PRO(F)LITERACY 2.0

We are trilled to announce the new project about financial literacy that we are partners in. The project is lead by an NGO Proacting based in Portugal, other partners are AVATUD (Estonia), EKO Greece (Greece), EUROSUD (Italy) and of course us – Evolving YOUth (Latvia).

Why we believe this topic is important?

Understanding the importance of financial literacy in our daily lives cannot be overstated. From managing family budgets to making decisions about savings, investments, and loans, financial literacy underpins a healthier economy and fosters inclusivity and equality within society. Shockingly, according to the S&P Global FinLit Survey, a mere 52 percent of adults in the European Union possess adequate financial literacy skills. This deficit, as highlighted in the UN’s “Report on the World Social Situation 2016,” fuels social exclusion driven by poverty and disparities. Numerous studies, including “Financial literacy and inclusive growth in the European Union” by Batsaikhan and Demertzis (2018), underscore the link between financial literacy and social mobility, revealing the pressing need to bolster financial resilience, especially among young people, who are navigating an increasingly uncertain economic and social landscape exacerbated by events like COVID-19 and regional conflicts. This underscores the urgency of investing in equipping our youth for the journey to independent living.

This is the motivation for PROACTING and the rest of the consortium to implement this project, namely to maintain and improve the work of empowering young people with the necessary skills to prevent and/or combat phenomena of poverty and/or social exclusion, facilitating their transition to independent living. By addressing a problem that is global in scope and has harmful effects on the population, this project will develop work that is relevant to the generations of young people who are increasingly informed, aware, critical, and prepared to deal with the financial issues they face in their daily lives.

The project’s objectives are

The project aims to combat social exclusion and/or poverty among young people, resulting from low economic and financial knowledge, through:

• Test/revise/update the PRO(F)LITERACY intervention program;
• Disseminate and exploit the PRO(F)LITERACY 2.0 program in practice and on a European scale, to train youth workers in financial literacy work and increase the literacy of young Europeans;
• Create sustainable international work networks in the field of financial literacy.