FINLIT

Problem Statement: Young professionals in Latvia need to have access to high quality financial training, so they can improve their financial literacy.

Target Group: Young adults in Latvia (21-30 y/o) who have recently started earning an independent income.

Proposed Solution: FINLIT runs online workshops for young adults about personal budgeting, investments, loans, pensions and financial management in the organisation. 

Hub Activities: 

Online workshops for five consecutive weeks on the topics of: personal budgeting, investments, loans, pensions and financial management in the organisation;

Survey on financial literacy rate before and after online workshop cycle;

Creating an application and feedback survey (before and after workshops);

Creating a facebook page with relevant information, templates, tools and useful links to improve financial literacy rate;

Reaching out to potential partners.

Short & Long-Term Goals/Results: The project aims to:

More than 50% of participants have a personal budget plan;

More than 50% of participants are informed about their pension funds, their structure in Latvia and options to manage them;

More than 50% of participants are informed about savings options and are armed with information of savings and investment tools;

More than 50% of participants are informed about loans, their use cases, real cost and functionality;

More than 50% of participants are informed about financial management in an organisation.

Available Metrics: So far:

5 online workshops have been held;

300+ participants in the workshops;

100+ responses were submitted in the survey;

Over 5000 people watched the recordings of workshop videos on Facebook.

Collaborators:

Content creation partners: Financial and data analytics partner;

The Financial and Capital Market Commission (governing body of the banking industry) in order to establish cooperation.

Impact: Improve financial literacy of young adults in Latvia (21 - 30 y/o)

Goals:

More than 50% of participants have a personal budget plan;

More than 50% of participants are informed about their pension funds, their structure in Latvia and options to manage them;

More than 50% of participants are informed about savings options and are armed with information of savings and investment tools;

More than 50% of participants are informed about loans, their use cases, real cost and functionality;

More than 50% of participants are informed about financial management in an organisation.