Projekt finansowany w ramach programu Erasmus+ Unii Europejskiej Nr projektu: 2024-1-PL01-KA220-YOU-000251498
GAMEY Project: Gamified Approach to Money Education for Youth
MODUŁ 6: Zarządzanie ryzykiem (ubezpieczenia, fundusz awaryjny)
Zaczynamy!
Spis treści
- Cele modułu
- Czego się nauczysz?
- Treści teoretyczne- Ryzyko finansowe- Ubezpieczenia i zabezpieczenie finansowe- Fundusz awaryjny
- Podsumowanie i najważniejsze wnioski
- Słowniczek
- Bibliografia
Następny slajd
Cel modułu
Ten moduł ma na celu pogłębienie wiedzy na temat tego, jak zabezpieczyć się finansowo dzięki strategiom zarządzania ryzykiem, takim jak zgromadzenie funduszu awaryjnego czy wybór odpowiedniego ubezpieczenia. Poznasz różnego rodzaju zagrożenia finansowe, rodzaje ubezpieczeń i dowiesz się jak się przygotować na nieprzewidziane wydatki.
Dalej
Czego się nauczysz?
Kluczowych pojęć takich jak: zarządzanie ryzykiem, ubezpieczenie, fundusz awaryjny. Różnych rodzajów ubezpieczeń i ich przeznaczenia (np. podróżne, zdrowotne). Dlaczego fundusz awaryjny ma znaczenie dla stabilności finansowej.
Dalej
Cele nauczania
Po ukończeniu tego modułu będziesz umiał: Poznaj główne zagrożenia finansowe, z jakimi borykają się młodzi ludzie. Wyjaśnić, w jaki sposób ubezpieczenie chroni przed stratami finansowymi. Opisać cel i znaczenie funduszu awaryjnego. Oceniać rzeczywiste decyzje dotyczące zabezpieczenia finansowego
Dalej
Ryzyko finansowe
Dalej
Dalej
Kluczowe terminy
Prawdopodobień-stwo wystąpienia zdarzenia, które wpłynie na realizację twoich celów lub twoje samopoczucie.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Ryzyko poniesienia strat finansowych w wyniku nieprzewidzia-nych zdarzeń.
Title
Ryzyko
Write a brief description here
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Proces identyfikacji, oceny i ograniczania ryzyka.
Ryzyko finansowe
Title
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Write a brief description here
Narzędzia i strategie (takie jak ubezpieczenie czy oszczędności), które chronią przed ryzykiem.
Title
Zarządzanie ryzykiem
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Write a brief description here
Dalej
Zabezpieczenie finansowe
Title
Write a brief description here
Czym jest zarządzanie ryzykiem?
Zarządzanie ryzykiem polega na identyfikowaniu potencjalnych problemów i przygotowywaniu się na nie, zanim jeszcze wystąpią. W kontekście finansów osobistych oznacza to zabezpieczenie się przed stratami finansowymi wynikającymi z nieprzewidzianych zdarzeń (np. utraty pracy, choroby, problemów związanych z podróżą). Bycie przygotowanym nie eliminuje ryzyka, ale ogranicza szkody, jakie może ono spowodować.
Dalej
Rodzaje ryzyka finansowego
Zagrożenie dla zdrowia
Ryzyko związane z odpowiedzialnością cywilną
Czynnik ryzyka w kontekście zagrożeń dla zdrowia to coś, co zwiększa prawdopodobieństwo zachorowania. Np. zbyt długie przebywanie na słońcu może zwiększyć ryzyko zachorowania na raka skóry. Przykłady: nagłe przypadki medyczne, wypadki
Ryzyko, że osoba fizyczna lub przedsiębiorstwo podejmie działanie, które spowoduje obrażenia ciała, śmierć, szkody majątkowe lub straty finansowe osób trzecich. Przykłady: wyrządzenie szkody w mieniu lub na zdrowiu innych osób
Ryzyko związane z podróżą
Ryzyko związane z nieruchomościami
Odnosi się do ryzyka poniesienia strat finansowych, szkód lub innych negatywnych skutków związanych z posiadaniem, wynajmem lub inwestowaniem w konkretną nieruchomość. Przykłady: kradzież, uszkodzenie rzeczy osobistych
Odnosi się do potencjalnych zagrożeń i niebezpieczeństw, na jakie narażeni są ludzie podczas podróży. Przykłady: odwołania, opóźnienia, zagubiony bagaż, kradzież
Dalej
Real-Life youth examples
Mia twisted her ankle while abroad and had to pay 600,00 € for care.
