Formation of Financial Literacy in Primary School Students

Abstract

The innovative methodology of the financial literacy formation in primary school students has been theoretically substantiated, the research has been carried out on the basis of education for success in life (integration of media education, financial education and education for sustainable development) and the relationship between the pedagogy of success and the pedagogy of heart. The structure of financial literacy has been determined. The model of the methodology of formation of financial literacy in primary school students has been developed, the key components of the suggested methodology include aim, content (structure of financial literacy, theoretical and methodical foundations of its formation, expected results of educational programs) components; algorithm of the arranged activities of students, parents and teachers on the basis of partnership pedagogy; the selected forms, methods, means of formation of financial competencies, diagnostic tools and the expected result. The experimental methodology resulted in a significant increase in the growth of financial literacy indicators in EG. The efficiency of the formation of financial literacy in primary school students has been proved with the help of the main findings of the research.

Financial literacy of secondary school leavers: a case of Latgale region in Latvia

“…The data on financial literacy in the context of the linkage between the causes of family and youth financial literacy received within the present research has confirmed the conclusions obtained by other scientists (Vosylis et al, 2021;Jančius et al, 2022). Researches highlight the school's impact on youth financial literacy level (Kuzma et al, 2022;Compen et al, 2022). Only 34% of school learners of form 12 in Latgale obtained financial literacy knowledge at school.…”

“…According to financial socialisation, the significant agents of financial socialisation are family (Davis et al, 2018;Wann and Burke-Smalley, 2021) and school (Kuzma et al, 2022) positively affect the financial literacy of adults. Financial literacy and school-related variables also have a direct effect on economic behaviour.…”

“…The problem of financial literacy of children and youth has been the object of scientific research by Iwanicz-Drozdowska ( 2015), Titko et al (2015), Potrich et al (2016), Andriichuk (2021), Kuzma et al (2022) and others. The relevance of financial education at the university level and its economic and social significance have been revealed in the studies by Kozubíková (2015), Felipe et al (2017), Kozubik et al (2019), Swiecka (2018Swiecka ( , 2019, Davoli and Hou (2021).…”

“…Regarding financial literacy and conduct, youth become one of the most minor protected groups in the population (Lusardi and Wallace, 2013;Kozubik, 2019;Zheng et al, 2020, Andriichuk, 2021. The younger generation faces not only the growing complexity of financial products, services, and markets but, in the course of growing up, they need to assume increasing financial risks compared to their parents (OECD, 2013;Kuzma et al, 2022) 547 necessary for school leavers who enter the age of employment to be ready to manage their income and avoid any financial problems (Chaiphat, 2019).…”

Efectos de variables familiares, socioeconómicas y de logro, sobre competencia financiera de estudiantes peruanos en PISA 2018

“…También, Mena-Campoverde (2022) la define como un constructo multidimensional que puede medirse por medio de comportamientos, actitudes y conocimientos financieros. Por otra parte, Kuzma et al (2022) precisan que la alfabetización financiera es un conjunto de habilidades y conocimientos que ayudan a tomar adecuadas decisiones en el aspecto económico y financiero de la vida cotidiana. Tomando la base de datos de inclusión financiera del Banco Mundial en 2014, Demirgüç-Kunt et al (2016) han afirmado que para el año 2014, el 62% de las personas adultas en el mundo tenía una cuenta en alguna institución financiera, y que en las economías en desarrollo había un drástico crecimiento de nuevos usuarios de cuentas, así como un incremento sustancial en las transacciones financieras en forma virtual.…”