A Practical Tool to Assess Financial Literacy
Financial literacy is an essential life skill. It can make a crucial difference in the lives of people, in their opportunities, in their success.
Assessing the levels of financial literacy in the population is a key component of a successful project strategy for financial education, enabling us to identify gaps and design appropriate responses.
The FLY consortium developed an assessment tool that can measure the financial knowledge, behavior and attitudes of users.
The tool has 2 strategic functions:
- Collect data useful for the partnership to compare levels of financial literacy and financial inclusion across countries. This allows the consortium to identify gaps and design appropriate responses in the next Result, which is the creation of training courses.
- Self-Assessment for Target Group: at the end of the test the users will have a final score: based on the score, the platform will recommend the training to follow to fill their educational gaps
The Test is designed to collect comparable information that can be used to create scores to indicate their levels of financial literacy. It covers topics such as keeping track of finances, making-ends meet, longer-term financial planning and choosing financial products.
The innovative aspect of the SAT is that it focuses attention on 3 elements of the Learning Ability, enabling efficiently analyzing capabilities of users. By analyzing each element, Target group will understand which aspects requires attention in order to make them more successful in Finance. The assessment tool helps pinpoint their strengths and weaknesses. The results of the assessment will show performance on each element of their learning system providing practical recommendations where and how their needs to focus to maximize innovation success.
The self-assessment system therefore represents not only a mechanism of awareness, but also of identifying gaps in terms of skills in managing finances, identifying possible risk situations.
For further information on FLY project: