In October, CESPI (the Centre of Studies on International Politics) launched a new application called MoneyMize, the aim of which is to support third country nationals (TCNs) and other migrants with managing their finances and savings. 

The app has the potential to affect users' management of expenses and economic conditions and to foster their labour market integration, for instance by supporting them in launching self-employment activities or identifying better employment options.

CESPI carried out an internal sample survey in 2024 on financial education among TCNs, using the the financial education index with a scale from 0 to 10, and recorded a score of 3.8 for non-EU citizens resident in Italy against 5.9 for native Italians.

With these results in mind CESPI has developed an app, supported by AMIF 2021 - 2027 programme, to advise TCNs on managing their finances. The app builds on the earlier work of the "Empower!" project, and is also the first app to focus specifically on this issue. Users are invited to imagine what they aim to achieve and to build their own personal or family budget. App features will help them to understand which financial products might be useful, how they work and whether they are sustainable, and why the choice of the most appropriate financial product can only be made after they have answered the question ‘what do I need?’.

The user's process is built around the their identified needs or personal projects, such as the purchase of a household appliance or furniture, the need to meet medical expenses, or the need to set aside a reserve for emergencies. Having defined the need, the user then moves on to financial planning. The app will promote their awareness and management of budgets, knowledge of key financial products (allowing them to carry out simulations and verify the sustainability of these products, and ability to set goals.