Financial Literacy for Inclusion: A Practical Tool to Assess Financial Literacy

We are happy to announce that the self-assessment tool for basic financial competences is now available online! The tool has been developed within the project 'Fly - Financial literacy for inclusion', funded by the European Commission's Erasmus+ program.

Why do we provide a tool to assess financial literacy?

Financial literacy is an essential life skill. We need financial competences for a number of activities we do every day or for taking financial decisions, such as deciding at which bank open an account, which mortgage to choose or how to invest our savings.

Financial literacy also protects against over-indebtedness, excessive risk-taking, fraud.

Yet, according to the 2020 OECD (an international body for economic development and cooperation) survey on adult financial literacy, about half of the EU adult population lacks of sufficient financial knowledge.

The Fly project's self-assessment tool is therefore a key part of the learning pathway offered by the platform. Through 15 multiple-choice questions, skills are tested on topics such as: inflation, simple and compound interest rates and how to calculate them, budgeting, gross and net income, payment instruments and their characteristics, and much more.

In the final version of the platform, after having taken the self-assessment test, specific training courses which are in process of preparation will be recommended to the users.
Test your financial skills now by taking FLY's self-assessment test, which can be accessed via the following link > SELF-ASSESSMENT TOOL

Additional resources and tool for the assessment of the level of financial literacy have been selected by FLY partners from those already available online and collected in the REPOSITORY section.

For more information on the FLY project visit https://fly-project.eu/