| Abstract [eng] |
Personal financial literacy is considered one of the most important life skills and perhaps the key to financial well-being. Financial literacy is defined as the financial knowledge that enables a person, besides making financially beneficial decisions, to manage financial resources rationally and achieve greater financial well-being. Financial literacy is recognised as one of the competences that everyone needs to develop during his life. The Ministry of Education, Sport and Science (2020) declares that the high quality financial education can contribute to the solution of a wide range of economic and social problems, the well-being and sustainable development of the individual and society as well. However, research has revieled the trend that younger and older women feature lower level of financial literacy than men. Women do not pay enough attention to their financial security ensurance, as they tend to transfer their family and personal financial responsibilities to men. Due to lower financial literacy and financial dependence, women are still exposed to various forms of violence and are less likely to participate in economic life, with the effect to their well-being. The problematic question of this paper: how should non-formal financial literacy education for women be implemented in order to have a positive impact on their well-being? The object of the study is women's financial literacy education. The aim of the study is to reveal the need and impact of informal financial literacy education for women in the case of Camp N. To achieve this aim, three objectives were stated in the study: to reviel the theoretical background to women's non-formal financial literacy education; to justify the methodology for the study of the need and impact of women's non-formal financial literacy education and to justify the need and impact of women's non-formal financial literacy education in the case of Camp N. In order to achieve the objective of the study, the following data collection methods were used: analysis of scientific literature for the development of a theoretical model of women's non-formal financial literacy education; case studies and semi-structured interviews which helped to reveal the needs of women's financial literacy education and the impact of the N financial literacy camp on the well-being of the camp participants' lives. The data processing method used was content analysis. The content analysis method was used to analyse Lithuanian and foreign adult financial literacy programmes; the case of the N Women's Financial Literacy Camp; and the data obtained in semi-structured interviews. The study involved 10 participants of the N Women's Financial Literacy Camp and 1 expert. The theoretical and empirical study found that women's needs for financial literacy education manifest in four categories: the content of the education, the forms and methods of the education and quality assurance. The study revealed the need for specific learning groups and the need for learning, besides in mixed (male-female) groups, in separate women groups as well. The need to categorise training topics according to social groups and/or social problems specifically faced by women has emerged. The need for financial literacy training to be dominated by individual tasks has become evident. Emphasizing that there is no need to pay attention to the creation of a communication and learning network for learners, the training participants expressed the need to continue communication only with the training lecturers. Additional tools to be used for financial literacy education include: books, television shows and games. In order to meet the quality needs of the education, the following aspects were identified as most important: the competence of the specialist, the quality of the programmes and the supervision as well as regulation by public authorities. The expert interviews revealed that there is no possibility to ensure the quality of financial literacy education as long as there is no approved strategy for adult financial literacy education in Lithuania. The study confirmed that all 10 participants of the camp had a positive impact on their well-being. The impact became evident through financial well-being, emotional well-being of the participants or impact on the well-being of their close people. The results of the study substantiated that in the case of Camp N, the impact on financial well-being through proactive financial management and improved financial situation was not a one-time case, but rather a long-lasting (up to 18 months) process. |
