Migration is a global phenomenon that involves the movement of people across borders for various reasons, such as seeking better opportunities, fleeing conflict or persecution, or reuniting with family. Migrants face unique challenges as they navigate new cultures, languages, and financial systems in their destination countries. One crucial aspect of successful integration and empowerment for migrants is acquiring financial literacy skills.
Financial literacy refers to the knowledge, skills, and understanding of financial concepts and practices that enable individuals to make informed decisions about their personal finances. For migrants, acquiring financial literacy skills is crucial for their economic well-being and can help them navigate the complexities of the financial systems in their new country. One of the primary challenges for migrants is understanding and navigating the financial systems in their destination country, which may be vastly different from what they are familiar with in their home country. This includes understanding the local currency, banking system, credit system, tax system, and consumer rights and responsibilities. Without adequate financial literacy skills, migrants may face challenges in accessing financial services, managing their finances, and making informed financial decisions.
The INFINITY project, recognizes that many migrants lack the necessary financial literacy skills to make informed decisions. To address this issue, the project goes beyond just developing financial literacy skills and also focuses on incorporating elements of entrepreneurship, soft skills, and sustainability into their state-of-the-art educational materials. By providing them with a comprehensive education that includes not only financial literacy but also entrepreneurship skills, soft skills, and sustainability concepts, the partnership (Germany (2), Cyprus, Belgium, Greece (2), Spain, Italy) aims to equip migrants with a holistic set of skills that will increase their chances of self-employment. This will enable them to become productive members of society and contribute to the welfare and growth of the areas they live in. Τhe project’s impact is expected to be significant. Migrants will gain a thorough understanding of financial concepts, context, content, and the importance of being financially literate. They will improve their financial skills and abilities, enabling them to understand and manage day-to-day financial issues, recognize financial opportunities, make financial plans, manage debts, and effectively use financial applications, among other skills. Ultimately, the goal is to increase self-employment and help them become productive members of society, promoting the welfare and growth of the areas they live in.