Students’ Perspectives of Transdisciplinary Financial Literacy Education in Ontario
DOI:
https://doi.org/10.25071/1916-4467.40694Keywords:
financial literacy education, transdisciplinary education, student perspectives, Ontario curriculum, curriculum studiesAbstract
In increasingly uncertain economic times, education curricula around the world are changing to include the topic of financial literacy for students. This article reports the findings of a financial literacy study that examined the perspectives of students on their experiences with transdisciplinary teaching and learning of personal financial literacy. In this study, 344 post-secondary students reflected on their educational experiences in Ontario secondary schools by completing a quantitative survey composed of questions and self-assessments related to personal financial literacy curricula. While students felt that personal financial literacy education was important, they felt that there was a need for more knowledge and understanding in secondary school. Further, survey data identified variations in the personal financial literacy education students received that was linked to the stream (advanced or general) students were enrolled in. The findings are discussed, with particular attention to how students’ perspectives can inform policy and curriculum design moving forward.
References
Arceo-Gómez, E. O., & Villagómez, F. A. (2017). Financial literacy among Mexican high school teenagers. International Review of Economics Education, 24, 1–17. https://doi.org/10.1016/j.iree.2016.10.001 DOI: https://doi.org/10.1016/j.iree.2016.10.001
Baron-Donovan, C., Wiener, R., Gross, K., & Block-Lieb, S. (2005). Financial literacy teacher training: A multiple-measure evaluation. Journal of Financial Counseling and Planning, 16, 63–75. https://ssrn.com/abstract=2253323
Bernheim, B., Garrett, D., & Maki, D. (2001). Education and saving: The long-term effects of high school financial curriculum mandates. Journal of Public Economics 80(3), 435–465. https://doi.org/10.1016/S0047-2727(00)00120-1 DOI: https://doi.org/10.1016/S0047-2727(00)00120-1
Blue, L. (2016). Exploring financial literacy education practices in a Canadian Aboriginal community: A case study [Doctoral dissertation, Griffith University] ProQuest Dissertations Publishing. https://doi.org/10.25904/1912/2818 DOI: https://doi.org/10.1007/978-981-10-3130-4_9
Blue, L., & Grootenboer, P. (2009). A praxis approach to financial literacy education. Journal of Curriculum Studies, 51(5), 755-770. https://doi.org/10.1080/00220272.2019.1650115 DOI: https://doi.org/10.1080/00220272.2019.1650115
British Columbia Services Commission. (2011). National report card on youth financial literacy.
Cameron, M., Calderwood, R., Cox, A., Lim, S., & Yamaoka, M. (2013). Personal financial literacy among high school students in New Zealand, Japan, and the USA. Citizenship, Social and Economics Education,12(3), 200–215. https://doi.org/10.1016/S0047-2727(00)00120-1 DOI: https://doi.org/10.2304/csee.2013.12.3.200
Cameron, M., Calderwood, R., Cox, A., & Lim, S. (2014). Factors associated with financial literacy among high school students in New Zealand. International Review of Economics Education,16, 12–21. https://doi.org/10.1016/j.iree.2014.07.006 DOI: https://doi.org/10.1016/j.iree.2014.07.006
Council for Economic Education (CEE). (2013). National standards for financial literacy. https://www.councilforeconed.org/wp-content/uploads/2013/02/national-standards-for-financial-literacy.pdf
Creswell, J. (2013). Research design: Qualitative, quantitative, and mixed methods approaches. Sage.
Danes, S., & Haberman, H. (2007). Teen financial knowledge, self-efficacy, and behaviour: A gendered view. Journal of Financial Counseling and Planning, 18, 48–60. https://ssrn.com/abstract=2228406
Deng, H., Chi, L., Teng, N., & Tang, T. (2013). Influence of financial literacy of teachers on financial education teaching in elementary schools. International Journal of E-Education, E-Business, E-Management and E-Learning, 3(1), 68–73. https://doi.org/10.7763/IJEEEE.2013.V3.195 DOI: https://doi.org/10.7763/IJEEEE.2013.V3.195
Drake, S., Reid, J., & Kolohon, W. (2014). Interweaving curriculum and classroom assessment: Engaging the 21stcentury learner. Oxford University Press.
