Mind Your Budget project started from the initiative of young people after identifying their needs with regards to their financial competencies. They noticed that when it comes to manage their budgets they have little knowledge on how to spend it wisely and do not have the tools to organise their financial resources. Moreover, these competences are even more required at the time they are about to get independent, moving from home for studies and having to organise their limited budget.
Young people have limited financial competencies due to the fact that the subject is not thought in schools and this represent a common problem for many European countries. According to a study concerning financial literacy across the EU, RO occupies the last place among member states with a 22% level of literacy (http://www.business-review.eu). In HU, results of studies suggest that the number of people with severe financial problems has declined since the 2008 crisis, but the level of financial awareness (planning, budgeting) is still deteriorated. To regards to SK, have been made initiatives to include financial literacy in the national curricula in the primary and secondary education, but only as part of different subjects and not as unique discipline. In CZ it is a similar situation, financial literacy having an interdisciplinary nature. Therefore, the need of young people to acquire financial literacy was pronounced and required a transnational initiative.
The goal of the project was to increase the level of financial literacy of 56 young people from Romania, Hungary, Slovakia and Czech Republic in order to improve their capacities to manage their budgets once they get to their independent lives and empower them to actively get involved in the creation of the youth exchange that took place in Mehadia, Romania between 05-16.10.2018.
Objectives reached by the end of the project:
- 56 young people from RO, HU, SK and CZ increased their level of financial knowledge, skills, attitudes/behaviours in a safe intercultural learning context.
- Raised awareness of the Erasmus+ programme and of the importance of financial literacy acquired at an early age in the local communities from where the 56 young participants were coming.
- All four partner organisations increased their capacities in offering support to empower young people to develop their individual learning plans on financial literacy.