Lukas’s backpack with passport and phone was stolen during a trip.
Emilia’s flight was canceled, and she had to pay 300,00 € for a hotel overnight.
Continue
Continue
Risk management strategies
Buy insurance for key risks (travel, health, liability).
Build an emergency fund.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Emergency fund
Title
Title
Insurance
A risk management strategy is a structured approach to identifying, assessing, and mitigating risks that can appear.
Write a brief description here
Write a brief description here
Have a backup plan. (e.g., copies of documents, emergency contact).
Avoid risky behaviors. (e.g., no travel insurance, overspending).
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Continue
Title
Behaviours
Title
Backup plan
Write a brief description here
Write a brief description here
Continue
Insurance as financial protection
Continue
What is insurance?
Insurance is a financial product that protects you against specific risks. You pay a premium regularly in exchange for potential coverage if something bad happens. It transfers risk from you to the insurance company.
Continue
Common insurance terms
The amount paid for insurance. (e.g., monthly, yearly).
What is included in the insurance plan.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
The amount you must pay before the insurance pays.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
What is not covered.
Title
Premium
Title
Coverage
Write a brief description here
Write a brief description here
Title
Deductible
Title
Exclusion
Write a brief description here
Write a brief description here
Continue
Purpose of insurance and why it's important?
You can’t predict every problem, but you can prepare for it. Insurance provides peace of mind, especially during travel, illness, or emergencies.
Insurance helps people manage financial risk by offering compensation for specific losses or incidents.It's a tool for financial protection: you exchange a small, predictable cost (the premium) to avoid a large, unpredictable one.
Importance
Purpose
Rob’s comprehensive travel plan covers 2.800,00 €. He only pays 200,00 € (deductible).
Rob breaks his leg abroad. He pays 3.000,00 € out of pocket.
Example 1
Title
Example 2
Title
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Continue
Subtitle
Without insurance
Subtitle
With insurance
How insurance works?
Example: You pay 10,00 €/month for travel insurance. If your trip is canceled and you lose 500,00 € the insurer refunds you. Terms apply: only specific events are covered, and there may be conditions or limits.
Liability risk
Health risk
Travel risk
Property risk
A health risk is something that increases your chance of developing a disease. For example, getting too much sun on your skin may put you at higher risk for skin cancer. Examples: Medical emergencies, accidents, hospital bills.
It is the risk that an individual or business will take an action that results in bodily injury, death, property damage, or financial loss to third parties. Examples: Causing damage to others’ property or people
Refers to the potential for financial loss, damage, or other negative impacts related to owning, leasing, or investing in a specific property. Examples: Theft, damage to personal belongings
Refers to the potential threats and hazards that people face while on the road, especially in the context of work trips. Examples: Cancellations, delays, lost luggage
Continue
Rob’s Options – Travel Insurance Plans
Basic Plan (60,00 €): Covers trip cancellations and lost baggage. Comprehensive Plan (120,00 €): Adds medical emergencies and liability coverage. Rob also considers Car Rental coverage (90,00 €) for his trip.
Cost vs. risk evaluation
Rob compares: Paying 120,00 € upfront vs. risking 3.000,00 € in medical bills abroad. Insurance feels expensive until something goes wrong—it’s a form of financial planning.
Continue
Types of insurance
Different policies have different terms and conditions, so make sure you know what the terms and conditions of your policy are. It is important to understand exactly what your insurance policy covers when you buy it.
Covers cancellations, medical emergencies, lost baggage.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Covers accidents and damage when renting a vehicle.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Title
Travel insurance
Write a brief description here
Covers doctor visits, treatment abroad.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Covers costs if you accidentally hurt someone or damage property.
Title
Car rental insurance
Write a brief description here
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Health insurance
Title
Write a brief description here
Title
Liability insurance
Write a brief description here
Continue
Quick quizz
Continue
Continue
Continue
Continue
Emergency funds
Continue
What is an emergency fund?
Is a savings account set aside specifically for unexpected expenses.
