Integrated Financial Education Toolkit

Panos, G., Kromydas, T., Bouzanis, C. , Gkrimmotsis, K., Akubelem, N. O., Satsiou, A., Katmada, A. and Sarigiannidis, P. (2017) Integrated Financial Education Toolkit. Project Report. University of Glasgow. (Unpublished)

Full text not currently available from Enlighten.

Abstract

In order for an agenda aiming to improve public understanding of finance to be realised in practice, it needs to incorporate methods and tools that can be used by almost everyone. Moreover, it needs to emphasize on applied knowledge and be relevant to solving everyday problems of the individual. Then, it needs to also be appealing at a more collective level, i.e. to take culture into account, as well as the particular interests of certain groups of people who are more disadvantaged, compared to others who are considered more privileged. Therefore, any endeavour regarding the public understanding of finance should primarily aim to reconcile and bridge the distance that exists between those that are considered as experts and the non-experts. As financial capability concerns the greater society, educational toolkits aiming for the enhancement of financial literacy must, therefore, be succinct, direct and, most importantly comprehensible to non-experts. This latter aspect comprises the highest priority for this deliverable task of the PROFIT project, in the process of the construction of its personal-finance educational toolkit, and, more broadly, in the integration of the toolkit in the architecture of the PROFIT platform. What is largely missing in the current scenes of financial-literacy policy and practice ‒ and is a primary target of the PROFIT project ‒ is a toolkit, which is easily accessible, available for free, benefiting and incentivizing via recommendation and social media features, enabling comprehension by individuals without university education, and aiming for interactive and collaborative learning. Placed in an environment of a broader financial awareness platform, that financial-literacy toolkit can become a flexible and dynamic knowledge foundation, which interacts financial awareness with financial literacy, in a manner which can be conducive to the realization of greater financial capability. The key objective of this deliverable task D3.2 is to introduce and describe the contents of PROFIT’s integrated financial education toolkit. Workpackage 3 (D3.1) has also developed generic and specific/thematic knowledge-based tests and self-assessment methods, which assess the levels of financial literacy of the users and allow for the measurement of improvement in knowledge. In parallel to D3.2, deliverable task D3.3 presents interactive technologies for collaborative learning, in terms of personalised recommendations, nudges and a gamified environment, inter alia, which all contribute to the generation of a concise, integrated financial education toolkit. The creation of the toolkit is intended for the generation of societal impact, targeting both institutional and personalised interventions for the enhancement of users’ financial literacy. In the emergence of a new fintech era, financial awareness and personal financial planning acquire a whole range of related concepts and applications, which are likely to require special treatment and coverage. The PROFIT project is part of the new fintech era, in terms of all content, timing, technological integration, capability and potential. This deliverable task D3.2 presents PROFIT’s integrated financial-education toolkit and discusses all the relevant dimensions for the generation of its prototype. Jointly with deliverable tasks D3.1 and D3.3, they formalize the outcome and content of a novel effort of updating, innovating, and enabling – via interactive technologies and collaborative learning – a modern online financial-literacy curriculum.

Item Type:Research Reports or Papers (Project Report)
Additional Information:Part of PROFIT: PROmoting Financial Awareness and StabiliTy-H2020-687895) WP3-D3.2 on Financial Literacy for Informed Decision-making.
Status:Unpublished
Glasgow Author(s) Enlighten ID:Bouzanis, Dr Christoforos and Panos, Professor Georgios and Gkrimmotsis, Mr Konstantinos and Kromydas, Dr Theocharis and Akubelem, Mrs Nana Oiza
Authors: Panos, G., Kromydas, T., Bouzanis, C., Gkrimmotsis, K., Akubelem, N. O., Satsiou, A., Katmada, A., and Sarigiannidis, P.
College/School:College of Social Sciences > Adam Smith Business School > Accounting and Finance
Publisher:University of Glasgow
Related URLs:

University Staff: Request a correction | Enlighten Editors: Update this record