Session Information
04 SES 05 B, Theorising Inclusion: Disability, Identity and Participatory Democracy
Paper Session
Contribution
This paper considers the role of education for economic awareness and financial literacy across Europe, in statutory curricula, as part of the citizenship curriculum in schools. It starts from existing assessments of levels of financial capability (Atkinson et al. 2007), and draws attention to the fact that this is a debate that ultimately extends beyond Europe itself (FELC 2011; Sekita 2011). The central theme relates to the question of how school-aged pupils can most effectively be educated for their informed participation in the democratic process, which, it is argued, is central to their human rights as children, adults and citizens. This question is considered in the light of the European agenda for the rights of the child (2011), beginning with a consideration of what it means for a citizen to be economically and financially literate. In doing so, the paper acknowledges the existing research on the development and organisation of national campaigns for financial literacy (Estelami 2008; FSA 2003) and the efficacy of such approaches (Mandell and Klein 2009). The paper then turns to debate whether financial literacy and economic awareness are mutually exclusive, and then begins to map out a framework for curriculum planning to meet recognizable learning objectives. The relevance and importance of these objectives is then considered in relation to the participation and inclusion agendas central to the notion of ‘lifelong learning' and the essential elements of economic and financial literacy which, it is argued, are necessary for genuinely informed democratic participation and consent. (See the work of Dalto 2011 on expanding financial education to those in receipt of public benefits). The paper then moves on to consider the ineluctable link between financial and social inclusion and how programmes of study can be shaped and delivered to all pupils of school age and the wider community as part of the inclusion agenda. The paper is timely as it speaks to the current debate in emerging democracies. It is relevant in a European sense as it invites a debate with those former eastern European countries whose encounter with market economics is still relatively recent. It is highly pertinent in an age of expanding consumer credit and macro-economic austerity. The paper concludes that education for financial literacy, and therefore for social inclusion and democracy, is ultimately an ethical pursuit which should be taken up by educators at practitioner level, and by policymakers for democratic ends.
Method
Expected Outcomes
References
Atkinson, A., McKay, S., Collard, S., and Kempson, E., (2007), ‘Levels of Financial Capability in the UK’, in Public Money and Management, Vol. 27, issue 1, pp. 29 – 36. Buckland, J., (2010), ‘Are Low-Income Canadians Financially Literate? Placing Financial Literacy in the Context of Personal and Structural Constraints’, in Adult Education Quarterly, Vol. 60, Issue 4, pp. 357 – 376. Dalto, M., (2011), ‘Expanding Financial Education to Include Students and Families who Receive Public Benefits’, in Policy and Practice, Vol. 69, issue 6, pp. 24 – 26. Estelami, H., (2008), ‘Cognitive Drivers of Suboptimal Financial Decisions: Implications for Financial Literacy Campaigns’, in Journal of Financial Services Marketing, Vol. 13, Issue 4, pp. 273 – 283. Financial Education and Literacy Commission (FELC), (2011), Promoting Financial Success in the United States: National Strategy for Financial Literacy, Washington: Department of the Treasury. Financial Services Authority (FSA), (2003), Towards a National Strategy for Financial Capability, London: FSA. Granville, S., Primrose, D., and Chapman, M., (2009), Evaluation of Financial Education in Scottish Primary and Secondary Schools, Edinburgh: The Scottish Government. Kempson, E., Collard, S., and Moore, N., (2005), Measuring Financial Capability: An Exploratory Study, London: FSA. Mandell, L., and Klein, L.S., (2009), ‘The Impact of Financial Literacy Education on Subsequent Financial Behaviour’, in Journal of Financial Counseling and Planning, Vol. 20, Issue 1, pp. 15 – 24. Monticone, C., (2010), ‘How Much Does Wealth matter in the Acquisition of Financial Literacy’, in Journal of Consumer Affairs, Vol. 44, issue 2, pp. 403 – 422. Sekita, S., (2011), Financial Literacy and Retirement Planning in Japan, Osaka, CeRP (Centre for Research on Pensions and Welfare Policies).
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