Philippe Turineck Critical review of the goals for financial literacy

Critical review of the goals for financial literacy

Abstract:

Financial literacy is an emerging field that is still in a phase of transition into K-12 schools. The importance of teaching financial literacy in schools is now highly recognized (Lusardi & Mitchell, 2014). Not only is financial literacy education implemented in many curricula around the world, the Organization for Economic Cooperation and Development (OECD) has administered a financial literacy assessment in 2012 and 2015 via their triennial Program for International Student Assessment (PISA). This sent an important message around the world about the importance of financial literacy in schools. The field has not had all its parameters defined and there is a need to identify what is meant by “financial literacy” and what are the goals of this new emerging field. Thus, this review seeks to synthesize and summarize common themes and trends among financial literacy literature to shed light on the goals and definitions of financial literacy. An exploration of how this field is defined within mathematics and the goals for teaching this within the discipline of mathematics will explored. Further, this review will explore how financial literacy tasks are used in the mathematics classroom and how researchers design and implement these tasks.

Motivation problem: The importance of Financial Literacy Education has been fueled by the most recent financial crisis in 2008. This led many of scholars to recognize how financial literacy education can contribute to sustainable economic development and individuals’ economic well beings (Arthur, 2012). It maintains that financial literacy is a competency combined from life skills, thinking skills, financial knowledge and empowerment (Arthur, 2012). Scholars have since argued that this competency should be integrated in K-12 curriculum as financial struggles have been on the rise with an increasing number of international financial crises (Arthur 2012). With these struggles, there has been an increase in demand for financial education in hopes of addressing these financial crises by educating citizens to make more sound financial decisions. As stated in the Journal of Consumer Affairs, “. . . young people are leaving school without the basic skills to manage their personal financial affairs, putting them at a high risk for not being able to plan responsibly for their financial future”(Howlett, Kees, & Kemp, 2006, p. 240). The importance of teaching financial literacy in schools is now highly recognized (Lusardi & Mitchell, 2014). Not only is financial literacy education implemented in many curricula around the world, the Organization for Economic Cooperation and Development (OECD) has administered a financial literacy assessment in 2012 and 2015 via their triennial Program for International Student Assessment (PISA). This sent an important message around the world about the importance of FL in schools. The Programme for International Student Assessment(PISA) is an international survey which evaluates the skills and knowledges of 15-year-old students from participating countries across mathematics, science, and reading. In 2012, the PISA added a Financial Literacy as new discipline to be evaluated during their assessment (OECD, 2012). With this demand for financial education, we must examine the role that this new proposed subject area could have in our mathematics curriculum. In this review, we will explore (1) how financial literacy education is defined, (2) what are the goals of financial tasks in mathematics What is Financial Literacy: Literacy is a concept that can be applied to many subjects, for example: science literacy, mathematical literacy, reading literacy. As Scribner(1984) describes, in spite of ongoing efforts to increase literacy rates, few have been able to say or define what is meant by “literacy”. The concept of literacy is difficult because it entails different meaning through various social, political, cultural, and historical contexts. For instance, what it means to be literate has changed over time. Scribner(1984) illustrates this with an example; literacy in 1930 meant 4th-grade writing skills whereas literacy in earlier times meant the ability to write your name. The definition of literacy changes through time and social setting. The definition of literacy is fluid through social, cultural and political context. (Scribner 1984). This ambiguous definition of literacy is also present in the literature about financial literacy. Even if there is no overarching consensus about the formal definition, many researchers belonging to different fields (economics, social studies, education, and mathematics) have tried to define a financially literate citizen.

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Financial literacy education has been defined over time as a set of financial knowledges and behaviors (Huston 2010). For instance, Hogarth (2002) described three consistent themes that emerged from the literature to define individuals who are financially literate: 1) are knowledgeable, educated and informed on the issues of managing money and assets, including banking, investments, credit, insurance and taxes 2) understand the basic concepts of managing money and assets; 3) use that knowledge and understanding to plan and implement financial decisions According to the OECD (2017) financial literacy is knowledge and understanding of financial concepts and the skills, motivation, and confidence to apply such knowledge and understanding in order to make effective decisions across a range of financial contexts to improve financial well-being of individuals and society to enable participation in economic life. Their definition puts a strong emphasis on the processes associated with confronting a problem in a real-world context (Sawatski 2016). Giving our students the opportunity to develop this competency will empower them to not only develop their understanding of debts, saving and budgeting but allow them to reflect on their own consumption, resources, and independence and how their choices affect society, the environment and the world. It is important to recognize that financial literacy education is not only concerned with personal finance, it is a competency that also has societal and environmental implications. Financial literacy, as a discipline, has a goal for creating financial literate citizens. This combination of financial skills and behaviors define what makes a “financially literate” individual, however there are different goals that have emerged across authors researching financial literacy.

