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Description
The gap in financial literacy between men and women is a well-documented reality both internationally and in Greece (in our country it is around 3 percentage points, at 45% for men vs. 42% for women, which is already low among OECD countries). Although women live on average more than men and are faced with the financial difficulties caused by the frequent interruptions of their career timelines, the pay gap and the resulting pension gap, they nevertheless appear to be consistently less knowledgeable, less self-confident and less experienced in making economic decisions than men.
The Mind the FL gap project aims to bridge, at least in part, this financial literacy gap by creating a training manual for educators looking to teach financial literacy to women – especially those from vulnerable social groups - as well as by conducting one pilot workshop for candidate trainers and one pilot workshop for beneficiaries, in order to both launch the diffusion of the training material and to evaluate its effectiveness.
Within the framework of the project, Women On Top, with its experience around the needs of unemployed, salaried, self-employed and retired women between the ages of 18 and 65, as well as with the tools it has developed, over the 7 years of its operation, for the empowerment of these women, will try to meet an important national need for the training of vulnerable women in financial literacy and will also contribute to improve the financial well-being and independence of women and their families.
Summary of project results
The project addressed critical gender disparities in Greece, as highlighted by the Gender Equality Index 2017, where the country ranks last in the EU28. Key challenges include a high pay gap for equal work, limited access for women to decision-making roles, and lower participation in the labor market, often under worse conditions than men. Women also face disproportionate household and family care responsibilities, and violence against women is prevalent. The project aimed to tackle these challenges by providing multi-faceted empowerment for women, especially those from vulnerable social groups. Through financial literacy training and capacity building, it sought to enhance women’s participation in economic and public spheres, increase their decision-making power, and support transformative action. Ultimately, the project focused on empowering women to take control of their economic situation, balance work, family, and personal life, and ensure their equal rights in the labor market and all life sectors.
The project developed two original, women-focused Guides to Basic Principles of Financial Literacy—one for trainers and one for beneficiaries. These guides formed the basis for pilot training plans, some of which were tested in workshops. The project trained 16 potential trainers through a 6-hour workshop, with 13 completing the program and receiving certificates. These newly trained trainers then facilitated workshops for 38 women beneficiaries, delivering a 4-hour pilot workshop on financial literacy. The project also strengthened the organization’s internal skills in research, content development, and communication, enhancing long-term sustainability.
The project directly empowered 38 women beneficiaries by increasing their financial literacy, with 75% reporting that the workshop met their expectations. Additionally, 13 trainers successfully completed the program, increasing their capacity to teach financial literacy by an estimated 25%. Organizationally, Women On Top improved its capacity to develop educational materials, train trainers, and engage in effective communication. This strengthened foundation has positioned the organization for future growth and the continued promotion of financial literacy for women.