DEVELOPMENT OF FINANCIAL LITERACY IN LATVIAN STUDENTS
DOI:
https://doi.org/10.17770/sie2018vol1.3263Keywords:
financial education, financial education management, financial literacy, students’ achievementsAbstract
The development of the information and communication technologies goes hand in hand with changes in the financial environment, development of the offering and opportunities, and an ever increasing necessity for financial education to develop and advance in the schooling sector. It is therefore essential for school curricula to include the acquisition of knowledge and skills which support the development of financial literacy in order to assure that students are able to take care of their financial wellbeing in the future.
The main aim is to find out what financial skills Latvian students need to develop in order to improve their financial literacy.
Based on research studies conducted by other researchers, the research study is being conducted to look for the necessary skills and knowledge which financial literacy comprises and which might assure financial wellbeing in the future regardless of the constant development of the financial environment. The data of the Financial Module of the year 2012 OECD PISA study, in their turn, are used to analyse the financial literacy of Latvian students at the age of 15 by finding out the knowledge and skills students in Latvia have with regard to finances. By calculating the percentage of students able to solve the tasks given to them, the research study analyses which tasks Latvian students find difficult and which ones are easy for them.
The research study explains what knowledge and skills financial literacy comprises. The results show that Latvian students find analytical tasks difficult, i.e., tasks which require substantiation of their opinion, whereas they find it easier to deal with tasks where use of mathematical skills is sufficient.
The possible reasons for the current situation are provided and suggestions for improving it are offered in the research study.
References
Akdag, H. (2013). Does the Social Studies Responsible for Financial Literacy? International Journal of Academic Research Part B, 5(5), 401-406. DOI: 10.7813/2075-4124.2013/5-5/B.62
Avard, S., Manton, English, D., & Walker, J. (2005). The Financial knowledge of college freshman. College Student Journal, 39, 321-399
Baltic Institute of Social Scieneces (2008). Pētījuma „Kritiskās domāšanas pieejas izmantošana izglītības sistēmā-ietekme un efektivitāte” kopsavilkums
Clrak, T. (2009). 21st Century Scholars. Educational Leadership. September 2009
Cordray, R. (2008). Schools investing in our future. Columbus. OH: Community Education Department
Dowdell, J., McElfresh, D.,Sikula. J. (2008). How Teacher Educators Can Address Our Nation’s Financial Crisis. SRATE Journal, Vol. 18, Number 1, Winter 2008-2009, p1-6
Grinstead, M.L., Mauldin, T., Sabia, J.J., Koonce, J., Palmer, L. (2011). Saving for Success: Financial Education and Savings Goal Achievement in Individual Development Accounts. Journal of Financial Counseling and Planning Volume 22 (2), pp. 28 – 40
Heijltjes, A., van Gog, T., Leppink, J., Pass, F. (2014). Improving critical thinking: Effects of dispositions and instructions on economics students' reasoning skill. Learning and Instruction, Volume 29, February 2014, Pages 31-42
Heijltjes, A., van Gog, T., Leppink, J., Pass, F. (2015). Unravelling the effects of critical thinking instructions, practice, and self-explanation on students’ reasoning performance. Instructional Science; July 2015, Volume 43, Issue 4, pp 487–506
Hinojosa, T., Miller, S., Hallberg, K., Brown, M., O’Brien, B. (2010). The Impact of The Stock Market Game on Financial Literacy and Mathematics Achievement: Results from a National Randomized Controlled Trial, 2010. SREE Conference Abstract Template
Kangro, A. (2014). Skolēnu finanšu kompetence OECD Starptautiskajā skolēnu novērtēšanas programmā 2012. Skolēni un Nauda. Available on: http://www.ipi.lu.lv/uploads/media/Finansu_pratiba2012_09072014.pdf [viewed on 02.08.2016]
Koenig, L.A. (2007). Financial Literacy Curriculum: The Effect on Offender Money Management Skills. The Joumai of Correctional Education 58(1), pp. 43 – 56
Lusardi, A., Mitchell, O.S., Curto, V. (2010). Financial Literacy among the Young. The Journal of Consumer Affairs, Vol. 44(2), pp. 358- 379
Mandell, L., Klein, L. S. (2009). The Impact of Financial Literacy Education on Subsequent Financial Behavior. Association for Financial Counseling and Planning Education. Journal of Financial Counseling and Planning, Volume 20, Issue 1
Mulnix, J.W. (2012). Thinking Critically about Critical Thinking. Educational Philosophy and Theory, 44:5, 464-479, DOI:10.1111/j.1469-5812.2010.00673.x
New ZelandZealand Ministry of Education (2014). Development of Financial Capability Progressions.
OECD (2014a). PISA 2012 Results: Students and Money: Financial Literacy Skills for the 21st Century (Volume VI). PISA, OECD Publishing. Available on: http://dx.doi.org/10.1787/9789264208094-en [viewed on 02.08.2016]
OECD (2014b). Financial Education for Youth: The Role of Schools. OECD Publishing, Paris. Available on: http://dx.doi.org/10.1787/9789264174825-en [viewed on 02.08.2016]
Posnanski, T. J., Schug, M. C., Schmitt, T. (2006). Can Students Learn Economics and Personal Finance in a Specialized Elementary School? International Journal of Social Education, v21 n2 p196-205 Fall 2006-Win 2007
Putniņa, A., Birzniece, I., Bērsone, L., Bunkše, M., Grīntāls, J., Herca, A., Kundrāte, A., Laizāne, M., Lasmane, D., Lukstiņa, I., Miščenko, A., Nikuļceva, D., Peciņa, L., Role, A., Rupeika, I., Silakalne, L., Skrīvele, K., Sviklis, Ī., Ungure, E., Vilčaka, B., Zalāns, K. (2012). Jauniešu finanšu lietpratība. Pētījuma ziņojums. Latvijas Universitātes Antropoloģijas studiju katedra
United States Department of the Treasury Office of Financial Education (2002). Integrating Financial Education Into School Curricula. Office of Public Correspondence, Washington, Available on: http://www.treas.gov/press/releases/docs/ white.pdf [viewed on 02.08.2016]
Williams, D., Grizzell, B., Burrell, D. N. (2011). An Applied Case Study Analysis of Potentinal Societal Importance of Financial Literacy Education for African-American and Latino American Adolescents. The International Journal of Interdisciplinary Social Sciences, Volume 6(3), pp. 245-260
Downloads
Published
Issue
Section
How to Cite