Theoretical perspective: Gutiérrez (2013) discusses the recent sociopolitical turn in mathematics education that has occurred over the last decade. This shift is in reference to a growing body of research conducted in mathematics education whose theoretical perspective consider “knowledge, power and identity as interwoven and stemming from social discourse” (Gutiérrez 2013, p.40). This sociopolitical turn deals with two main ideas, identify and power (Gutiérrez, 2013). These guiding perspectives seek to transform mathematics education into more socially just practices. Gutiérrez (2013) identifies three of these perspectives: critical theory, critical race theory, and post-structuralism. Based on some of the literature surrounding financial literacy education (Arthur 2012, Atkinson 2012, Sawatzski 2016, Pinto &Coulson 2011) it appears that “critical theory” is a guiding perspective authors in financial literacy research are prescribing to. Critical theory, as Gutiérrez (2013) discusses, is inspired by Freire’s critical pedagogy. Freire (1968) argues that education should teach students to view the world critically, he calls this type of thinking critical consciousness. Critical consciousness encourages individuals to effect change in the world through political action and social critique. Arthur(2012) argues that financial literacy education can promote this sense of critical consciousness. It informs students about the way the world works and empowers them by giving them the tools to “manage” in this world. If they understand the way this system works, they are able to affect change and fight against the oppression.

Goals for Financial Literacy: To frame how the literature defines these skills and knowledges, we need to define the goals for this type of literacy. Scribner provides three metaphors for literacy that outline the goals of literacy: literacy as adaptation, literacy as power, and literacy as a state-of-grace (Scribner 1984). These three definitions of literacy can be used as a lens to explore financial literacy, however, in line with our theoretical framing of Gutiérrez (2013), adapting DeBoer (2000) goals for science literacy would be more suitable. The goals described DeBoer (2000) framework are more specific and less general, thus, allowing me to highlight what authors in the field are saying in a more specific manner. I will build off and adapt DeBoer (2000) proposed “goals for the teaching and learning of science literacy”. This framework established 9 different perspectives of the goals science literacy throughout history. After having reviewed the literature surround financial literacy education, there is a clear link between two (2) of the goals presented in the DeBoer (2000) framework that can be linked with those prominent in financial literacy literature. The goals for financial literacy will give me a lens to identify the goals of certain skills or knowledges targeted in

Page 2 of 8 Philippe Turineck Critical review of the goals for financial literacy mathematics. I will use two ideas (literacy for everyday living, literacy for citizenship) from DeBoer (2000) for analyzing what different authors define are the goals of financial tasks and what defines a “financial literate” individual. The three ideas that I will use for my lens are that of: (1) Teaching and Learning About Science That Has Direct Application to Everyday Living. DeBoer (2000) explains that the goal of learning about science is that knowledge of science is useful for everyday living. Science should be taught with a focus on how students can use their understanding of scientific concepts and principles in daily life. I will reframe this goal and apply it to financial literacy by calling it “Teaching and learning about financial literacy that has a direct application to every day living”. The idea of teaching financial literacy in mathematics in order to see the direct application to everyday living can be seen from several authors (Attard, 2018; Bush, 2012; Sawatzki, 2016) (2) Teaching Students to be Informed Citizens. DeBoer (2000) discusses the goal of literacy in terms of promoting citizenship through science education to develop informed citizens who are prepared to deal intelligently with science-related social issues. As DeBoer(2000) discusses the success of a democratic society depends on active citizen participation. I will reframe this for financial literacy and define it as “Teaching Financial literacy to create informed citizens”. This kind of goal for financial literacy can be seen in the work of (Arthur 2012; Blue 2018; Silva & Valero, 2018) Based on the literature, there is a reoccurring theme in the literature regarding financial literacy with a focus on social justice and citizenship (Arthur 2012; Atkinson, 2012; & Sawatzski 2016). These authors argue the importance of financial literacy to imbue elements of social justice and forming “critical citizens”.