It provides financial stability and reduces the need to borrow money in emergencies.
Examples of emergencies: job loss, urgent medical care, broken phone/laptop, unplanned travel delays.
Continue
Why emergency funds matter?
Even with insurance, you often have to pay something upfront (deductibles, non-covered expenses) An emergency fund acts as your first layer of protection Having one reduces stress and helps maintain your long-term savings plan
Continue
How much should you save?
Rob’s case example
- Rob sets a goal to save 100,00 €/month for 5 months = 500,00 €.
- He keeps it in a separate savings account, easy to access if needed.
- When Rob’s flight is canceled and he needs a hotel, he uses 120,00 € from his emergency fund.
Common recommendation: 3–6 months of essential expenses.
For students/youth: 300,00 –500,00 € may be a good starting target.
Consider your risks: traveling, studying abroad, working part-time.
Continue
Where to keep emergency savings?
Not in your wallet or spending account!
Continue
Tips to build your fund
Start small: Even 10,00 €/week builds up.
Automate savings when possible.
Keep it separate from regular spending money.
Celebrate reaching milestones!
Continue
Summary & key takeaways
Continue
What we've learned?
In this module, you explored how to protect your finances from unexpected situations using smart planning and preparation.
With Rob as your guide, you learned...
How to make informed decisions before traveling or taking financial risks?
What risk is and how it can impact your financial wellbeing?
The importance of building and keeping an emergency fund.
How insurance protects you from large financial losses?
Continue
Glossary
Continue
1. Risk
The chance that something unexpected might happen and affect your plans or finances.
Example: Rob risks losing money if his flight gets canceled.
________________________________________
2. Financial Risk
A situation that could cause you to lose money, like getting sick abroad or having something stolen.
Example: Rob faces financial risk if he has to pay for medical care during his trip.
________________________________________
3. Risk Management
The process of identifying possible risks and taking steps to reduce or avoid financial harm.
Example: Rob buys travel insurance to manage risk while traveling.
________________________________________
4. Protection
Actions or tools that help you reduce the impact of financial risks — like insurance or emergency savings.
Example: Rob’s emergency fund protects him from surprise expenses.
________________________________________
5. Insurance
A contract where you pay a small regular amount (premium) so the insurance company helps cover big costs when things go wrong.
Example: Rob’s travel insurance pays for lost luggage and medical emergencies.
________________________________________
Continue
6. Premium
The amount you pay (monthly or yearly) for insurance coverage.
Example: Rob pays 120,00 € for comprehensive travel insurance.
________________________________________
7. Coverage
What the insurance plan actually protects you against — such as medical bills or lost items.
Example: Rob’s plan covers trip cancellation and hospital visits abroad.
________________________________________
8. Deductible
The amount you must pay before your insurance starts covering costs.
Example: Rob pays the first 200,00 € of his medical bill, the rest is covered.
________________________________________
9. Exclusion
Things that are not covered by your insurance policy.
Example: Rob’s policy excludes adventure sports, so a climbing injury isn’t covered.
________________________________________
10. Emergency Fund
Savings set aside for unexpected situations, separate from your regular budget.
Example: Rob uses his emergency fund to pay for a hotel when his flight is delayed.
________________________________________
11. Liability Insurance
Covers costs if you accidentally damage someone else’s property or hurt someone.
Example: Rob’s liability coverage helps if he breaks a hotel TV by accident.
Continue
Resources
- OECD (2020). Financial Education for Youth. www.oecd.org
- European Consumer Centre. Common travel risks report. www.eccnet.eu
- Insurance Europe. https://insuranceeurope.eu/
- Allianz Travel Insurance FAQ. https://www.allianz-assistance.com
- OECD (2020). Financial Education for Youth: Core Competencies Framework. https://www.oecd.org/financial/education
- National Endowment for Financial Education (NEFE) – Smart About Money. https://www.smartaboutmoney.org
- MyMoney.gov – U.S. Financial Literacy Website. https://www.mymoney.gov/save-invest
- Investopedia – Emergency Fund Definition & Strategy. https://www.investopedia.com/terms/e/emergency_fund.asp
- Apps Mentioned:
- Gimi: Youth saving and budgeting app ➜ https://www.gimitheapp.com - BudgetBakers (Wallet app) ➜ https://budgetbakers.com
Continue
Co-funded by the Erasmus+ Programme of the European Union Project No.: 2024-1-PL01-KA220-YOU-000251498
Thank you!