Erner, C., Goedde-Menke, M., & Oberste, M. (2016). Financial literacy of high school students: Evidence from Germany. Research in Economic Education, 47(2), 95–105. DOI: https://doi.org/10.1080/00220485.2016.1146102
Fernandes, D., Lynch, J., & Netemeyer, R. (2014). Financial literacy, financial education, and downstream financial behaviors. Management Science, 60(8), 1861–2109. https://doi.org/10.1287/mnsc.2013.1849 DOI: https://doi.org/10.1287/mnsc.2013.1849
Financial Literacy and Education Commission (FLEC). (2006). Taking ownership of the future: The national strategy for financial literacy. https://files.eric.ed.gov/fulltext/ED496720.pdf
Fox, J., Bartholomae, S., & Lee, J. (2005). Building the case for financial education. Journal of Consumer Affairs, 39(1), 195–214. https://doi.org/10.1111/j.1745-6606.2005.00009.x DOI: https://doi.org/10.1111/j.1745-6606.2005.00009.x
Garg, N., & Singh, S. (2018). Financial literacy among youth. International Journal of Social Economics, 45(1), 173–186. https://doi.org/10.1108/IJSE-11-2016-0303 DOI: https://doi.org/10.1108/IJSE-11-2016-0303
Government of Ontario. (2009, November 2). Financial literacy essential to student success, stronger economy: McGuinty government integrating financial literacy into curriculum [Archived blog post]. https://news.ontario.ca/en/release/9631/financial-literacy-essential-to-student-success-stronger-economy
Huston, S. (2010). Measuring financial literacy. The Journal of Consumer Affairs, 44(2), 296–316. DOI: https://doi.org/10.1111/j.1745-6606.2010.01170.x
Jagman, H., Lewis, K., Nunn, B., & Walter, S. (2014). Financial literacy across the curriculum (and beyond): Opportunities for academic libraries. College & Research Libraries News, 75(5), 254–257. https://crln.acrl.org/index.php/crlnews/article/view/9124/10036 DOI: https://doi.org/10.5860/crln.75.5.9124
Jang, K., Hahn, J., & Park, H. (2014). Comparison of financial literacy between Korean and U.S. high school students. International Review of Economics Education, 16, 22–38. https://doi.org/10.1016/j.iree.2014.07.003 DOI: https://doi.org/10.1016/j.iree.2014.07.003
Kaur, M., Vohra, T., & Arora, A. (2015). Financial literacy among university students: A study of Guru Nanak Dev University, Amritsar, Punjab. Asia-Pacific Journal of Management Research and Innovation, 11(2), 143–152. https://doi.org/10.1177/2319510X15576178 DOI: https://doi.org/10.1177/2319510X15576178
Lahn, J. (2008). Aboriginal people, money and financial literacy: Shepparton in a national context. My Moola Opening Financial Pathways program evaluation report 2007-2009. The Australian National University.
Loibl, C. (2008). Survey of financial education in Ohio’s schools: Assessment of teachers, programs, and legislative efforts. Ohio State University P–12 Project.
Lucey, T. (2007). The art of relating moral education to financial education: An equity imperative. Social Studies Research and Practice, 2, 486–500. https://doi.org/10.1108/SSRP-03-2007-B0015 DOI: https://doi.org/10.1108/SSRP-03-2007-B0015
Lucey, T., & Giannangelo, D. (2006). Short changed: The importance of facilitating equitable financial education in urban society. Education and Urban Society, 38, 268–287. https://doi.org/10.1177/0013124506286 DOI: https://doi.org/10.1177/0013124506286942
McCormick, M. (2009). The effectiveness of youth financial education: A review of the literature. Journal of Financial Counseling and Planning, 20, 70–83. https://ssrn.com/abstract=2225339
Mandell, L. (2008). High school financial literacy. In A. Lusardi (Ed.), Overcoming the savings slump (pp. 257–279). University of Chicago Press. DOI: https://doi.org/10.7208/chicago/9780226497105.003.0010
Marsh, C., & Willis, G. (2006). Curriculum: Alternative approaches, ongoing issues. Merrill Publishers.
Matheson, M. N. (2019). An examination of personal financial literacy teaching and learning in Ontario high schools [Doctoral dissertation]. Queen's Scholarship & Digital Collections. https://qspace.library.queensu.ca/server/api/core/bitstreams/164c9189-2511-49f3-ab1b-e6df4e99a56d/content
McNeil, J. (1985). Curriculum: A comprehensive introduction. Little Brown.
