Investing in YOUth was KA1 activity within Erasmus + programme that gathered 24 youth workers, representatives, and youth leaders from 8 different countries in a training course that took place in Riga from 9th to 13th of September.
The importance of being financially literate has become more important- It helps individuals develop healthy financial habits, such as sound retirement planning, budgeting, and saving. In addition, it helps to take more effective decisions in personal finance, such as financing the purchase of a property or achieving personal financial goals. Financially literate individuals display better saving patterns, participate more in financial markets, and better diversify risks. They also prepare better for retirement and are less prone to negative financial behaviors like excessive borrowing, fraud and cyber risks. Financial literacy also has a positive impact on the economy and society as a whole, as individuals are becoming more financially resilient, inequalities are reduced and effective participation in the economy is supported(Lusardi, A., & Mitchell, O. S. (2014).
According to the OECD/INFE 2020 international survey of adult financial literacy, about half of the EU adult population does not have a good enough understanding of basic financial concepts, and the most vulnerable -Low-income groups, women, young people, and older people are the most affected.
With this training course, we wanted to raise the competencies related to financial literacy in youth work by training youth workers on the topics such as saving, investing, planning retirement, debts, borrowing, credit score, interest and budgeting by equipping the youth workers with tools that will allow them to understand these topics extensively and apply in daily life.
During the training course, participants were exploring these concepts through different non — formal methods such as where do you stand regards statements like — should financial literacy be thought in primary/secondary school? Is my first property investment? how do you see a debt in your society and you personally- is it something to avoid or on the contrary it gives you access to starting capital?
Participants got familiar with the terminology used in finance, how to calculate a value of a company, how to determine stock value, and the difference between simple and compound interests, participants were introduced also to how to apply for different possibilities and funds of the European Union as well as how to do financially manage them.
They were introduced to different tools that can be used in management and calculations.
Participants also had a chance to extend their knowledge by taking part in a workshop about the stock exchange and investing, and how to understand different financial parameters that characterize different stocks.
Apart from the financial literacy topics participants got to know about each other’s and Latvia’s culture.
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