Barcelona-based community fintech 11Onze has signed up 52 schools in Catalonia to its initiative aiming to improve financial literacy.
The move comes following a Greenlight study, revealing a lack of confidence among teenagers regarding financial knowledge. The report found that almost three-quarters of teenagers (74 per cent) don’t feel confident in their personal finance knowledge. A similar percentage of teenagers (73 per cent) said they wanted to learn more about personal finance.
James Séne, chairman of 11Onze, explained the importance of the initiative for young people. He said: “Our mission is to engage and educate young students to improve their financial literacy by teaching them how money works and the technology behind it.”
“We understand that without basic financial education, children and young adults will face immense difficulties to manage their finances effectively. This could lead to bad credit, bankruptcy and lack of savings.”
Covering a range of financial topics
Currently, the initiative offers free one-hour classes to schools; taught either virtually or face-to-face. The classes currently offered include an introduction to financial education, open banking and digital currencies. 11Onze has already held trial classes at the Arraona Institute in Sabadell.
Sène explained: “We cover topics including credit cards, crypto, and money management. For young people, digital banking is no longer a mystery, although they don’t know much about all the processes behind it. As almost all of them have financial applications on their mobile phones, they are keen on financial education.”
Joan Medard Oriol Barris, professor at Institut Cendrassos de Figueres, explained what the fintech community offered students. Barris said: “We were delighted to have 11Onze offer this financial literacy session. It was quite popular. It expanded on the subject that I teach and covered key technologies used in financial institutions, financial instruments, payment and collection systems: topics that you don’t get to learn in your day-to-day life.”
James Séne highlighted the increasing importance of ensuring the young are financially educated today. He explained: “In the current environment, where we have to rely on ourselves to make important decisions such as which credit cards, mortgage offers or savings instruments to pick, the responsibility to educate oneself is paramount – both individually and collectively.”