Does the social studies responsible for financial literacy?

Development of Financial Literacy in Latvian Students

“…There are also definitions which have a stronger emphasis on the financial concepts and understanding them (LKA, 2012;Huston, 2010;Thiessen, 2014;Akdag, 2013). It is essential for an individual to understand the financial concepts because that is the only way of being able to analyse situations and understand them, but it is not enough.…”

“…Management of money is also mentioned as a key element of the definition of literacy, but, even though it is of great importance, financial literacy does not mean efficient management of money only (Huang et al, 2013;Akdag, 2013). It is a very simple and primitive way of defining financial literacy, without going into more profound explanations.…”

“…Previous studies have led to conclusions that financial literacy should be mastered as early as possible in order to assure that the next generation has the skills required to find one's way around in the ever growing complexity of economics. The school might be a suitable environment where students could acquire such skills (Akdag, 2013;Hinojosa et al, 2010;Posnanski et al, 2006;Cordray, 2008;Dowdell et al, 2008; United States Department of the Treasury Office of Financial Education, 2002; Mandell et al, 2009).…”

“…It is understood by this that the individual has skills and knowledge associated with consumer rights and obligations in the financial market, an understanding of the influences of the economic and political circumstances on the financial market. The individual should also be able to seek advice, to know where to look for advice and how to avoid fraud, as well as be able to protect themselves (New Zealand Ministry of Education, 2014; United States Department of the Treasury Office of Financial Education, 2002, Akdag, 2013;Dowdell et al, 2008;OECD, 2014b). Protection of own finances and being aware that, in the contemporary world, more attention should be paid to the safety of personal data in particular, which is frequently linked also with financial security, are questions that are not directly addressed by the OECD in its study (OECD, 2013), but they might be significant as information technologies and opportunities develop.…”

“…However, the researchers believe that, with regard to financial matters, the school should put more emphasis on the practical skills instead of the theoretical ones. Students should, for example, understand why to save up instead of what saving up is (Akdag, 2013;Putniņa et al, 2012;Williams et al, 2011; United States Department of the Treasury Office of Financial Education, 2002). Therefore, it is essential that there are not only competent teachers in the process of educating students, but also parents who act as models and examples and involve students in daily events associated with planning finances, spending and making decisions, and also other organisations and institutions associated with the financial sector (Avard et al, 2005;Lusardi et al, 2010;Schuchardt et al, 2009;Koenig, 2007).…”