mesquita
Paula Peres
Luciana Oliveira
TEEM’15
TECHNOLOGICAL ECOSYSTEMS FOR ENHANCING MULTICULTURALITY

2. AGENDA | TEEM’15
• Contextualization
• Financial education
• eFinLit
• Aims and objectives
• Results
• Partnership
• State of the Art and Gap Analysis
• SWOT
• Future work
• Conclusions
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3. • Economic turbulence
• Market shortcoming
• Escalating number of low income
• Unemployed young adults (largest disadvantaged group in
the EU society)
INTRODUCTION | TEEM’15
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 Literacy09/10/2015
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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 | TEEM’15
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Oliveira
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5. Developing Financial Competencies for EU Citizens
Utilizing Online Learning and Digital Literacy
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6. 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
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AIMS AND OBJECTIVES | TEEM’15
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7. PARTNERSHIP| TEEM’15
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
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8. • Carry out a transnational eFinLit state of the Art and gap analysis
• 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)-)
• 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
• Development of an adaptation toolkit
EXPECTED RESULTS| TEEM’15
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9. STATE OF THE ART AND GAP ANALYSIS: Results
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10. • 1st task - determine the state of the art in the provision of training in the areas of digital,
financial and math literacies through ICT tools, aimed at young adults.
• Discussing the gaps in these focus fields and the needs of the target groups among the
European partnership.
• In order to accomplish this objective a questionnairewas developed. Besides
demographic questions we also questioned participants about problems and
contingencies they faced/are facing on their financial education, the perception of the
importance of the development of qualifications and competences to better deal with
financial problems, the strategies and educative formats related with finances and the
most important characteristics / facilities they believe that should be incorporated in
online courses.
• PT - collected 76 responses, the majority between 21 and 40 years and employed.
STATE OF THE ART AND GAP ANALYSIS| TEEM’15
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11. The graph reveals how important each one of the financial competencies /
limitations are for participants (1=not important; 5=very important).
Legend: 5.1. Digital literacy and access to financial information | 5.2. Basic math |
5.3. Budget | 5.4. Savings | 5.5. Indebtedness | 5.6. Credit and loans | 5.7. Consumer
rights.
Main problems and contingencies identified in the field of
Financial Education.
RESULTS - SURVEY| TEEM’15
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12. What are the most useful learning formats
Legend: 7.1. eLearning – all online | 7.2. blearning | 7.3. Face to face.
RESULTS - SURVEY| TEEM’15
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13. Freq. %
Use computer or
mobile Every day 67 88,2
Internet Access Yes 67 88,2
Smarthphone Yes 53 69,7
No 14 18,4
Tablet Yes 37 48,7
No 28 36,8
Devices used to access internet
RESULTS - SURVEY| TEEM’15
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14. Characteristics/facilities of online courses
Legend: 12.1. Quality of contents |
12.2. Design (graphical part) | 12.3.
Browsing | 12.4. Time to load
pages/content | 12.5. Easy to read texts
| 12.6. Easy to use | 12.7. Availability of
FAQ | 12.8. Availability of resources
(blog, forum, library) | 12.9. Availability
for trainer/tutor | 12.10. Possibility to
access via mobile devices | 12.11.
Utility/validity of certification.
RESULTS - SURVEY| TEEM’15
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15. • 7 entities / organisms concerning financial literacy
RESULTS – FOCUS GROUP| TEEM’15
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16. STRENGHTS WEAKNESSES
National Plan of Financial Literacy
Emergence of different players in this area in the market
Citizens are aware of the need to be financially literate, when asked
about their competencies to manage personal finances
Project to develop didactic materials concerning financial literacy
Massive training can be implemented through online courses,
allowing for an increased reach of individuals
Cost of online training may be lower than traditional courses
Values and ethics (key players oriented in order not to feel
responsible for the lack of information of public)
Lack of transparency and conflict of interests
Different audience profiles
Reduced number of free courses on financial literacy
Unavailable free online training on financial literacy
Lack of efficient communication initiatives aimed at citizens financial
awareness
Lack of people’s financial planning and savings habits, which are not
incorporated or fomented in early stages of education
OPPORTUNITIES THREATS
Young people are not yet aware of their need to develop personal
financial management skills
Easy access to Internet
People (target) proneness to digital environments and technologies
People have easy access to mobiles smartphones and computers
Global increased sense of concern with current and future financial
sustainability among people, as a result of social and economic crisis
Online training offers better adjustment to personal and professional
fast pace and social demands, allowing people to adjust schedules
Online training can provide multiple user interfaces/learning flows to
better adjust to different audience profiles
There is not a free online course on financial education for the
specific target
Global economic and social crisis
Lack of habits of lifelong learning
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
Increased consumerism habits, as a result of companies’ aggressive
communication and incentives to market their products during a
period of crisis
Tendency to contract personal credit on regular basis
Accelerated pace of contemporary life, work and social demands
leave out very little time for LLL.
RESULTS – SWOT ANALYSIS| TEEM’15
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17. • 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.
• Basic Math
FUTURE WORK| TEEM’15
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18. TEMPLATE PEDAGOGICAL STRUCTURE
STEP BY STEP VIDEOS
EXAMPLE OF THE CONTENTS | TEEM’15
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19. • 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| TEEM’15
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20. THANK YOU!
Anabela Mesquita
(sarmento@iscap.ipp.pt)
Paula Peres
Luciana Oliveira
TEEM’15
TECHNOLOGICAL ECOSYSTEMS FOR ENHANCING MULTICULTURALITY
"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."
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