Theme 1: Teaching and learning about financial literacy that has a direct application to every day living The idea of classroom mathematics not being useful in everyday living is a notion shared by many who have been through the education system. Boaler (1998) identified a growing concern in mathematics education which is that students are not able to use school-learned mathematics in real-world mathematical situations. Students often feel mathematics, as traditionally taught, have no connections to real life, and there has been a call for by curriculum developers (Bosshardt & Walstad 2014) for more mathematics curriculum to solve more real-life and authentic problems (Wiest & Vega, 2016). The goal of incorporating financial literacy in mathematics education can be to fuse the disconnect that students face during traditional mathematics teaching. The goal of financial literacy in mathematics could present students situations that are relevant to their real-world lived experience and show them the value of learning this type of content for the “real world” applications (Attard, 2016; Batty, Collins, & Odders- White, 2015; Wiest & Vega, 2016; Sawatzki, 2016). Specific recommendations made by (Attard, 2016; Sawatski, 2016) call for more mathematical tasks that use of money and financial mathematics embedded into realistic and authentic problems. Attard (2018) mentions that financial literacy tasks must be driven by student interests and be authentic in order to help improve students engagement with mathematics, as proven in her study. Sawatzski(2016) suggests that financial literacy mathematical tasks should be authentic, imaginable, and useful. In the Sawatzski(2016), study, in which data were collected from 14 teachers and more than 300 grade 5 and 6 students, used financial literacy task as an educational intervention in the mathematics classroom. Her results found that students viewed financial literacy tasks as challenging but they saw the value realistic contexts as useful “when you grow up”(p.15). The students reported about their process of learning through problem-solving as valuable and they preferred task that were relevant to their everyday observation. The findings from the students reveal that they enjoyed the challenge presented in the tasks and were able to see the merit of these tasks beyond just in their school. The implications for practice are that teachers are best suited to modify existing task to their local setting to promote more authentic and accessible tasks. The one-size-fits-all model of task design is not ideal when incorporating financial literacy into mathematics. The tasks must be authentic and situated to local settings to be effective. One examples of such a task can be illustrated by Sawatzski (2016) when designing tasks for her intervention, she went to the local shopping areas to understand the local life of Darwin, Australia. One of the local entertainment venues, offered Laser Tag. She researched the pricing at the two local locations offering laser tag and designed a mathematical task using the real prices of these two locations to create a mathematical task (Sawatzski, 2016). The tasks compared the price per game for the two locations as well as the rebates, discounts and memberships they offer for multiple games (Sawatzski, 2016). In her task design, she sought to understand local life, create an authentic task situated in reality and that is relatable to students everyday life and lived experiences.

