Exploring the classroom practices that may enable a compassionate approach to financial literacy education

Abstract

From an early age, children are faced with financial dilemmas and are expected to make effective financial decisions about money. In this paper, we explore the classroom practices that may enable a compassionate approach to financial literacy education. We observed an inquiry-based mathematics lesson in a Year 4 primary school classroom. The financial maths task asked students to decide on the best fundraising option for the school. We used the theory of practice architectures to analyse the interactions in the classroom in order to understand what may have enabled and constrained classroom practices. We found that classroom practices such as engaging with peers through positive and collaborative learning opportunities, making ethical, social and mathematical connections of the task, and considering the impact of financial decisions on others may enable a compassionate approach to financial literacy education.

Financial Elements in Teaching and Learning of Mathematics: A Systematic Review

“…Besides, most financial education researches are focusing on secondary school students. The classroom setting seems to be the most common platform to develop financial concepts and skills through inquiry-based learning in mathematics (Blue, O'Brien, & Makar, 2018;Crawford & Wiest, 2011), technological simulation (Herlo, 2015;Liu et al, 2011;Schuhen & Neubauer, 2015;Vidermanova & Melusova, 2015), and interactive module (Rondillas & Buan, 2019). However, to ensure a smoother transmission of knowledge and skills, the activity approach does not need to be the preferred tool.…”

Investing in Students With Extensive Support Needs: Steps to Integrate Personal Financial Literacy in Inclusive Settings for Educators, Students, and Families

“…Financial literacy entails more than just knowledge and skills. It involves the attitudes, values, and emotions of all parties involved (Blue et al, 2018). When meeting with the family to determine short-term and long-term student financial needs, it is important to assess several factors that may influence a family’s financial practices, opportunities for financial socialization in the community, and the student’s financial literacy goals and objectives.…”

“…There are several activities or interventions that can be integrated into instruction to support contextualization including using natural stimuli, videos of real-world contexts for the skill, thematic units, or word problems that anchor the concept in the real-world context (Root et al, 2020). Other contextual instructional practices across the school, home, and community-based settings include engaging with others through positive and collaborative learning opportunities, making ethical decisions, socializing with peers, making mathematical connections to tasks, and considering the impact of personal financial decisions on others (Blue et al, 2018; Blue et al 2014).…”

Balancing benefits: evidence-based guidelines for school-banking programmes

“…et al (2015),Gentina et al (2018),Blue, O'Brien and Makar (2018),Luhr (2018),Lahav et al (2018),Grohmann et al (2015) School-banking programmes, combined with financial education (including literacy and socialisation), could provide a vital educative service for those struggling to understand the nature of money and role of saving over timeSari and Fatimah's (2017),Johnson et al's (2018),Lee et al's (2017),Batty et al (2017), Lahav et al (2018,Amagir et al's (2018),Sari and Fatimah (2017),Supanantaroek et al (2017) …”