Comparing Financial Education Learning Frameworks

This article compares selected financial education learning frameworks from different countries. The frameworks are similar in that they focus on developing financial literacy and financial capability. However, there are some differences in the definitions of these terms, as well as in the specific content and pedagogical features of the frameworks.

Questions

• What are the different terms used for the focus of the financial education frameworks?
• How are financial literacy and financial capability defined in the different frameworks?
• What are some of the specific content and pedagogical features of the frameworks?

Answers

• The different terms used for the focus of the financial education frameworks are “financial literacy” and “financial capability.”
• Financial literacy is defined as the ability to use knowledge and skills to make effective financial decisions. Financial capability is defined as the ability to make informed decisions about the personal use and management of money.
• Some of the specific content and pedagogical features of the frameworks include:
  * A focus on knowledge and skills related to money management, saving, investing, and credit.
  * A focus on developing positive financial attitudes and behaviors.
  * A use of a variety of teaching methods, including lectures, group work, and simulations.