Financial education is the ability to use a set of skills and knowledge that enables individuals to make informed and effective decisions with all their financial resources. Very often, vulnerable groups and less affluent communities lack those skills and evidence suggests that insufficient financial education may have contributed to the sub-prime and related crises.
The EIB Institute has awarded an EIBURS to the University of Groningen in the Netherlands to set up a research programme focused on reviewing existing initiatives in a critical manner, with the objective of identifying success factors and best practice.
Between 2014 and 2018, around 2 500 Bulgarian students aged 15 to 18 years benefited from the Institute’s partnership with Aflatoun International. This Amsterdam-based NGO offers social and financial education to children and young people, especially the most vulnerable, thanks to its network of partners.
In Italy, more than 2 300 children have already benefited from the MOney LEarning (MOLE) project, which we signed in 2016 with Turin’s Museo del Risparmio and Fondazione per la Scuola. This focuses on organising visits to the museum for primary school children (aged 10-11 years) from remote mountain areas in the Piedmont Region.
Also in Italy, the Institute, the Museo and Scania Italia launched the first European “museum on wheels” in October 2018.
In seven months, the SAVE (Sustainability, Action, Voyage, Experience) truck, equipped as an interactive laboratory with some contents from the museum and others developed for the project, visited 22 cities, covering more than 2 200 kilometres in eight regions (Marche, Umbria, Abruzzo, Molise, Puglia, Campania, Basilicata and Lazio). It has taught 10 000 school-age children how to better use not only financial but also natural resources and combat wastefulness.