In the current times of economic turbulence and market shortcoming, where the majority of EU citizens are struggling to manage the financial challenges they face, a real life need for the development of their financial literacy competencies has been identified. These would allow people to understand the mechanics of the economy and the market, how to deal with daily financial issues, and protect them from slipping in to extremely negative situations. Moreover, the current project directly and indirectly will promote the digital numeracy, language, reading, collaboration and communication Skills of financial disadvantaged young EU adults (18-35). The eFinLit will develop an online educational platform which will encompass social networking tools, online games, data bases, and a training packages of online self-regulated modules, which will also be available through mobile platforms. The proposed online training modules to be developed (covering each one of them 2 ECTS - 50 -60 hours of study/work/play) are:

1. Digital Literacy and Access to Financial Information

2. Basic Maths

3. Budgeting

4. Savings

5. Indebtedness

6. Credit and Loans

7. Consumer Rights

8. Investment and Entrepreneurship

9. Glossary

The specific objectives of the project are:

• Identify and address specific needs of EU citizens in financial literacy

• Utilize ICT tools and digital literacy to improve EU citizens’ competencies in dealing with financial issues

• Develop a partnership model of a wide range of expert organizations in the fields of training, online learning and literacies

• Address the challenges of financial management generated by the current economic transformations taking place in EU

• Meet the basic objectives of EU 2020 strategy such as social cohesion through digital literacy