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Thus, the goal of financial literacy, can act as knowledge that connects the real world with “in-class” mathematics and provide students the opportunity to use acquired knowledge in school in the real world. This can then provide them with “power” and knowledge of how everyday transactions work and shape their identities by developing their abilities to critically reflect on financial situation. This critical reflection is done through everyday financial choices that they are presented with through the form of mathematical tasks Criticism of existing mathematics curriculum as pointed out by Boaler (1998) show the disconnect between school mathematics and the real world. Students are going through the schooling without the basic knowledge of taxes, mortgage, insurance, cell phone plans, and financial contracts. This type of knowledge can also imbue with students, elements of critical consciousness by framing and shaping tasks that reflect real-world inequalities or realities. Theme 2: Teaching Financial literacy to create informed citizens DeBoer’s(2000) goal for science literacy as informed citizens is described as “citizens need to have an awareness of these issues, an understanding of the way decisions regarding them are made in society, and the skills to investigate them on their own so they can intelligently influence policy that affects them and their community” (p. 592). This type of discourse surrounding citizenship is seen throughout the literature in financial literacy (Arthur, 2012; Blue, 2018; Henning, 2017; Masnan, 2016; Silva & Valero 2016 ). The word “citizen” is very often cited in the literature as a goal of financial literacy to create financially literate citizens. Looking at the Ontario Curriculum, you can see that their mandate for teaching financial literacy is pushing this notion “Ontario students with the knowledge and skills needed for responsible financial decision making in the twenty-first century is also to equip them for success as involved and responsible citizens” (Ontario Ministry of Education, 2010, p. 2) This notion of creating financial literate citizens is prominent in the literature and authors promote the idea that to become active participants in our economy, citizens must be financially literate. Blue (2018) stresses that the importance of financial literacy is that it can provide students the tools to become concerned and reflective citizens. This idea of being financially literate, as Henning (2017) argues, is “critical to citizenship” and it is crucial aspect of citizenship. PISA (2015) argues that it's not only about creating informed citizens but its of creating critical conscious citizens. Financial literacy should aim to produce critical citizens endowed with a “radical habitus” who can more consciously and responsibly alter the conditions that support our actions and acculturation (Crossley, 2003). Thus, this notion of critical citizens through financial literacy provides opportunity to emancipate the oppressed and to overcome inequalities that exist in this world. In line with the sociopolitical turn in mathematics educations (Gutiérrez, 2013), authors in financial literacy seek to transform mathematics to become more socially just. Their emphasis on real-world application and illuminating existing injustices help promote the notion of emancipatory mathematics. For example, the authors Pinto and Coulson (2011) argue that without social justice “financial literacy education is reduced to replicating inequities and continuing to marginalize already vulnerable low socioeconomic populations” (p.26). This narrative of including social justice and the impact of financial literacy education on marginalized group acting as a tool for empowerment in salient in the literature. Silva & Valero (2018) explore Brazilian high school textbooks and explore the power that tasks from textbooks have and how tasks are framed to promote “good citizen behavior”. One task that was analyzed in these textbooks presented a mathematics situation about water use but included information such as “do not leave the faucet leaking, it can cause water waste of approximately 50 liters of water per day” (Silva & Valero 2018). They conclude that tasks have the power to go beyond mathematics have the power to govern people. The tasks that were analyzed promoted good citizen values and acted in line with government regulations that outline good behavior. These textbooks tasks were about politics, culture, and power, and task were designed in a way to highlight and reflect current government regulation on citizenship and morality and ways of life (Silva & Valero 2018). This highlights the political power that textbooks possess. A view of financial literacy through the lens of critical theory is warranted since authors have argued that it provides students the tools and freedom to develop their own critical consciousness to affect change in the world (Arthur 2012). Freire (1968) proposes that education should teach students to view the world critically, he calls this type of thinking critical consciousness. Critical consciousness encourages individuals to effect change in the world through political action and social critique. It informs students about the way the world works and empowers them by giving them the tools to “manage” in this world. If they understand the way this system works, they are able to affect change and fight against the oppression. However, Arthur (2012) argues that too often, financial literacy education promotes the individualization of economic risks and autonomy of the consumer over that of developing critical citizens (Arthur, 2012). The norm in financial literacy programs is a neo-liberal form of financial literacy

Page 4 of 8 Philippe Turineck Critical review of the goals for financial literacy education which promotes individual consumerism without concern with the wider political sphere (Arthur, 2012). Many existing financial literacy education programs make a claim to promote not only personal money management but also improving citizens’ civic responsibility, civic equality, and political engagement (Arthur, 2012). The role of civic financial literacy is to teach students to be responsible consumers and improve the economy through their self- interested civic consumption. Arthur (2012) however critiques these ideas of an idealistic financial literacy education that is being proposed and pushes for a different perspective when it comes to establishing the parameters of this discipline. He calls for critical financial literacy to help promote citizens to become what he calls, “consumer-citizens”. This idea follows the school of thought of critical pedagogy by Freire (1968), which Arthur (2012) calls critical financial literacy education. He says that it should support students in “analyzing and enacting different articulations of freedom and responsibility” (Biesta 2011). Critical financial education should support critical citizens to not only discuss how to “purchase a cell phone plan but also why certain economic choices are created and who benefits from the particular choices we face” (Arthur, 2012). This type of dialogue and social discourse is crucial to promoting critical citizens by having them question and understand how oppressive the existing systems are and to begin a dialogue around concrete actions. (Arthur 2012). The critical financial literacy education should encourage students to think for themselves and question how they can actively and collectively recreate the social world (Arthur, 2012). In order to support this type of dialogue in classroom and to support critical and active citizenship, Arthur (2012) calls for a more open-ended approach to financial literacy curriculum. This type of curricular approach would give students the opportunity to develop a critical stance by encouraging them to view economic and financial issues from a variety of perspectives and to encourage critical debate (Arthur, 2012). Financial literacy is more than creating better consumers; it is about citizenship and the development of civic disposition. Civic disposition includes going beyond self-determination by being critical toward choices made. People constantly call upon their financial knowledge in order to make decisions for the collective as well as the individual. Thus, Arthur (2012) says that financial literacy advocates should not only be concerned with the financial literacy and illiteracy of students but, enable students to develop an understanding of the existing economic system that promotes “alienation, insecurity, and exploitation” and to collectively alter this economic system.

