http://www.diva-portal.org This is the published version of a paper published in Journal of Social Science Education. Citation for the original published paper (version of record): Björklund, M., Johan, S. (2020) Financial Literacy as Citizenship Education – a viable prospect? Journal of Social Science Education, 19(3): 4-20 https://doi.org/10.4119/jsse-3230 Access to the published version may require subscription. N.B. When citing this work, cite the original published paper. Permanent link to this version: http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-81316 Article 4 Financial Literacy as Citizenship Education – a viable prospect? Mattias Björklund Karlstad University Johan andahl Stockholm University !eywords# Financial literac', citi(en#)i% education, #ocial #tudie# - *)e OE+D definition of financial literac' concern# mone' mana-ement on an individual level. - Social #cience education #)ould include financial literac' in a more ela/orate 0a'. - Financial literac' teac)in- #)ould ena/le #tudent# to di#cu## %o##i/le #ocietal c)an-e#. $urpose: *)i# article ai,# to di#cus# 0)at 1ind of teac)in- i# re2uired to ena/le #tudent# to criticall' revie0 financial i##ue# in a 0a' t)at i# in accordance 0it) a /road citi(en#)i% education. Method: +ontent anal'#i# 0)ere an a##e##,ent of #tudent#3 an#0er# 0a# co,%ared and ali-ned 0it) 4e#t)eimer 5 6a)ne3# (200 ) t)eor' dri.en conce%tion# of citi(en#)i%. Findin%s# Findin-# de,on#trate t)at #tudent#3 under#tandin-# corre#%ond 0it) t)e t)ree conce%tion# and -ive i,%ortant indication# of 0)at need# to /e included in teac)in- in order to addre## financial i##ue# a# citi(en#)i% education. &'plications# &ocus in financial literac' education #)ould /e 0idened to include %olitical and #ocial a#%ect# of t)e relation /et0een )ouse)old# and t)e financial #'#te,#. 1 &()*+,-C)&+( In S0eden, a# 0ell a# el#e0)ere in t)e 0orld, financial re#%on#i/ilitie# of individual# SSE )a.e increa#ed in t)e la#t 30 'ear#. Lia/ilitie# often concern )ousin-, %en#ion# and )ealt)care 0)ic) re#ult in liai#on# /et0een individual# and t)e financial #'#te, t)rou-) J mort-a-e#, #avin-# and in#urance#. *)e#e ne0 commitment# create a need for an Journal of Social Science ela/orated financial co,%etence and ca%acit' (Luce' 5 Bate#, 2012). 9et, t)i# )a# Education %ro.ed t)e /e a co,%le: i##ue. *)e call for financial co,%etence 0a# reco-ni#ed /' t)e Vol. 19, No. 3 (2020) DOI 10.4119/"##e-3230 Or-ani#ation for Economic +o-o%eration and Develo%ment ;OE+D] and ot)er #ta1e$ %%. 4-20 )older#, e#%eciall' after t)e financial cri#e# in 200= 0)en effort# 0ere inten#ified to Corresponding author: ?attia# 8"@r1lund, *)e +enter for Social Science Didactic# (CSD), 6arl#tad Ani.er#it', Ani.er#itets-atan 2, 651 88 6arl#tad, S0eden, E$,ail> ,attia#.b"or1lundD)#d.su.se &inancial 7iteracy a# +itizen#)i% Education 5 %romote financial literac' amon- 'oun- %eo%le in educational #'#te,# (A%rea et al., 201BE Lu#ardi, 200=E Xu 5 Gia, 2012). *)e OE+D definition of financial literac' (OE+D, 201B, %.8C) to-et)er 0it) it# related HISA te#t (OE+D, 201C) )a# #er.ed a# an i,%ortant /ac1dro% to re#earc) di#cus#ion# a# 0ell a# curricular i,%lementation# (Bo##)ardt, 201B). Io0ever, t)e OE+D financial literac' a%%roac) mainl' concern# mone' mana-ement on a %er#onal le.el #uc) a# /ud-et and co,%ound intere#t (OE+D, 201=). *)i# ma1e# t)e OE+D definition inade2uate #ince it mainl' %romote# a li,ited num/er of %er#onal co,%etencie# directed to0ard# earnin- an inco,e and rational economical t)in1in- (Jet(mann 5 See/er, 201B) a# 0ell a# %lacin- all financial re#%on#i/ilitie# on t)e individual (Davie#, 201C). Furt)ermore, t)e OE+D focus on %er#onal financial i##ue#, #uc) a# con#umption and mana-in- financial %roduct# do not )el% citi(en# to ma1e #en#e of t)e financial and economic #'#te,# (Berti, 201B). *)us, t)e OE+D financial literac' definition can mainl' /e under#tood a# a literac' ai,in- at le-itimi#in- t)e current financial #'#tem rat)er t)an criticall' revie0in- it (A%%le et al., 2009E Art)ur, 2012E Vi#ano 5 E1$Adofia, 201B), )ence aimin- at #ociali#in- and 2ualif'in- learner# into e:i#tin- 0orld order# (Bie#ta, 2011). *)i# rai#e# 2ue#tion# re-ardin- t)e ai, 0it) financial literac' teac)in-, e#%eciall' 0)en financial literac' education i# #een 0it)in t)e conte:t of #ocial #cience education. In S0eden, financial literac' i# incor%orated in #ocial #tudie#, a #c)ool #u/"ect con#i#tin- of %olitical #cience, economic#, #ociolo-' and la0 (S0edi#) National A-enc' for Education ;SNAE<, 2011) and current re#earc) indicate t)at S0edi#) #ocial #tudie# teac)er# #ee, to %er$ ceive financial literac' a# /ein- mainl' mone' mana-e,ent, )ence follo0in- t)e OE+D a%%roac) (8"@r1lund, 2019, 2020). Io0ever, #ocial #cience education in S0eden ai, at a 0ider citi(en#)i% conce%tion t)an ,erel' ta1in- %er#onal re#%on#i/ilit' and actin- 0it)in a current %olitical #'#tem, i.e. to en-a-e in #ocial i##ue# in order to di#cus# %o##i/le #ocietal c)an-e# (E1man, 2011E Sanda)l, 201Ca, 201C/). *)i# under#tandin- of different 1ind# of citi(en#)i% a%%roac)e# i# in line 0it) 4e#t)eimer 5 6a)ne3# (200 ) t)ree different conce%tion# of citi(en#)i% i.e. Kre#%on#i/le3, K%artici%ator'3 and K#ocial$"ustice oriented3 0)ere t)e OE+D definition onl' fit# 0it) t)e re#%on#i/le and %artici%ator' citi(en#)i%, /ut not 0it) t)e "ustice-oriented citi(en 0)ere #tudent# are e,%o0ered 0it) 1no0led-e and #1ill# t)at can /rin- a/out #ocial, %olitical and economic c)an-e. *)i# al#o #ee,# to re#onate in national curricula and #'lla/i 0)ere financial literac' definition# follo0 t)e OE+D a%%roac), 0it)out connection# to a 0ider definition of t)e role of citi(en# (cf. LefranLoi# et al., 201M). *)e ai, of t)e article i# to e:%lore t)e relation#)i% /et0een financial literac' and citi(en#)i% education and e:amine )o0 teac)in- can /e de#i-ned to allo0 #tudent# to tran#for, t)eir under#tandin- of financial matter# fro, #o,et)in- -i.en and individual to #omet)in- more d'namical and #ocietal. 8' e:aminin- #tudent# under#tandin- of a financial i##ue t)rou-) t)e len# of 4e#t)eimer 5 6a)ne (200 ) t)e follo0in- re#earc) 2ue#tion# are addre##ed> $ In 0)at 0a'# do #tudent# under#tand t)e role of citi(en# in financial i##ue# and 0)at i# needed in order for #tudent# to tran#form t)eir under#tandin-N $ Io0 can #tudent#3 conce%tion# re-ardin- t)e relation /et0een individual# and t)e financial #'#te, /e utili#ed to de#i-n a financial literac' teac)in- in ter,# of citi(en#)i% educationN . F&(/(C&/L L&)E*/C0 E,-C/)&+( /(, C&)&1E( 2&$ E,-C/)&+( - )4+ C+MM&)ME() +* +(E? *raditionall', ,one' mana-ement )a# /een con#idered a %er#onal and moral i##ue 0)ere %ru- dence and %atience are attri/ute# t)at -uarantee financial #ucce## (Luce' 5 Bate#, 2012). Since t)e 19903#, )o0ever, t)ere )a# /een a de/ate amon- educational re#earc)er# ar-uin- for financial literac' education - often %re#ented a# a mean# for individual# to /e a/le to interact 0it) an e.er more co,%licated financial land#ca%e (Lusardi, 200=E Xu 5 Gia, 2012). Her)a%#, t)i# could &inancial 7iteracy a# +itizen#)i% Education 6 /e #een in a 0ider educational %er#%ective 0)ere ai,# and ,ean# often concern future utilit' for /ot) learner# and #ociet' (Bie#ta, 2011E 9oun-, 2013). In t)i# de/ate, t)e OE+D (201B) defi$ nition of financial literac' )a# #erved a# an i,%ortant /ac1dro% (Bo##)ardt, 201B). Still, an e%i#temic ori-in of t)e OE+D definition of financial literac' i# difficult to trace, leadin- to con$ clusion# t)at financial literac' i# inco,%re)en#i/leE con#e2uentl', teac)in- tool# for co,$ %re)en#ion are non-e:i#tin- or unreac)a/le on la'-le.el (Je,,ele, 201B). In addition, teac)er# often lac1 formal financial literac' trainin- in t)eir educational /ac1-round, 0)ic) lead t)e, to use ot)er co,%etencie# to co,%en#ate. 4)en taug)t to-et)er 0it) #ocial #tudie#, teac)er# #tru--le 0it) fittin- financial literac' into a #ocietal conte:t, 0)ic) #ee, to /e related to tea$ c)er# %erceivin- financial literac' a# mainl' %rivate ,one' mana-ement (8"@r1lund, 2019, 2020). *o furt)er co,%licate t)e #ituation, #u--e#tion# re-ardin- #ufficient financial literac' educational a%%roac)e# are manifold.