Financial literacy - best practices

How to start your independent but successful life without financial support of your parents? How to manage your budget and not to get into deep debt? What is the difference between credit and debit cards? How to take a study loan? These are questions, that can be also asked you, as youth information specialists. However financial literacy is one of very specific topics, where not everyone can give an advice for a youngster.

Swedbank, one of the biggest banks in Lithuania, is concerned about the financial situation of young people, which is in a lot of cases the consequence of their poor financial literacy. We are going to help them to reach young people (of course, without any hidden advertisement etc.) and to work together solving this problem. Call centre of Swedbank will provide us with the most necessary information for answering the inquiries of young people, which are connected to finances topic. Then we would like to undertake some interactive actions in our web portal on this topic as also to implement some "live" activities - information sessions or something like that.

The problem is, that we do not have a lot of experience in this field and while preparing the offer for cooperation for the bank, it would be very useful to know your examples of good practices - what have you already done in this field and how did it go? Could you please provide me with some examples of your work in the field of youth financial literacy?


Financial literacy - best practices

Dear Evaldas, greetings from Finland where many of our youth information workers are also discussing about the financial litteracy, how to support young people when they have financially difficulties and which kind of methods and tools would be good when talking and informing young people about financial things.
From my point of view co-operation in this is a key word. You have a good co-oparation partner, could you maybe have more of them. For example one of our youth information centres in the northern part of Finland has started a co-operation with a company which is guiding young people when they financially have difficult. You can get in touch with this company by the YIC, a appointment is needed because of long queues. The YIC ofcourse can provide some first aid information and help but the company then takes more detailed care of the situation. This service has been very popular, sorry to say that it is popular but it means also that young people need it and co-operation between YIC and company is good for both sides. This company gets support from state to operate with these cases, so it is free of charge for young people.
We have in Finland also a state run financial councelling system, but the queues to those services are often more than 3 months.
best regards, Mika

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