Knowing your financial capacity and being able to manage your money properly are skills that are fundamental today. In partnership with Eleving Group, we have developed a financial literacy platform where you can assess your financial situation and find useful tips on budgeting, debt management, savings, financial hygiene, and more.
About the tool
The financial literacy tool is a test where anyone can assess their current loan commitments or calculate the financial opportunities for themselves and their household.
In the “loan health check,” the user will have to answer six questions, and the answers will be used to calculate an individual’s DSTI score or debt-to-income ratio. Financial institutions consider this one of the most important factors when deciding whether to grant or refuse a loan. It is also an indicator that helps to assess the budget’s ability to withstand unexpected financial difficulties without losing the payment discipline. The test will also provide an estimate of the actual cost of living, savings, and cost coverage, i.e., how many months a person will be able to maintain their standard of living and cover their costs within their existing budget.
Also, in the opportunities assessment user will have to answer a few questions. This test will indicate the person’s or household’s DSTI score, actual cost of living, savings levels, and the potential amount of monthly commitments that the person or household could take on without significant risks to their budget.
In addition, the platform has been extended with a blog section with numerous valuable tips on budget planning, savings, debt management, reducing the impact of inflation on a personal budget, the cost of borrowing, credit rating, and other topics.
About the project
There is a long-standing problem with financial literacy in the world. Too many people lack the basic knowledge of managing their money effectively. This can lead to overspending, financial stress, bankruptcy, and even poverty. Everyone must take the time to learn about financial basics to have a solid foundation to make the right financial decisions. For this reason, Eleving Group and its brands have developed a financial literacy platform.
“Financial literacy is the process by which a person acquires the knowledge necessary to manage their money wisely. These are important skills that help making informed decisions and prevent costly mistakes. This tool will be useful for everyone, especially those who have noticed that their hard-earned salary drains from their wallet faster than they would like. Likewise, for those who have ever faced difficulties meeting their financial obligations. We have developed the tool in such a way that people, by completing the test and reading the bits of advice provided on the platform, can understand the causes of various challenges related to finances and find the techniques for overcoming them,” says the Group Chief Corporate Affairs Officer of Eleving Group, Arturs Cakars.