The Financial Literacy for Innovative Youth Participation in Europe (FLye) project seeks to revolutionize youth engagement in democracy and civic participation by addressing the pressing need for Financial Literacy among young people aged 15-25. Financial literacy is increasingly recognized as a cornerstone for personal empowerment and active citizenship, yet surveys indicate that only a small fraction of EU citizens possess adequate financial knowledge. This deficiency not only hampers individuals’ ability to make informed economic decisions but also limits their engagement in democratic processes and community development. FLYE responds to this challenge by creating a robust framework that bridges the gaps between education, democracy, and financial literacy.
At its core, FLYE combines Participatory Budgeting (PB) with innovative educational methodologies to offer a hands-on, transformative learning experience. PB, an inclusive approach where citizens have a direct say in the allocation of resources, serves as a practical tool for participants to explore democratic processes while mastering essential financial skills. The project employs a blended learning model, integrating on-site workshops, online training sessions, and digital tools to create a dynamic and accessible environment for youth and youth organizations. This approach ensures that participants from diverse socio-economic backgrounds, including those facing fewer opportunities, can actively engage in meaningful educational activities.
Through FLYE, young people gain a deeper understanding of key concepts such as financial planning, resource management, and the democratic process. By simulating real-world democratic scenarios, participants will develop critical thinking, collaboration, and communication skills. These activities not only prepare them for personal financial success but also instill a sense of responsibility toward their communities. The project further aligns with the EU Youth Strategy’s core areas of Engage, Connect, and Empower, fostering cross-border cooperation and encouraging the creation of transnational networks among youth organizations.
OBJECTIVES
FLYE aims to (1) Enhance financial literacy by equipping young people with essential financial knowledge to make informed decisions, manage personal finances, and engage in economic and social issues; (2) Promote democratic participation through Participatory Budgeting (PB) by enabling youth to actively engage in democratic processes, manage budgets, negotiate, and collaborate in community projects using PB; (3) Empower youth organizations and workers by providing training and resources to youth organizations and workers to effectively teach financial literacy and democratic engagement to young people; (4) Generate data on non-formal education by collecting research data on the effectiveness of financial literacy and PB in non-formal education, informing future policies and educational strategies; (5) Advocate for systemic change by promoting the integration of financial literacy and PB in youth programs and local governance, influencing policy changes for greater youth involvement in decision-making; and (6) Create lasting transnational networks by fostering cooperation among youth across Europe, building lasting networks for sharing knowledge and promoting European solidarity and active citizenship.
WHAT WILL BE DEVELOPED
The FLYE project will develop key components to enhance financial literacy and democratic participation among young people. This includes a comprehensive toolkit for financial literacy, management, and communication skills, helping youth understand finances and engage in democratic processes. The project will implement a blended learning approach, combining on-site and online training to reach young people, particularly those with fewer opportunities, in financial literacy and Participatory Budgeting (PB). Participatory Budgeting simulations will offer hands-on experience in managing budgets and engaging in democratic decision-making. Additionally, a research component will assess the effectiveness of financial literacy and PB methods in non-formal education settings. An E-platform will be created to share resources and training materials across Europe. Local dissemination events will enable young people to share their experiences, increasing the project’s community impact. Lastly, a pool of trained youth workers and trainers will be established to sustain the project’s impact, equipping them to teach financial literacy and PB in their local communities.