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PL - 6. GAMEY: Module 6 - Risk management & Financial Protection
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Transcript
Projekt finansowany w ramach programu Erasmus+ Unii Europejskiej Nr projektu: 2024-1-PL01-KA220-YOU-000251498
GAMEY Project: Gamified Approach to Money Education for Youth
MODUŁ 6: Zarządzanie ryzykiem (ubezpieczenia, fundusz awaryjny)
Zaczynamy!
Spis treści
Następny slajd
Cel modułu
Ten moduł ma na celu pogłębienie wiedzy na temat tego, jak zabezpieczyć się finansowo dzięki strategiom zarządzania ryzykiem, takim jak zgromadzenie funduszu awaryjnego czy wybór odpowiedniego ubezpieczenia. Poznasz różnego rodzaju zagrożenia finansowe, rodzaje ubezpieczeń i dowiesz się jak się przygotować na nieprzewidziane wydatki.
Dalej
Czego się nauczysz?
Kluczowych pojęć takich jak: zarządzanie ryzykiem, ubezpieczenie, fundusz awaryjny. Różnych rodzajów ubezpieczeń i ich przeznaczenia (np. podróżne, zdrowotne). Dlaczego fundusz awaryjny ma znaczenie dla stabilności finansowej.
Dalej
Cele nauczania
Po ukończeniu tego modułu będziesz umiał: Poznaj główne zagrożenia finansowe, z jakimi borykają się młodzi ludzie. Wyjaśnić, w jaki sposób ubezpieczenie chroni przed stratami finansowymi. Opisać cel i znaczenie funduszu awaryjnego. Oceniać rzeczywiste decyzje dotyczące zabezpieczenia finansowego
Dalej
Ryzyko finansowe
Dalej
Dalej
Kluczowe terminy
Prawdopodobień-stwo wystąpienia zdarzenia, które wpłynie na realizację twoich celów lub twoje samopoczucie.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Ryzyko poniesienia strat finansowych w wyniku nieprzewidzia-nych zdarzeń.
Title
Ryzyko
Write a brief description here
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Proces identyfikacji, oceny i ograniczania ryzyka.
Ryzyko finansowe
Title
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Write a brief description here
Narzędzia i strategie (takie jak ubezpieczenie czy oszczędności), które chronią przed ryzykiem.
Title
Zarządzanie ryzykiem
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Write a brief description here
Dalej
Zabezpieczenie finansowe
Title
Write a brief description here
Czym jest zarządzanie ryzykiem?
Zarządzanie ryzykiem polega na identyfikowaniu potencjalnych problemów i przygotowywaniu się na nie, zanim jeszcze wystąpią. W kontekście finansów osobistych oznacza to zabezpieczenie się przed stratami finansowymi wynikającymi z nieprzewidzianych zdarzeń (np. utraty pracy, choroby, problemów związanych z podróżą). Bycie przygotowanym nie eliminuje ryzyka, ale ogranicza szkody, jakie może ono spowodować.
Dalej
Rodzaje ryzyka finansowego
Zagrożenie dla zdrowia
Ryzyko związane z odpowiedzialnością cywilną
Czynnik ryzyka w kontekście zagrożeń dla zdrowia to coś, co zwiększa prawdopodobieństwo zachorowania. Np. zbyt długie przebywanie na słońcu może zwiększyć ryzyko zachorowania na raka skóry. Przykłady: nagłe przypadki medyczne, wypadki
Ryzyko, że osoba fizyczna lub przedsiębiorstwo podejmie działanie, które spowoduje obrażenia ciała, śmierć, szkody majątkowe lub straty finansowe osób trzecich. Przykłady: wyrządzenie szkody w mieniu lub na zdrowiu innych osób
Ryzyko związane z podróżą
Ryzyko związane z nieruchomościami
Odnosi się do ryzyka poniesienia strat finansowych, szkód lub innych negatywnych skutków związanych z posiadaniem, wynajmem lub inwestowaniem w konkretną nieruchomość. Przykłady: kradzież, uszkodzenie rzeczy osobistych
Odnosi się do potencjalnych zagrożeń i niebezpieczeństw, na jakie narażeni są ludzie podczas podróży. Przykłady: odwołania, opóźnienia, zagubiony bagaż, kradzież
Dalej
Real-Life youth examples
Mia twisted her ankle while abroad and had to pay 600,00 € for care.
