Launch of Faccio Tesoro, the financial education project for Italian consumers developed by CRIF

The findings of a number of surveys carried out over recent years show that the level of financial culture among Italians is very modest, so much so that Italy is ranked in last place among OECD countries and second to last among G20 countries (above only Saudi Arabia).

In order to make its own contribution to improving financial literacy among people who find themselves faced with increasingly complex choices, CRIF has launched “Faccio Tesoro” - www.facciotesoro.it - a project entirely dedicated to financial education of Italian consumers. The idea behind the project is to provide practical and easy-to-use information to increase awareness about borrowing and managing personal finances, focusing on knowledge of the key concepts, the available tools and their use.

CRIF has always been involved in digital and financial inclusion, and in this context, the financial literacy of consumers and households is a key aspect, facilitating a wide circulation of knowledge and providing the basis for informed choices. The “Faccio Tesoro” project is based not only on the desire to convey the basic concepts, but above all to provide the most practical and detailed response to the needs of citizens who find themselves faced with important decisions in terms of the household budget, giving a better understanding of the risks and opportunities and reducing the stress which an insufficient level of information can often bring.

In order to reach the greatest number of people and act in the most effective way in their learning process, overcoming any cognitive biases due to the way the information is presented, CRIF decided on a multimedia format, putting simplicity and ease of access first.

Specifically, 6 comedy sketches were made based on certain important stages in a family’s life (birth of a child, starting work, buying a home or an important item such as a car, management of the household budget, etc.) linked to 25 explanatory videos focusing on the subjects of most interest to the population, the identification of good practices, and useful and practical tips.

On the www.facciotesoro.it website, with all the content of the initiative easily accessible from any device, there are in-depth examinations of these milestones in family life organized by category, including: Home and mortgage, Applying for a loan, Budgeting and borrowing, Payment cards, and Assessment processes.

For the development of this project, CRIF worked with Massimo Esposti and Paolo Zucca, journalists specializing in the economy, savings and investments, who tried to explain even the most complex concepts in the simplest and most understandable terms possible, giving useful tips on how to take important decisions without stress.

“Taking a significant step forward in terms of the financial skills of Italians must be a real and urgent objective. For this reason, rather than thinking of Faccio Tesoro as a project, I prefer to think of it as a journey, intended to gradually expand the range of in-depth topics over time, aimed at helping to guide the choices of citizens, increasing their awareness of the consequences of their financial decisions,” commented Enrico Lodi, CRIF General Manager.

“Over the years, CRIF has developed numerous initiatives in the area of financial inclusion and education, but we have found that the availability of information through traditional channels alone, including booklets or special sections on the website, was not enough to meet the needs of large sections of the population. And so, we decided on a different approach, completely centered on video content and therefore closer to the way people aged between 20 and 40 use information. This is the target age group we are focusing on; those who find themselves having to take important decisions on applying for a mortgage or loan, managing the household budget, managing debt, or using credit products and financial instruments,” explained Maurizio Liuti, project manager of CRIF’s Faccio Tesoro.