Financial education in action for socially fragile groups

The interest in financial education has grown over time and few now have doubts that knowing how to manage personal money, in a conscientious and forward-looking way, is important for both individual and collective wellbeing. As citizens, we are asked to make decisions on financially related matters despite having limited skills and knowledge. The lack of financial literacy affects almost everybody, nonetheless there are groups of people that are more in need than others. Not only do they have fewer interpretative tools, but they also face social, cultural and physical obstacles. Based on the experiences of the Museum of Saving, this paper addresses the issue of how to engage disadvantaged people in a highly complex subject characterised also by behavioural biases, and offers an array of insights about how to tailor the right approach to meet their needs.