Financial Awareness Initiative
Therefore, we attempted to tackle a part of the problem related to the inequality of financial knowledge and financial illiteracy. We narrowed down our scope further, to the spread knowledge about toxic consumptions loans/credit cards. For example, their risks, their actual cost, and the consequence of not paying your installments and interest on time. We also addressed the basics of saving and how you can start investing in mutual funds and stocks. We have recorded 8 videos (5 about credits, and 3 about saving) that are all available on our webpage “Vuxenguiden”, that we created for the project. The reason we have chosen these two subjects is the fact that they are huge issues, with consumer loans representing 20% of the total stock of debt in Sweden, but still make up the majority of the monthly payments (instalments, interest and other costs compared to housing loans). Furthermore, it has a disproportionate negative impact on young adults, as well as certain social-economic groups. To fight economic inequality, everyone needs to have the basic knowledge to make sure that no one makes an unnecessary mistake that could have been avoided, and that may ruin their economy.