Promoting Financial Literacy among the Young - Development of Specifications for an Educational App
Project Description
The objective of the project is to promote financial literacy among the young by developing the basis for an (educational) app that helps users to acquire financial knowledge, skills, attitudes and financial common sense that will contribute to their financial wellbeing throughout their lives. Financial literacy is a key topic in the OECD and the EU (incl. member states). The project complements existing activities by conceptualizing an app that improves users' actual financial decisions.
Implementation: Based on existing EU and OECD frameworks and recommendations, financial concepts will be selected that are essential to building financial literacy. Taking into account the expertise from specialized didactics, insights from psychology, and gamification elements, a concept for an app (running on smartphones/tablets) will be developed that integrates with the users' financial behavior. Learning in the app occurs over an extended period of time, which is essential to have a lasting effect.
The main project result will be detailed, scientifically based specifications for the app, which are ready to be implemented. While these specifications will be made public and hence could be implemented by anyone, we are confident to secure the funding required for the implementation from non-profit foundations. Once the app is used by a large number of young people in Europe, it is expected to positively influence the users' financial literacy and lead to better financial decisions.
Implementation: Based on existing EU and OECD frameworks and recommendations, financial concepts will be selected that are essential to building financial literacy. Taking into account the expertise from specialized didactics, insights from psychology, and gamification elements, a concept for an app (running on smartphones/tablets) will be developed that integrates with the users' financial behavior. Learning in the app occurs over an extended period of time, which is essential to have a lasting effect.
The main project result will be detailed, scientifically based specifications for the app, which are ready to be implemented. While these specifications will be made public and hence could be implemented by anyone, we are confident to secure the funding required for the implementation from non-profit foundations. Once the app is used by a large number of young people in Europe, it is expected to positively influence the users' financial literacy and lead to better financial decisions.