Lukas’s backpack with passport and phone was stolen during a trip.
Emilia’s flight was canceled, and she had to pay 300,00 € for a hotel overnight.
Continue
Continue
Risk management strategies
Buy insurance for key risks (travel, health, liability).
Build an emergency fund.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Emergency fund
Title
Title
Insurance
A risk management strategy is a structured approach to identifying, assessing, and mitigating risks that can appear.
Write a brief description here
Write a brief description here
Have a backup plan. (e.g., copies of documents, emergency contact).
Avoid risky behaviors. (e.g., no travel insurance, overspending).
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Continue
Title
Behaviours
Title
Backup plan
Write a brief description here
Write a brief description here
Continue
Insurance as financial protection
Continue
What is insurance?
Insurance is a financial product that protects you against specific risks. You pay a premium regularly in exchange for potential coverage if something bad happens. It transfers risk from you to the insurance company.
Continue
Common insurance terms
The amount paid for insurance. (e.g., monthly, yearly).
What is included in the insurance plan.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
The amount you must pay before the insurance pays.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
What is not covered.
Title
Premium
Title
Coverage
Write a brief description here
Write a brief description here
Title
Deductible
Title
Exclusion
Write a brief description here
Write a brief description here
Continue
Purpose of insurance and why it's important?
You can’t predict every problem, but you can prepare for it. Insurance provides peace of mind, especially during travel, illness, or emergencies.
Insurance helps people manage financial risk by offering compensation for specific losses or incidents.It's a tool for financial protection: you exchange a small, predictable cost (the premium) to avoid a large, unpredictable one.
Importance
Purpose
Rob’s comprehensive travel plan covers 2.800,00 €. He only pays 200,00 € (deductible).
Rob breaks his leg abroad. He pays 3.000,00 € out of pocket.
Example 1
Title
Example 2
Title
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Continue
Subtitle
Without insurance
Subtitle
With insurance
How insurance works?
Example: You pay 10,00 €/month for travel insurance. If your trip is canceled and you lose 500,00 € the insurer refunds you. Terms apply: only specific events are covered, and there may be conditions or limits.
Liability risk
Health risk
Travel risk
Property risk
A health risk is something that increases your chance of developing a disease. For example, getting too much sun on your skin may put you at higher risk for skin cancer. Examples: Medical emergencies, accidents, hospital bills.
It is the risk that an individual or business will take an action that results in bodily injury, death, property damage, or financial loss to third parties. Examples: Causing damage to others’ property or people
Refers to the potential for financial loss, damage, or other negative impacts related to owning, leasing, or investing in a specific property. Examples: Theft, damage to personal belongings
Refers to the potential threats and hazards that people face while on the road, especially in the context of work trips. Examples: Cancellations, delays, lost luggage
Continue
Rob’s Options – Travel Insurance Plans
Basic Plan (60,00 €): Covers trip cancellations and lost baggage. Comprehensive Plan (120,00 €): Adds medical emergencies and liability coverage. Rob also considers Car Rental coverage (90,00 €) for his trip.
Cost vs. risk evaluation
Rob compares: Paying 120,00 € upfront vs. risking 3.000,00 € in medical bills abroad. Insurance feels expensive until something goes wrong—it’s a form of financial planning.
Continue
Types of insurance
Different policies have different terms and conditions, so make sure you know what the terms and conditions of your policy are. It is important to understand exactly what your insurance policy covers when you buy it.
Covers cancellations, medical emergencies, lost baggage.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Covers accidents and damage when renting a vehicle.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Title
Travel insurance
Write a brief description here
Covers doctor visits, treatment abroad.
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Covers costs if you accidentally hurt someone or damage property.
Title
Car rental insurance
Write a brief description here
Use this side of the card to provide more information about a topic. Focus on one concept. Make learning and communication more efficient.
Health insurance
Title
Write a brief description here
Title
Liability insurance
Write a brief description here
Continue
Quick quizz
Continue
Continue
Continue
Continue
Emergency funds
Continue
What is an emergency fund?
