Evaluation of the project

Financial Skills-evaluation

During the project work many types of evaluations were performed. All the sectors who took part actively in the project have been measured and asked: students, teachers and parents

For the students 2 types of evaluation was planned and done succesfully. They were doing financial tests and in this way we could compare the results in a quantitative way. However, there were some soft skills acquired during the project- they could not be measured in numbers, so a qualitative evaluation was done as well(by interviews), asking the opinion of students, teachers and parents.

1. Quantitative evaluation:

The evaluation consisted of 2 Financial Literacy Tests, based on the main fields of the project work.

The First Test was based on the 1st and 2nd Didactic Units. /The manegement of pocket money for a conscious use of money in the future; Facing the challenge of finding my job and how to create a new business./ The Second Test was based on the 3rd and 4th Didactic Units. /To know how a bank works and to create and finance a new business; Investing money to ensure one’s own future/

The  questionnaires were filled by students in the beginning of the project, 2018(for the 1st and 2nd DU)as a starter point, then after the first project implementation year, 2019, for the 1st and 2nd DU as measuring the results in the studied fields and the 3rd and 4th DUs at the kick-off of the next year’s activities. At the end of the common work/June 2021/, the 2 tests were assigned again to have the evaluation results for all the 4 didactic units.

The questionnaire was specifically designed to be applicable across students of different education and income levels as well as in markets with different levels of financial inclusion.

The results were collected  in tables in both tests, by countries and summarized in a common project product concerning evaluation.

Improvements were measured in each country and we made statistics in 5 levels. We can state that in each country there was an improvement comparing the initial and final results, generally from 11%-27%. The difference between the numbers can be considered tot he fact that the students’ ages were from 13-18 in the project, the younger students had more problems with the specific terms than the older ones. There are partner schools(eg.Macedonia)specialized in the topic of financial education, so for their students it was much easier to fill in the questionnaires. Their improvement is also considerable. If we compare the 2 financial tests, then the improvement in the first test is higher than in the second one, which was measuring the 3rd and 4th didactic units. While the average improvement in the first test was between 19%-47%, depending ont he partner countries- the average improvement regarding the second test was ’only’ 4.8%-9%. This last improvement is lower than the previous one, however it is also a success, as it fulfils our prior goal stated in the application form.

2. Qualitative evaluation

In general, the parents have a positive opinion about this type of project because the children have an opportunity to see and learn about other cultures and expand their horizons. It also teaches them about responsibility and taking care of themselves in new circumstances. They are learning about the value of money and hard work.

The parents see great progress in their children’s English, they have become more organized, they gained self-confidence.

The parents in the partner countries were glad that the common topic was one of the most important for their future development. In some schools it is taught as a school subject, however in most of them it is not a separate subject.

The project has prepared them for challenges in front of them, expectations about the working environment. It has taught them about the value of money, hard work, organization and planning of budget and time. It has helped them grow into more responsible young people.

It is important for some parents that their children studied how to save money, how to start a business, even though just in theory.

The students’ answers showed they could develop knowledge- not just in the topics of the project, but language skills in English. An important added value was that they made friendships across Europe, and some said they are still in contact with their host students. Hosting back was also and exciting, challenging and interesting activity. The students appreciate this opportunity they will hardly get in the future

All students agree that these projects have only advantages. Erasmus+ projects are international, so they allow you to get to know the culture and customs of other countries and meet new people.

The students became so much more tolerant and compassionate, they have learnt to understand other people and not to judge someone based on something that makes them different from us. The project also helped them to open up.

Students’ answers showed that the Erasmus+ project has taught them to be more careful and responsible with their money than they were before. They also learnt many new functions of a bank, the meanings of bank-related words and the dangers of investing and common financial scams.

As they were “forced” to take care of themselves being on a meeting and the money that they were given, they started to be more careful with that money and what they have spent it on.

They said they have achieved knowledge about money itself, that they know how to use it, to exchange it.

All teachers agree that it is a good way to get to know the cultures and traditions of other countries, learn to express opinion and be more confident. Teachers also think that these projects improve financial literacy and language skills that will be useful in the future.

The activities that take place within the Erasmus Plus projects certainly contribute to increasing the skills of the students and teachers involved in the Erasmus Plus projects, the projects increase the students’ knowledge and deepen the knowledge they learned in school.

The teachers could encounter the education system in the given country, and they could also see and try good practices, which they could take to their schools and teach their colleagues.

Financial education has now become part of the school curriculum for some partners. This happens in many European countries. The Erasmus+ project, by promoting synergies and integration in all the different areas of education, stimulates the exchange of best practices by encouraging students to implement virtuous processes in order to be more informed, active, responsible and aware when making choices based on a proper relationship with money.

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Those schools which do not have financial education in the curricula, they all think that Financial literacy should be incorporated, because dealing with money is an important skill we need on a daily basis. Project activities made the lessons interesting because students could learn about this important skill, and also realize it is something that everyone should learn about, no matter which country they live in.