Oliva, P. (2009). Developing the Curriculum. Pearson.
Ontario Ministry of Education (OME). (2016). The Ontario curriculum grades 9–12: Financial literacy scope and sequence of expectations. www.edu.gov.on.ca/eng/document/policy/finlitgr9to12.pdf
Organisation for Economic Co-operation and Development (OECD). (2015). 2015 OECD/INFE toolkit for measuring financial literacy and financial inclusion. https://www.oecd.org/daf/fin/financial-education/2015_OECD_INFE_Toolkit_Measuring_Financial_Literacy.pdf
Ornstein, A., & Hunkins, F. (2013). Curriculum: Foundations, principles, and issues. Allyn & Bacon.
Peng, T., Bartholomae, S., Fox, J., & Cravener, G. (2007). The impact of personal finance education delivered in high school and college courses. Journal of Family and Economic Issues, 28, 265–284. https://doi.org/10.1007/s10834-007-9058-7 DOI: https://doi.org/10.1007/s10834-007-9058-7
Hamlin, D., & Cameron, D. (2015). Applied or academic: High impact decisions for Ontario students. People for Education.
Pinto, L., & Chan, H. (2010). Social justice and financial literacy. Are gender and socio-cultural equity missing from the discussion? Our Schools, Our Selves, 19(2), 61–77.
Pinto L., & Coulson, E. (2011). Social justice and the gender politics of financial literacy education. Journal of the Canadian Association for Curriculum Studies, 9(2), 54–85. https://doi.org/10.25071/1916-4467.34299 DOI: https://doi.org/10.25071/1916-4467.34299
Posner, G. (1995). Analyzing the curriculum. McGraw Hill.
Sherraden, M., Johnson, L., Guo, B., & Elliott, W. (2011). Financial capability in children: Effects of participation in a school-based financial education and savings program. Journal of Family and Economic Issues, 32(3), 385–399. https://doi.org/10.1007/s10834-010-9220-5 DOI: https://doi.org/10.1007/s10834-010-9220-5
Sjøberg, S. (2019). PISA: A success story? Global educational governance by standardization, rankings, comparisons and “successful” examples. In L. Langer & T. Brüsemeister (Eds.) Handbuch educational governance theorien (pp. 653–690). Springer. https://doi.org/ 10.1007/978-3-658-22237-6_29 DOI: https://doi.org/10.1007/978-3-658-22237-6_29
Sole, M. (2014). Financial literacy: An essential component of mathematics literacy and numeracy. Journal of Mathematics Education at Teachers College, 5(2), 55–62. https://doi.org/10.7916/jmetc.v5i2.655
Sridharan, S., Cosentino, C., & Meyer, L. (2017). The partnership to strengthen innovation and practice in secondary education (PSIPSE): 2016 monitoring results. https://mathematica.org/publications/the-psipse-2016-monitoring-results-appendices-a-and-b
Totenhagen, C., Casper, D., Faber, K., Bosch, L., Wiggs, C., & Borden, L. (2015). Youth financial literacy: A review of key considerations and promising delivery methods. Journal of Family and Economic Issues, 36, 167–191. https://doi.org/10.1007/s10834-014-9397-0 DOI: https://doi.org/10.1007/s10834-014-9397-0
Valentine, G., & Khayum, M. (2005). Financial literacy skills of students in urban and rural high schools. Delta Pi Epsilon Journal, 47, 36–48.
Varcoe, K., Martin, A., Devitto, Z., & Go, C. (2005). Using a financial education curriculum for teens. Journal of Financial Counseling and Planning, 16, 63–71. https://ssrn.com/abstract=2255109
Widyastati, U., Sumiati,A., Herlitah, H., & Melati, I. (2020). Financial education, financial literacy, and financial Behaviour: What does really matter? Management Science Letters, 10(12), 2715-2720. DOI: https://doi.org/10.5267/j.msl.2020.4.039
Wiggins, G., & McTighe, J. (2011). The understanding by design guide to creating high quality units. Association for Supervision & Curriculum Development.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Murdoch Neil Matheson 
Copyright for work published in JCACS belongs to the authors. All work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International license.
