Holz Financial education

Current practices and future challenges
1. Auflage 2020
ISBN: 978-3-8309-9063-5
Verlag: Waxmann Verlag GmbH
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 194 Seiten

In a world where individuals become increasingly responsible for their financial well-being, and where the complexity of financial markets and products is growing, financial education becomes crucial. Although it is well accepted to introduce financial education in compulsory education, there is no consensus on the optimal way to implement financial education.
This book explores the current state and the future challenges of financial education in five European countries: Belgium, Estonia, Italy, Slovakia, and the Netherlands. Moreover, it provides a comprehensive review of the academic literature on financial literacy. The book is a product of a strategic partnership with professionals from 14 partners, including universities, secondary schools and intermediary organisations dealing with financial literacy promotion. The EUFin project supported by this partnership aims to develop evidence-based didactical material for financial literacy education for tertiary and secondary education levels and exchange best-practices.

Autoren/Hrsg.

Holz, Oliver

Inhaltsverzeichnis

1;Cover;1
2;Imprint;4
3;Contents;5
4;Preface;7
5;References;9
6;Chapter 1: Financial literacy. Uncovering avenues for future research (Kenneth De Beckker);11
6.1;1.1 Introduction;11
6.2;1.2 Defining and measuring financial literacy;12
6.2.1;1.2.1 Test-based measures;14
6.2.2;1.2.2 Self-assessment measures;15
6.2.3;1.2.3 Outcome-based measures;15
6.3;1.3 The level of financial literacy around the world;15
6.4;1.4 Determinants of financial literacy;17
6.4.1;1.4.1 Socio-economic determinants;17
6.4.2;1.4.2 Financial socialization;19
6.4.3;1.4.3 Culture;20
6.5;1.5 Financial literacy and its consequences;24
6.5.1;1.5.1 Household financial decisions;24
6.5.2;1.5.2 Retirement planning;25
6.5.3;1.5.3 Investment decisions;25
6.5.4;1.5.4 Wealth;27
6.5.5;1.5.5 Other;27
6.6;1.6 Improving financial literacy;32
6.6.1;1.6.1 Financial education;32
6.6.2;1.6.2 Financial advice;34
6.7;1.7 Conclusion;34
6.8;References;35
7;Chapter 2: A comparative analysis of pupils’ and teachers’ financial competencies in five European countries (Kenneth De Beckker, Kristof De Witte and Oliver Holz);41
7.1;2.1 Introduction;41
7.2;2.2 Data collection and methodology;42
7.3;2.3 Descriptive statistics;42
7.3.1;2.3.1 Pupils’ survey;42
7.3.2;2.3.2 Teachers’ survey;45
7.4;2.4 Descriptive results;45
7.4.1;2.4.1 Pupils;45
7.4.2;2.4.2 Teachers;47
7.5;2.5 Regression results;49
7.5.1;2.5.1 Pupils;49
7.5.2;2.5.2 Teachers;54
7.6;2.6 Conclusion;57
7.7;References;57
7.8;Appendix A: Pupils’ survey;59
7.9;Appendix B: Teachers’ survey;64
7.10;Appendix C: Locus of control items;66
8;Chapter 3: Financial education in Flanders (Belgium) (Kristof De Witte, Kenneth De Beckker and Oliver Holz);67
8.1;3.1 Financial education in 2019 in Flanders (Belgium);67
8.1.1;3.1.1 Financial literacy levels;67
8.1.2;3.1.2 The route to financial literacy in Flanders;71
8.1.3;3.1.3 Example initiatives;72
8.1.4;3.1.4 Challenges ahead;73
8.2;3.2 Curricula and teaching materials of secondary education;77
8.2.1;3.2.1 Flemish secondary education system;77
8.2.2;3.2.2 History of financial literacy in secondary education;78
8.2.3;3.2.3 The curriculum in the first cycle of secondary education;79
8.3;3.3 Extra-curricular initiatives by Wikifin.be;82
8.3.1;3.3.1 Wikifin lab;82
8.3.2;3.3.2 Wikifin research chair;82
8.4;3.4 Trends;83
8.5;References;83
9;Chapter 4: Financial education in Estonia (Kaire Põder, Leonore Riitsalu and Karmo Kroos);87
