We combat financial illiteracy with scalable and effective solutions
- WHAT we do: We fight financial illiteracy with a new edutainment approach that effectively bridges the gap between knowledge and behaviour.
- HOW we do it: We come up with scalable solution that will have a real social impact.
- WHERE do we do it? We are a European initiative based in Vienna (Austria). We are active in Central and Eastern Europe as well as South Eastern Europe.
Why we do it?
- Financial Illiteracy is a global problem -- especially among the young:
- private bankruptcies tripled in the past 10 years, both in Europe and the US
- in Austria, every 5th person in debt counseling is under 25, with 30.000€ of average debt
- 10% of Austrian households are unable to pay their bills due to high debts
Financial literacy is the key in order to:
- give people the opportunity to live a life in dignity and have the freedom to fulfill their dreams within the scope of their financial means
- decrease the number of people at risk of living in poverty due to unsustainable debts.
- In Europe, there are very few financial literacy initiatives. We are among the very first broaching the issue in a wider sense. Financial illiteracy has become a social challenge for Europe and it is high time that the issue is tackled!
Any initiative that encourages young people to use money responsibly contributes to preventing people to move into poverty and loose control over...
Klaus Mahrer, leader of public youth work and youth outreach at spacelab
The world of money and banks is changing dramatically. To many of us, this development poses increasing challenges. We have to learn...
Franz Fischler, President of the European Forum Alpbach, Former EU Commissioner