The eight organisations from Romania, Finland, Denmark, Norway, Lithuania, Greece, and Bulgaria, involved in the Youth Finance Academy project have published research on financial literacy among young people and young entrepreneurs. The study was carried out by a survey with 1600 young people and young entrepreneurs to identify the key factors influencing their financial well-being. The research emphasised on psychological, social, demographic, and personality traits on financial literacy. 

The main consequences of the lack of financial literacy identified by the young people are: insufficient financial knowledge when they make or take financial decisions; insufficient financial skills to manage their revenues; and insufficient financial attitudes and behaviours on how to save money and identify the best ways to manage grants or funds. In this regard, we set out to extend the range of financial literacy and support services that are currently offered to young people and equip youth workers with financial know-how, competences, and necessary tools for financial education. Hence, the study brought together youth organisations with different practical experience in financial literacy to develop the Youth Finance Academy; a unique collection of financial education tools dedicated to European youth organisations and youth workers.

The study is part of Youth Finance Academy project financed by the European Commission through the Erasmus+ Programme and aims to develop, with the help of a network of financial capability practitioners, a collection of financial education tools for Youth organisations to support young people and young entrepreneurs to achieve a high-quality financial literacy to contribute to a sustainable state of financial well-being. The study results were integrated into seven national reports, one synthesis report, and one best practice guide available here.