The Capabilities of Secondary School Teachers to Provide Financial Education

Abstract

This study examines the capabilities of in-service secondary school teachers to provide financial education. Data was gathered from online surveys which were spread among 300 teachers in the Flemish region of Belgium. We distinguish between perceived and actual capabilities. Our results reveal that only one third of teachers considers themselves sufficiently competent to provide financial education. Actual capabilities are assessed using a broad measure of financial literacy which takes into account teachers' financial knowledge, financial behaviour and financial attitudes. Our results indicate that only approximately half of teachers score sufficiently on financial knowledge and only a third attains the preferred minimum score for financial attitudes.In addition, our heterogeneity analysis shows differences in scores related to teacher characteristics such as gender, teaching discipline, and teaching experience. The large share of teachers not reaching the threshold indicating adequate capabilities for providing financial education raises concern, as teacher quality is an important factor contributing to the effectiveness of financial education. Teacher professional development can play a crucial role here.

SaveWise: The design of a financial education program in the Netherlands

“…Involving parents in the financial literacy education of their children also seems to be effective (Amagir et al, 2018a; Bruhn et al, 2016; Butt et al, 2008; Harter and Harter, 2009; Smith et al, 2011), particularly in the formation of attitudes (Lusardi et al, 2010; Money Wise, 2014). Finally, it is important to train teachers in working with a financial education program (Bruhn et al, 2016; Compen et al, 2018; De Beckker et al, 2019).…”

The impact of teacher engagement in an interactive webinar series on the effectiveness of financial literacy education

“…Therefore, governments are increasingly integrating financial education into school curricula in order to improve the financial literacy of citizens. While competent teachers are perceived as a prerequisite for effective financial education (Blue, Grootenboer & Brimble, 2014; Totenhagen et al ., 2015), previous studies report a lack of actual and self‐perceived competence among teachers (Way & Holden, 2009; De Beckker, Compen, De Bock & Schelfhout, 2019), thus, calling for large‐scale TPD initiatives.…”