Is a savings account set aside specifically for unexpected expenses.
It provides financial stability and reduces the need to borrow money in emergencies.
Examples of emergencies: job loss, urgent medical care, broken phone/laptop, unplanned travel delays.
Continue
Why emergency funds matter?
Even with insurance, you often have to pay something upfront (deductibles, non-covered expenses) An emergency fund acts as your first layer of protection Having one reduces stress and helps maintain your long-term savings plan
Continue
How much should you save?
Rob’s case example
Common recommendation: 3–6 months of essential expenses.
For students/youth: 300,00 –500,00 € may be a good starting target.
Consider your risks: traveling, studying abroad, working part-time.
Continue
Where to keep emergency savings?
Not in your wallet or spending account!
Continue
Tips to build your fund
Start small: Even 10,00 €/week builds up.
Automate savings when possible.
Keep it separate from regular spending money.
Celebrate reaching milestones!
Continue
Summary & key takeaways
Continue
What we've learned?
In this module, you explored how to protect your finances from unexpected situations using smart planning and preparation.
With Rob as your guide, you learned...
How to make informed decisions before traveling or taking financial risks?
What risk is and how it can impact your financial wellbeing?
The importance of building and keeping an emergency fund.
How insurance protects you from large financial losses?
Continue
Glossary
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1. Risk The chance that something unexpected might happen and affect your plans or finances. Example: Rob risks losing money if his flight gets canceled. ________________________________________ 2. Financial Risk A situation that could cause you to lose money, like getting sick abroad or having something stolen. Example: Rob faces financial risk if he has to pay for medical care during his trip. ________________________________________ 3. Risk Management The process of identifying possible risks and taking steps to reduce or avoid financial harm. Example: Rob buys travel insurance to manage risk while traveling. ________________________________________ 4. Protection Actions or tools that help you reduce the impact of financial risks — like insurance or emergency savings. Example: Rob’s emergency fund protects him from surprise expenses. ________________________________________ 5. Insurance A contract where you pay a small regular amount (premium) so the insurance company helps cover big costs when things go wrong. Example: Rob’s travel insurance pays for lost luggage and medical emergencies. ________________________________________
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6. Premium The amount you pay (monthly or yearly) for insurance coverage. Example: Rob pays 120,00 € for comprehensive travel insurance. ________________________________________ 7. Coverage What the insurance plan actually protects you against — such as medical bills or lost items. Example: Rob’s plan covers trip cancellation and hospital visits abroad. ________________________________________ 8. Deductible The amount you must pay before your insurance starts covering costs. Example: Rob pays the first 200,00 € of his medical bill, the rest is covered. ________________________________________ 9. Exclusion Things that are not covered by your insurance policy. Example: Rob’s policy excludes adventure sports, so a climbing injury isn’t covered. ________________________________________ 10. Emergency Fund Savings set aside for unexpected situations, separate from your regular budget. Example: Rob uses his emergency fund to pay for a hotel when his flight is delayed. ________________________________________ 11. Liability Insurance Covers costs if you accidentally damage someone else’s property or hurt someone. Example: Rob’s liability coverage helps if he breaks a hotel TV by accident.
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Resources
- OECD (2020). Financial Education for Youth. www.oecd.org
- European Consumer Centre. Common travel risks report. www.eccnet.eu
- Insurance Europe. https://insuranceeurope.eu/
- Allianz Travel Insurance FAQ. https://www.allianz-assistance.com
- OECD (2020). Financial Education for Youth: Core Competencies Framework. https://www.oecd.org/financial/education
- National Endowment for Financial Education (NEFE) – Smart About Money. https://www.smartaboutmoney.org
- MyMoney.gov – U.S. Financial Literacy Website. https://www.mymoney.gov/save-invest
- Investopedia – Emergency Fund Definition & Strategy. https://www.investopedia.com/terms/e/emergency_fund.asp
- Apps Mentioned:
- Gimi: Youth saving and budgeting app ➜ https://www.gimitheapp.com - BudgetBakers (Wallet app) ➜ https://budgetbakers.comContinue
Co-funded by the Erasmus+ Programme of the European Union Project No.: 2024-1-PL01-KA220-YOU-000251498
Thank you!
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