New article now now published in “Journal of Accounting, Business and Finance Research”.
"FICE Austria is participating in a project of the European Union which is called Children and Youth Caretakers Financial Literacy and Entrepreneurship Skills (CYCLES). The target of the project is to provide training materials for financial education and entrepreneurship skills to Child and Youth Care practitioners (CYCPs). In this paper we focus on financial education. One part of the project is to ascertain the needs of financial education training of CYCPs with a special focus on the needs of youth people in care (YPC) and young care leavers (YCLs). The needs for training of financial education for CYCPs with a special focus on the needs of YPC and YCLs can be considered as the major research question in this paper. The project consists of five countries, namely, Bulgaria1 , Austria2 , Germany3 , France4 , and Poland5 . Therefore, we make a comparison of these five European countries. There is not much knowledge about the deficits of financial education of young people in care (YPC) and young care leavers (YCL) and we want to bring more light into this difficult topic. We use focus group interviews in five different countries (Bulgaria, Austria, Germany, Poland, and France) to find the needs of the CYCPs with a special focus on the needs of YCLs. Our focus groups showed that CYCPs do not have enough basic and further education to handle the situation with YPC and YCLs successfully. We found that the needs of the YPC and YCLs concerning financial education are consistent with the needed knowledge, skills and competences of the CYCPs. Some needs of CYCPs and young people in care are to understand the meaning of money, to handle pocket money, to understand the logic of credit and financial contracts and to know how an online bank account works.