@phdthesis{discovery10007419,
          school = {Institute of Education, University of London},
            year = {2010},
           title = {Financial literacy and financial literacy education : what might be the components of an effective financial literacy curriculum?},
            note = {Unpublished},
        abstract = {Abstract
There is concern about lack of financial literacy and need for financial literacy education, but
little or no attempt to understand their nature. Three questions were asked: 'What is
financial literacy?', 'What is financial literacy education?' and 'What might be the
components of an effective financial literacy curriculum?'.
Adopting an inductive grounded theory approach and a pragmatist philosophy, in
association with real-world organisations such as the National Institute of Adult Continuing
Education (NIACE), the Financial Services Authority (FSA), and the National Research and
Development Centre for adult literacy and numeracy (NRDC), empirical data was collected
from surveys, observation and interviews.
This was the first time that: perceptions of financial advisers in England on financial literacy
were systematically analysed; financial literacy education provision in England was
examined using the FSA framework; financial literacy education for financial literacy
providers was the subject of a study; a financial literacy curriculum was categorised using
the FSA's baseline survey areas; and financial literacy curriculum components were
explored within a new synthesis of 'Competency Based Action learning (CoBAl)'.
It was found that often financial literacy was misunderstood, financial literacy education
interventions ineffective, financial literacy practitioners unqualified, and financial literacy
curricula simplistic. Public policy needs to be directed towards developing a more rigorous
and aspirational form of financial literacy education that would facilitate more effective
outcomes.
Financial literacy is more than information or capability; it is the demonstration of
competencies in actual performance in the financial world. Financial literacy educational
interventions need to be multidimensional and set within the framework of adult learning and
not that of children learning within a formal educational system. A financial literacy
curriculum that synthesises components relating to knowledge, skills and attitudinal
competencies with action learning in the real-world context is likely to lead to the generation
of more effective financial experiences.},
             url = {http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.536512},
          author = {Lee, Nirmala}
}