Led by Giovanna Zanolla in collaboration with Davide Antognazza and with the support of Giovanna Andreatti, a PhD student at the University of Bolzano, the project is being carried out as part of a partnership between SUPSI and the School of Education at CHRIST University in Bangalore. Using a design that combines questionnaires and qualitative analysis, the research will involve 1,700 young people aged between 16 and 22 in Switzerland and India, exploring issues relating to the level of financial literacy among young people, the role played by socio-economic background, economic socialisation and gender, and the way in which emotions influence financial decisions and behaviour. Underpinning the project is a clear ambition: to contribute to the development of innovative and fairer educational models capable of reducing inequalities.

We had a chat with Giovanna to explore the topic further.

First of all: what is meant by financial education?

Financial education is the process through which people develop the knowledge, skills and decision-making abilities to manage money in an informed way. It concerns not only financial concepts and tools, but also attitudes, behaviours and cognitive, emotional and social dimensions that influence everyday economic choices.

What are the main obstacles to sound financial education among young people?

There are several; certainly among the factors with the greatest impact are inequalities linked to family socio-economic background and the absence or weak integration of financial education into school curricula. These two aspects are interrelated, in that attributing to the family alone the task of equipping young people with the skills necessary for the optimal management of their financial resources effectively risks perpetuating social inequalities: those who grow up in a family more adept at managing money will undoubtedly have a significant advantage from the outset. To these two elements must also be added the growing complexity and uncertainty of financial systems and life trajectories, which require not only technical skills but also decision-making and emotional skills.

In general, contemporary literature on the subject shows generally low levels of financial literacy among young people and significant inequalities linked to social background and gender. Emotional factors such as impulsivity and stress management also have a significant impact on economic decisions.

Gender as a watershed factor in financial literacy; educating people in financial management thus also becomes an act of female empowerment – what do you think?

Certainly. Research shows that gender differences in financial literacy persist and are also linked to early socialisation processes. For example, boys are more often given a regular allowance, which encourages direct learning about money management, whilst girls are more frequently given money on request, reinforcing practices of mediation and dependence. Over time, these experiences help shape different approaches to money. Strengthening financial education for girls therefore means promoting decision-making autonomy, economic security and a greater capacity for active participation in social and economic life.

What methodology will the YEFL research use?

A questionnaire, adapted to the two national contexts, will be administered to young people in the final years of upper secondary education and tertiary education. The instrument includes items to measure financial skills, behaviours and emotions in relation to economic situations, and also features open-ended questions to capture cultural meanings. Particular attention is paid to financial socialisation processes, family background, and the socio-economic and gender differences that influence economic decisions.

Why an academic partnership with India?

The collaboration with India allows for a comparison of two different socio-economic, educational and cultural contexts, offering a particularly rich comparative perspective. Through this comparison, it is possible to analyse how socialisation processes, educational systems and cultural factors influence young people’s financial literacy and economic decisions. The partnership also strengthens scientific exchange between the two countries and contributes to the development of more robust educational knowledge and models that can be transferred to different contexts.