Conclusion: Financial literacy is rapidly being recognized as an essential skill and the demand for financial education has been seen around the world as many countries have begun adapting financial literacy in their curriculum (Atkinson 2012). Financial literacy education is a new and emerging field that is still in the process of being integrated into K-12 schools. With this demand for financial education, we reviewed the literature to explore the trends in the definitions and goals for this new discipline. We uncovered two different themes among the literature for the goals for financial literacy. First, teaching and learning about financial literacy that has a direct application to every day living and teaching financial literacy to create informed citizens. Financial literacy as a direct application of every day living saw that financial literacy can act as knowledge that connects the real world with “in-class” mathematics and erase the narrative that classroom mathematics are not useful for real life. Further, within this goal for financial literacy, we can provide students the opportunity to explore real-life financial situations through the lens of mathematics. This can then provide them with power and knowledge of how everyday living works in the financial world. The goal is to shape their understanding of the financial landscape by developing their abilities to critically reflect on financial situation. This type of knowledge can be transferred through tasks which are situated in authentic contexts that are driven by student interest as a way to promote student engagement with mathematics. Financial literacy to create informed citizens is the second goal for financial literacy identified in this review. In the literature, there is a prominent emphasis on creating financially literate citizens as a goal. This lens of financial literacy promotes the idea of students become active participants in our economy and providing them to the tools to become concerned and reflective citizens. PISA (2015) argues that it's not only about creating informed citizens but its of creating critical conscious citizens. this notion of critical citizens through financial literacy provides opportunity to emancipate the oppressed and to overcome inequalities that exist in this world. Arthur (2012) proposes a new framework called critical financial literacy which pushes for a more critical approach to this domain by advocating for less focus on the individualistic nature of the discipline and pushes for a curriculum which

Page 5 of 8 Philippe Turineck Critical review of the goals for financial literacy promotes critical consciousness. Thus, this notion of critical citizens through financial literacy provides opportunity to emancipate the oppressed and to overcome inequalities that exist in this world. This field is still an emerging one and we have yet to see the impacts of this type of educational reform on the global economy, but scholars have argued that it is an essential skill to develop to become an active participant in our increasingly globalized world.

Limitations of this review: I have review approximately twenty(20) articles and have attempted to draw themes that emerge from the literature. Many articles explore pre-service teachers’ perceptions, teacher education programs, and pre- and post- test financial literacy intervention on student’s knowledge. This limits the potential arguments made in this review since I am drawing on several research studies conducted with students and teachers and exploring their results to draw conclusion about their goals and definitions of financial literacy. This meant, exploring their context of their research design, guiding perspectives, research questions, and implications in order to draw conclusions about their intentions and recommendations for the field. Further, the lens I chose was based on my interpretation and analysis of the literature. There is an argument to be made to have chosen any of Scribner’s(1984)’s goals for literacy and one of the limitations of this review is my hand-picked choice and adaptation of DeBoer(2000)’s framework. I could have also put Gutiérrez(2013) sociopolitical turn in education as a more focal point of discussion given the nature of many of the articles I have read. Given more time, I would like a more thorough review of the literature would be warranted that would explore more deeply those few articles that discuss task design principles. Since this is a new field of education, more and more research papers that discuss task design will be written, thus allowing for a more throughout exploration of this topic. One of the implications of this kind of review, is that of the teacher practitioner. Much of this review is written with an academic focus and I am calling for a more teacher-friendly summary and recommendations for financial literacy. Future work that would explore include going more in-depth about best practices for task design in financial literacy mathematics with concrete examples would be better suited for a practitioner’s audience. There is a need for future work that would spark the transition of financial literacy outside of the academic circles and promote its integration in classrooms through workshops, conference presentations, or teacher education.

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References:

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