+43 (0)316 5453-7123

anita.macek@fh-joanneum.at

Empowering women in sustainable finance through microlearning

About the projekt

New financial literacy including topics realted to technological developments and sustainability in finance are not yet included in the trainings that exist on the market, therefore the FINPOWER is really inovative in the content.

FINPOWER is set to strengthen women’s sustainable financial literacy to empower their optimal decision making. With knowledge gained women will increase their financial management services and strengthen their self-esteem and confidence in their financial skills to equally participate in modern society. Adult trainer providers will get the training materials to train women in the field of sustainable financial literacy, in addition also microlearning units will be developed for women directly.

Financial literacy is essential for economic and financial stability and development. Higher financial literacy enables people to better manage with their financial issues, and perform better on their portfolio choice.

Across the EU, there are still significant gaps among women and men in terms of levels of financial literacy, which is leaving women at a potential disadvantage. The main objective of the FINPOWER is to increase women skills on financial literacy, including last important developments in this field (sustainability, virtual assets, cryptocurrencies etc.) in order to empower their financial literacy. When reaching the main objective, also the following objectives will be reached:

  • Map the key sustainable finance related competence gaps and specific training needs of women in participating countries
  • Increase the capacity and readiness of training institutions to manage an effective shift towards digital education.
  • increase the capacity of training institutions to prepare the tailor made, innovative and interesting training programme.
  • address the needs of women by offering training to women training providers and delivering pilot sustainable finance microlearning.
  • improve and extend the supply of high quality learning opportunities tailored to the needs of women
  • To extend and develop educators knowledge on sustainable finance and to increase their competences in the field of support of learners as well as in the field of motivation for trainings
  • Decrease also the gender inequality in financial literacy
  • Transfer the project effects to other countries through the development of a policy recommendation document

FINPOWER is innovative because it treats a “hot topic” in the field of adult education. Highly skilled trainers on new financial education are essential in order to be a great support for women to upgrade their skills in handling personal financial management.

Erasmus + Cooperation Partnerships in Adult Education
Coordinator: FH Joanneum Gesellschaft mbH (Austria)
Project Duration: 1.11.2022 – 31.10.2024

Background

There is a gender gap in financial literacy, which is a persistent problem for European societies. According to the European Consumer Payment Report (2020) women are less likely than men to feel confident about financial matters. OECD/INFE International survey of adult financial literacy (2020) exposed gender disparities in financial literacy compound women’s difficulties in securing their financial future and wellbeing and in participating confidently in economic and financial activities.

Institute of Women´s Policy Research (2017) as well as Austrian Survey of Financial Literacy (2019) exposed women have significantly lower rates of financial literacy than men. Reaching lower financial literacy than men, is leaving women at a potential disadvantage.

In addition, women also have particular financial literacy needs than men, because they earn less, save less, and live longer — but are still responsible for the same living expenses men pay. And since they live longer, they face additional costs, including more long-term and overall health care expenses. Overcoming these obstacles demands serious dedication to their financial knowledge.

In a nutshell

  • A high statistically significant difference between men and women in financial literacy, showing women have significantly lower rates of financial literacy than men in Austria, Italy, Portugal, Lithuania, Slovenia, and Romania (OECD international survey of adult financial literacy, 2020,
  • Women are less likely than men to feel confident about financial matters (European Consumer Payment Report, 2020).
  • Gender disparities in financial literacy compound women’s difficulties in securing their financial future and well-being (OECD/INFE International Survey of adult financial literacy, 2020).
  • Women have particular financial literacy needs than men because they earn less, save less, and live longer — but are still responsible for the same living expenses men pay.