Financial education

Financial education is a process of information, training, and accompaniment that enables people to acquire the knowledge and tools they need to make informed financial choices and adopt behaviors consistent with their needs and resources.

The data speak for themselves: in the financial education ranking compiled by the World Bank in 2016, only 37% of Italians know the basic concepts, a figure that puts Italy in third-last place among European countries.

Financial education is a central theme for the protection of citizens’ rights, especially for people in fragile and vulnerable conditions.

On the one hand, it has the role of improving the ability to use money responsibly; on the other, that of preventing and managing risks. Preventing risky financial situations and making each person more aware of access to ordinary financial instruments is a simple but effective way of permanently reducing some areas of social and financial exclusion that affect our society.

Financial education is a fundamental building block for the construction and maintenance of individual and social well-being. It cannot be limited to the transmission of notions or theoretical concepts but must have a focus on people, psychological elements, and ethical aspects that inevitably become part of each individual’s education. Financial education requires educational strategies capable of developing skills, and investing in human capital.

This is why RITMI, through the “Financial Education group”, since 2015 developed a training course “Financial education as a tool for financial inclusion, recovery of economic autonomy: training of operators”. , aimed at those who have direct contact with people in vulnerable economic and social situations: social workers of social welfare services, operators and educators of cooperatives or other entities engaged in this sector and volunteers of counseling centers.

The course, while proposing theoretical content, focuses mainly on operational aspects, with the use of practical examples, group work and dynamics, methodological workshops and case studies. In fact, it has been designed on the basis of Italian best practices in the field of financial education and provides operators with innovative tools and approaches to accompany people in situations of economic fragility and services to support business creation. Each module lasts 4 hours; the modules are structured as follows:

  • Listening: establishing a relationship of trust
  • Family budget: the correct management of the family budget and how to plan for the future
  • Funding sources: a conscious choice and how to avoid over-indebtedness
  • Preventing usury: over-indebtedness and conscious use of money
  • Financial literacy: the most common financial instruments and the risks behind them
  • Savings management: planning, goals and savings profiles
  • Services supporting business creation: a new way of doing welfare.

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