Training in financial literacy

Young people, who have been raised in institutions without parental care, were given the opportunity to gain essential financial knowledge.

The education is part of the combined project “Adopt a house” between The Foundation for Social Change and Inclusion (FSCI) and Experian – the global leader in information supply, analytical decisions and marketing.

Twenty-five current residents of the House of Opportunity Programme, as well as former residents and vulnerable young people from different social institutions, took part in the training in Sofia. The interactive training, which aims to raise the financial awareness of the young people, was led by volunteers of Experian and some of the questions that were discussed were: when is it good to get loans; why do people get loans; who is eligible for a loan; what credit accounts exist and what are the conditions of getting one. The following topics were discussed in detail: interest rates, credit fees, credit cards, monthly interest as well as monthly installments.

Special attention was paid to different marketing techniques, which are often used to attract more customers. The staff explained what the meaning is of interest free rate for the first 3 months, credit and debit cards, quick money withdrawals, personal data, savings accounts, the difference between banks and financial institutions which are not banks.

The young people were given the chance to become bankers who needed to decide which of the clients are trustworthy to receive a loan, based on their history.

There were plenty of discussions at the end and some of the young adults shared their personal experience with various financial institutions.