Financial literacy: How EOS is committed to a debt-free world.

But it is not only in times of crisis that EOS is active in the sensitive context of debt and finances. EOS draws on the available expertise in this subject area, including beyond its own business, for social activities involving children and young adults. “ManoMoneta” is the name of the educational program with which the finlit foundation has been bringing financial knowledge into the classrooms of German schools since September 2020. The aim is better financial literacy in everyday life so excessive personal debt does not occur in the first place. “We want to remove the taboo from the subject of money and debt and increase the financial literacy of people so fewer of them fall into the debt trap,” says Richter. “We have started raising awareness of this important subject at primary school.”

The first finlit initiative “ManoMoneta” is aimed at children in their third to sixth year at school and imparts financial knowledge that is often overlooked in the school curriculum. finlit had developed the diverse teaching program, worked out methods and materials and tested them in pilot schools even before the coronavirus pandemic. The initiative was then launched successfully in September. “We reached more than 9,700 children in almost 100 schools within the first six months – despite Covid-19,” says Richter. The online teaching program was expanded early on due to school closures and adapted to the challenges of face-to-face and distance learning. The variety and flexibility were well received by teachers and children alike.

In Slovenia, EOS employees are also focusing on prevention to curb excessive personal debt. In cooperation with financial magazine Moje Finance, EOS has been supporting the Financial School since September 2019. The non-profit project offers financial education for young persons, millennials and adults, and the content is modified according to the target group. They run a three-day workshop, in which various experts impart basic knowledge on money, finances and assets. 

“The way we manage our finances has a major influence on our lifestyle. Regardless of how much money or assets we have, we can ensure our financial security through consistent management,” says Natalija Zupan, Managing Director of EOS in Slovenia. But unfortunately, especially among young people, financial literacy is still very limited. That is why, says Zupan, she was so excited when financial magazine Moje Finance established the Financial School. “I liked the idea of teaching financial literacy to children and young adults,” she says. “For me, this is part of basic education, just like reading, writing and mathematics. The earlier you start with it, the better it is for the future.” 

There was no doubt in Zupan’s mind: she wanted to support the Financial School. She called the editorial team of Moje Finance and asked whether they would like to cooperate in the project with EOS. They did. Zupan has put together eight workshops so far and feedback from the students has been overwhelmingly positive. The content is made up of various topics from the debt environment. These may include the reasons someone incurs debt, the consequences arising from this, solutions for how to get out of excessive debt, or ways to avoid falling into the debt trap in the first place. “Young people, in particular, are grateful,” says Zupan. “They gain a better understanding of what consequences financial decisions can have for their future. In the workshops, they learn how they can control their spending to avoid excessive debt.” 

Zupan has also had to switch to online lectures in recent months due to Covid-19. As soon as the crisis is over, she will make her way back to the seminar rooms. “We are fulfilling our mission – for a debt-free world – through preventive measures,” says Zupan.