Focus group in Spain

Focus group in Spain

Summary

The UDC conducted the focus group on 07/03/2024, in the premises of the Faculty of Economics and Business. It was attended by 17 experts belonging to: 1) youth organizations, 2) organizations involved in youth training especially in economics and finance, 3) organizations related to business counselling and training for young entrepreneurs and entrepreneurship, 4) organizations related to financial consumer protection, 5) cultural promotion organizations, and 6) youth counselling organizations. The focus group participants discussed the synergies that can exist between personal finance and sustainability, paying special attention to young people and the importance they attach to sustainability when making decisions related to their personal finances.

Results

Focus group participants believe that personal finances need to be sustainable. They believe that studying (or talking about) personal finance can only bring benefits. Participants indicated that, in the case of young people, personal finance is mainly related to consumption and purchases. Participants agree that teaching sustainable personal finance should include topics such as the importance of saving, sustainable consumption, budget management, and ethical investment/ethical products, among others. Key performance indicators (KPIs). Participant engagement: 95% satisfaction rate with the focus group format and content. Participant satisfaction: 95% satisfaction rate with the organisation of the focus group and with the discussion that took place. Content relevance: 100% agree on the importance of encouraging sustainable personal finance and promoting education among young people on this issue. Future collaboration: 90% interest in learning the results of the project and in continuing to collaborate in the project in the following activities

Conclusions

The focus group conducted in Spain showed that it is important to talk to young people about sustainability in both academic and family environments. Education is essential to make young people be aware of on the consequences of the financial and consumption decisions they make in their daily lives. Therefore, the experts proposed emphasizing education from an early age. Such education on sustainable personal finance should not be optional, but should be compulsory in educational programmes because the lack of knowledge about personal finance is very high in Spain and Galicia. At least it should be compulsory from the age of 12 to 16. In addition, interactive and technology-based educational tools should be used to make teaching practical and engage young people
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