9.1;4.1 The past situation in Estonia with respect to financial literacy;87
9.1.1;4.1.1 Evolution in the levels of financial literacy;87
9.1.2;4.1.2 Discussions on the levels and necessity of improving financial literacy;93
9.1.3;4.1.3 Overview of past policy attention;93
9.2;4.2 Provision of financial education: schools, universities and the financial sector;96
9.2.1;4.2.1 Implementation in the education curriculum?;96
9.2.2;4.2.2 Is there attention to financial literacy in teacher training?;98
9.2.3;4.2.3 How do various initiatives reach students and the general population?;100
9.2.4;4.2.4 Is there a lot of attention from the government?;104
9.2.5;4.2.5 Overview of evidence on tools that exist to promote financial literacy;105
9.3;4.3 The future of financial literacy in Estonia;106
9.3.1;4.3.1 Remaining difficulties and issues;106
9.3.2;4.3.2 Necessary steps to be taken;106
9.4;References;108
10;Chapter 5: Financial education in Italy (Tommaso Agasisti and Marta Cannistrà);111
10.1;5.1 Financial literacy: Italian situation;111
10.1.1;5.1.1 How does the Italian population rank relative to other countries?;111
10.1.2;5.1.2 Main differences among Italian population;114
10.1.3;5.1.3 Performance of Italian 15-year-olds;120
10.2;5.2 Financial literacy at institutional level;123
10.2.1;5.2.1 Past policy attention;123
10.2.2;5.2.2 Financial education at school in Italy: the curriculum;125
10.2.3;5.2.3 Financial education at school in Italy: teacher training;126
10.3;5.3 Financial education: current situation in Italy;126
10.3.1;5.3.1 Initiatives;127
10.3.2;5.3.2 Institutions and actors involved;134
10.3.3;5.3.3 Focus: Economia@Scuola – FEDUF;135
10.3.4;5.3.4 Focus: CONSOB initiatives;137
10.3.5;5.3.5 Focus: The Bank of Italy – I quaderni didattici (the Didactical booklets);138
10.4;5.4 Conclusions and future perspective;139
10.5;References;141
11;Chapter 6: Financial education in the Netherlands (Aisa Amagir);143
11.1;6.1 Introduction;143
11.2;6.2 Literacy, financial literacy and financial education: definitions;145
11.2.1;6.2.1 Financial literacy and financial education;146
11.2.2;6.2.2 Financial literacy levels;147
11.2.3;6.2.3 Financial literacy levels among Dutch students;147
11.3;6.3 Financial education: current situation;150
11.4;6.4 Educational system;151
11.4.1;6.4.1 Primary education;151
11.4.2;6.4.2 Secondary education;152
11.4.3;6.4.3 Vocational education and higher education;154
11.5;6.5 Extra-curricular initiatives;154
11.6;6.6 Conclusion;155
11.7;Acknowledgments;155
11.8;References;156
11.9;Appendix 1;159
11.10;Appendix 2;162
11.11;Appendix 3;164
11.12;Appendix 4;166
12;Chapter 7: Financial education in the Slovak Republic (Jana Klieštiková, Mária Kovácova and Pavol Durana);171
12.1;7.1 Financial literacy to date;171
12.1.1;7.1.1 Evolution in the levels of financial literacy and overview of past policy attention;171
12.1.2;7.1.2 Discussions on the levels and necessity of improving financial literacy;178
12.2;7.2 Current state of education in financial literacy in the Slovak Republic;178
12.2.1;7.2.1 Financial literacy according to the Ministry of Education, Science, Research and Sports of the Slovak Republic (implementation in the education curriculum and level of attention of the government);179
12.2.2;7.2.2 Financial literacy according to the teaching materials and other institutions providing education in the given area (attention in teacher training, initiatives for students and general population and evidence on tools to promote financial literacy);183
12.3;7.3 The future of financial literacy in the Slovak Republic;187
12.4;References;189
13;About the authors;191