Financial Education for Low-Income People in Practice

This paper presents findings from the pilot test of Financial Education Workshops (FEWs), conducted in May and June 2005, as part of the “Financial Education of the Poor” project. These workshops were designed to test educational tools in practice, and had a considerable role in developing an improved financial package. The target audience comprised low-income adults and in-school adolescents.

A total of 262 participants from six provinces in Poland completed the pilot test workshops. The pilot project used a variety of evaluation methods to diagnose participants' needs, analyze satisfaction levels and evaluate the impact of FEWs on the way low-income people approach their finances and financial practices.

Participants reported high satisfaction levels with the workshops. The workshops:

• Fulfilled their role as an initial contact in the financial education of low-income people;
• Helped address the negative way in which people think of their limited financial resources;
• Promoted enthusiasm for saving amongst adolescents and adults;
• Provided participants with knowledge and skills to build their own financial plans.