Financial literacy is knowledge and understanding of financial concepts and risks, motivation and confidence to apply such knowledge and understanding in order to make effective decisions across a range of contexts, to improve the financial well-being of individuals and society, and to enable participation in economic life – PISA (Programme for International Student Assessment).
The OECD issued a significant paper earlier this year on financial literacy. It says that financial education should be holistic, not singular and it must be relevant, that it must disseminate relevant information so as to prepare those that receive it .
Read OECD report on Financial Literacy HERE
Since 2009, I have been developing and refining a financial literacy programme for students and young adults. This is a programme that requires a physical school attendance in order to deliver the interactive programme, which includes a range of class breakout sessions and role plays.
- The role of money,
- The role of banks and credit unions
- The concepts of interest…and their daily application.
- Working examples of borrowing and saving.
- The impact of time on money.
- The theory of credit.
- The relevance of maintaining a good credit report
- Investing and how to understand basic principles
- And much more!
These in-class lectures have demonstrated to me that students, when presented with relevant, practical and meaningful content will engage. In fact, they will not only engage but they will also participate in problem solving and group discussions.
Earlier this year, I began a project that is designed to deliver financial education to a wider audience, both in Ireland and beyond. The programme is designed on the following basic principles:
- Content is relevant
- Content in meaningful
- Content uses no jargon
- Content is disseminated in an easy to access way
- Content understanding is tested post-delivery
In choosing the appropriate delivery platform, I selected a model that is well established and a resource that is progressive. The financial education can be delivered to an unlimited number of both individuals or group settings across all geographic locations.
Over 40 separate money lessons have been identified to be included in the programme. Each money lesson is delivered separately in a custom delivery sequence and includes a topic-specific interactive quiz feature. This format has been developed uniquely to ensure the level of understanding is communicated through a feedback loop to facilitate future programme iterations and enhancements.
There is now a growing focus on the issue of financial literacy, financial education and the general level of financial understanding across all segments of society. There is also a growing focus on a ‘start early’ philosophy within key influencers.
As adults, we have a duty to prepare our youth for a life with money. We also have a vested interest to ensure the financial well-being of our future’s future!
To learn more about this unique ad cutting-edge programme, please feel free to visit the beta site HERE.