Faculty of Education

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Financial literacy and competency

Steer, Robin Wayne ( 1993)

This study attempts to identify and prioritise the knowledge, skills and attitudes which will equip secondary school students to become financially literate and financially competent in their future personal money management. A theoretical profile of financial literacy and competency is developed in light of relevant literature, a selective review of curriculum documents and textbooks, and a context analysis. The profile forms the basis for a questionnaire survey in which bank managers, financial counsellors and investment advisors were asked to rate the importance of sixty-nine items. Based on the perspectives of the financial practitioners completing the survey, thirty-eight items were identified as having a strong or very strong claim to be included in financial literacy and competency education. Items involving skills and attitudes were seen to be more important than those focused on knowledge. Highest priority was given to those items centred on an informed and responsible use of credit. In addition, high priority was attached to items related to realistic consumer spending, contracts, financial advice, saving, consumer ethics, consumer protection laws and budgeting.