What is the relationship between Financial Education and Sustainability?

 

Financial education, with the aim of teaching how to manage money correctly in order to achieve one's spending objectives, allows the development of planning skills in the medium-long term, which is essential for fostering the development of truly sustainable societies.

To give up consuming our entire income today means putting ourselves in a position to reach a more valuable goal tomorrow. But it is in the acquisition of this intertemporal perspective that one encounters the greatest difficulty: several studies, in fact, have shown that the prevailing tendency is to privilege the present [1] at the expense of the future.

The same type of distortion can be found in the choices regarding the use of natural resources: sustainable management should be based on a long-term logic and also look at future needs. The American Indians synthesized this approach is the so-called “principle of the seventh generation”: the communities could not make any decisions if they did not know what effects this would have on the following seventh-generation [2]. In today's world, it happens too often that the only reference of political decision-makers in the present.

Financial education, suggesting to individual’s strategies for the management of a limited resource such as money and accustoming them to reasoning in terms of intertemporal choices can provide useful insights to promote a sustainable and efficient approach to the use of other scarce resources such as, for example, example, natural ones.

It was also indicated as one of the enabling factors for achieving the Sustainable.

Development Goals (SDGs) [3] contained in the United Nations 2030 Agenda.

 A good level of financial literacy makes it possible to build a more sustainable world also from a social and environmental point of view, since - by promoting inclusion - it helps to fill gaps and mitigate inequalities [4].

A further element in the direction of sustainable development is that of education for socially responsible investment, which favors companies that respect ESG (Environmental, social, and governance) values: attention to the environment, workers, customers, and communities, to ensure long-term financial sustainability. It is thus possible to combine the objectives of private savings with global interest and well-being.

It is not marginal to note that - according to the evidence of over two thousand empirical studies - there is a positive relationship between ESG and performance: in the long run, in fact, the most sustainable companies have better results [5] .

 

Between Financial Education and Sustainability: the role of the Savings Museum

All these aspects recur in the activities of the Savings Museum, which has always been at the forefront of raising awareness among its public on sustainability issues. The Museum's initiatives promote the conscious use of resources, direct towards a productive use of savings, underline the the temporal dimension of the choices and favor the inclusion of the most fragile groups.

The Savings Museum will soon kick off the new SAVE Virtual Tour (Sustainability, Action, Travel, Experience), an economic-financial education and environmental sustainability project for schools of all levels which, given the limitations due to health emergency will offer the classes of the schools concerned the possibility to carry out the activities completely remotely.

We have designed three different types, depending on the school cycle.

For the primary:

•          a multimedia path dedicated to the circulation of money, goods, and people;

•          an app dedicated to environmental protection;

•          an educational laboratory dedicated to the fight against waste and the valorization and recovery of waste.

 For lower secondary schools:

•          a path dedicated to economic and environmental crises;

•          an app dedicated to the protection of the planet;

•          an an educational workshop dedicated to the importance of vegetation for the planet and for the economy.

 For upper secondary schools:

•          a multimedia path dedicated to economic and social inclusion;

•          an app dedicated to the fight against inequalities;

•          an educational workshop dedicated to sustainable tourism.

In the two previous years, the SAVE project took place life onboard the Discovery Truck - a truck specially set up with videos and technological content - which carried the museum's multimedia itineraries and dedicated educational workshops around Italy [6].

With this project, which links economic and environmental resources, the Savings Museum urges children and young people to keep their attention on the future, because the future arises from the choices made today.

More Visit: Besteconstuition Thanks.

 


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