“FINANCIAL LITERACY FOR CHILDREN - ACCESSIBLE AND FUNNY” Project aimed at promoting opportunities of mobile devices and applications for managing personal finances.
Technological progress and new electronic channels increase the range of services and ways of their offering. Meanwhile, financial products remain complex and incomprehensible for the average user. Researches by the World Bank for Bulgaria indicate a low level of culture in the finance field. A study by VIZA reveals that 67% of people put on the second place the development of good personal financial skills among personal safety. This led us to the realization in 2013 completely innovative project in Bulgaria for financial literacy of persons over 18 years. In feedbacks 70% of participants reported that one of the important things for them is to teach their children how to recognize the real needs and not to be confused with caprice, how to spend wisely and live within their means and they recommended trainings for the acquisition of basic financial knowledge about their children to be organized.
To meet the identified needs in partnership with UniCredit Bulbank we developed a project aimed to create a modern, accessible and innovative environment for children and youth, to acquire basic financial literacy and the formation of conscious future users by means of ICT. The proposal has been approved for a grant from EIFL Public Library Innovation Programme.
In the course of the project an interactive centre in the Library is equipped and the trainer’s capacity in initial financial literacy for children and youth is built. Training programs for 4 ateliers are developed-"Mom`s and Dad`s Money", "Moneys’ time" and "Money-how to use" and Youth Studio, where in a fun and attractive way and through mobile devices and applications, participants are introduced to the basic financial terms and services. The theme actuality, build capacity, training programs, methods in conducting ateliers, attracted the community attention. The interest in trainings is high and classes continue at the Library.
The project main aim is: Acquisition of basic financial knowledge and practical skills in the use of mobile applications by children and young people through funny and attractive trainings in modern information and communication technologies.
Specific objectives
Application of modern technologies for the formation of future financial aware consumers;
Raising awareness of young people in using financial products and services;
Promotion of the library as the only public organization conducting activities in the acquisition of basic financial knowledge and skills based on modern information and communication technologies;
Creating a sustainable model of an innovative environment in public libraries.
To achieve them was developed and implemented an innovative service in public cultural institution - library - namely free training in initial financial literacy. An interactive educational environment is built, including tablets, smartphones, laptops, desktop computers and interactive whiteboard. The technical tools are used as a medium for the transfer of knowledge and information; the methods of presentation and visualization are applied. A trainer’s capacity in initial financial literacy for children and youth is built. A dynamic model of offering service by means of modern technologies is created. The materials and resources are available through a subdomain of the project, Slide Share and You Tube platforms of library and can be used by those who wish to develop a similar service. The classes are held in an informal setting. Role-playing games and simulations that encourage direct communication, dialogue and discussion are applied.
There were trainings on financial literacy games - "Cash Flow" and "Smart money" where the participants are applied the acquired during the workshops knowledge. They visit a bank office, where they are introduced to POS, ATM devices and services. The project was presented at 12 international, national and regional meetings.
Total 233 children and youth - 20 per month. Children under 14 prefer group activities in workshops and youth – to play "Cash flows". By the parents request training for them in managing personal finances was conducted. There is an interest in extending the topics.
Volunteers: participate with expertise in training, advertising campaign.
Librarians: the project is aware of more than 900 participants in conferences and meetings (over 70 per month). Used presentations – for 10 months were seen 600 times (60 per month).
The right choice of partner influenced greatly to the success of the project.
In this project an exceptional help and support the employees of UniCredit Bulbank - Ruse branch proved us. The realization of "FUNNY FINANCIAL LITERACY FOR CHILDREN AND YOUTH" is an example of practical action for the society benefit to achieve financial stability and overcome the problems of financial exclusion. As a result the libraries are recognized as a partner that supports the bank activities. A partnership between the financial and public sectors is building. The trainings have helped to change attitudes towards smart technology. Mainly by means of communication, participants gained practical skills to use smart devices for more useful and practical things like calculating the family budget, online banking and more. In the feedback participants say that they have increased their knowledge about the capabilities of mobile devices in the field not only of finance, but as part of the daily life of modern man.
As a result the 233 children and youth have gained knowledge to make informed decisions when planning their personal finances, habits and confidence in the use of advanced technologies and services in the financial sector, skills in choosing the right product which meets their personal needs. They mastered financial terminology, products and services that will be routine for them in the near future.