Financial Education for Future Entrepreneurs
Start date: Oct 1, 2016,
End date: Sep 30, 2018
FEFE is a cross-sectoral co-operation which will develop the financial literacy and entrepreneurial mind-sets of learners across VET and HE contexts. Through FEFE, learners will develop key entrepreneurial skills: the ability to make better financial decisions, be better able to understand and access alternative sources of finance and be more willing to trade across international boundaries. Developing these skills will encourage more learners to become entrepreneurs and will enable them to grow their own enterprises more effectively. FEFE is fully in line with the horizontal and sectoral priorities of the Erasmus + Programme:1. VET-specific priority (page 108): ‘Further strengthening key competences in VET curricula and providing more effective opportunities to acquire those skills through I-VET and C-VET’. 2. Horizontal priority (page 107): ‘Open and innovative education, training and youth work embedded in the digital era...'3. Horizontal priority (page 107): 'Improve achievement in relevant and high-level basic and transversal competences in a lifelong learning perspective....'.CONTEXT/BACKGROUNDEntrepreneurship education in both VET and HE contexts is a core element of the EU2020 objective of delivering growth which is smart, sustainable and inclusive. The EU is focusing on entrepreneurship as a key driver of economic growth and job creation and to achieve this investing in entrepreneurial education and support is regarded as a key priority for immediate intervention (Entrepreneurship Action Plan 2020, p. 5). The EC report ‘Rethinking Education: Investing in skills for better socio-economic outcomes’ argues that there should be much effort concentrated on developing young people’s transversal skills ‘…particularly entrepreneurial skills…[because they]…not only contribute to new business creation but also to the employability of young people’ (p.3). Financial literacy is widely accepted to be a vital part of entrepreneurship education. The EU Commission Working Group on Entrepreneurship Education (2014) identified financial literacy as one of three exemplar learning outcomes for entrepreneurship education programmes (pg. 44). OBJECTIVESFEFE will develop financial literacy and entrepreneurial skills of students completing VET and HE programmes. Specifically, FEFE will address each of the financial abilities which have been recently identified by the world-leading international accountancy body, the ACCA, as key to the financial education of entrepreneurs: 1. Ability to distinguish between personal and business finances;2. To be a competent buyer of financial services; 3. To anticipate the business’ future financial needs under alternative scenarios; 4. To understand the decision-making process of finance providers; 5. To relate the business’s financial needs to a country’s regulatory and fiscal framework; 6. To exercise financial management. (ACCA report ‘Financial Education for Entrepreneurs’, 2014, p.6).NUMBER AND PROFILE OF PARTICIPANTS: FEFE brings together 6 partners from 4 countries (Austria, Cyprus, Spain, and the UK), with representation from VET and HE providers and which combines complementary expertise and capacities in entrepreneurship education and financial training and in the development of e-learning and serious games.DESCRIPTION OF ACTIVITIES:1. Establish and validate the learning needs and preferences of target learners. 2. Develop a multi-lingual serious game to develop financial literacy for future entrepreneurs 3. Develop multi-lingual ‘country guides’ which cover the accounting, finance and tax regulations and other information relevant to setting up a business in or trading with each of the countries covered in the FEFE partnership.4. Develop a multi-lingual training curriculum which maps FEFE project learning outcomes to existing ECVET frameworks.5. Develop a multi-lingual educator’s guide to how to implement FEFE outputs in VET and HE programmes 6. Develop and maintain a multi-lingual FEFE OER social learning platformMETHODOLOGY: step-by-step approach along the stages:Identification->Analysis->Development->Pilot/Test & Validation->DeploymentRESULTS: FEFE will generate the following multi-lingual outputs:1. serious game 2. country guides3. training curriculum4. educator’s guide5. OER social learning platform IMPACT:FEFE will have significant short term impact arising from the expected number of learners who will benefit from its outputs which will be freely available to VET and HE providers and learners via a variety of sources including the project OER social learning platform. LONGER-TERM BENEFITS:The FEFE Project is designed for a long term impact beyond the period of implementation under Erasmus+ programme financing. The participating organisations have the intention to attract external co-funding or other support from diverse sources to ensure the continued use of FEFE outputs.
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