International Association of Educators   |  ISSN: 2834-7919   |  e-ISSN: 1554-5210

Original article | International Journal of Progressive Education 2020, Vol. 16(5) 288-304

A Conceptual Model for the Interaction of Mathematical and Financial Literacies

Abdullah Ozkale & Emel Ozdemir Erdogan

pp. 288 - 304   |  DOI: https://doi.org/10.29329/ijpe.2020.277.18   |  Manu. Number: MANU-2003-19-0004

Published online: October 09, 2020  |   Number of Views: 230  |  Number of Download: 715


Abstract

The concept of financial literacy, which has become popular as a 21st-century skill, is also a new field for mathematics education. Financial literacy, which has taken place in PISA since 2012, has not only been presented as a separate course and has also increased in density in related courses such as mathematics through tasks, curriculums and tests. The aim of this study was to present an interaction model in which mathematical and financial literacy competencies can be presented in a common framework. in the organization of this model, literacy literature, consisting of both mathematical literacy and financial literacy models, as well as the PISA literacy framework, were used. The focal point of the model was not individual skills but is the dimensions of this interaction that should be considered in the organization or analysis of an educational or an instructional document (tasks, applications, curriculums, etc.). While this model is built on the basis of the PISA literacy framework, it has some differences with respect to the components of the dimensions. It is expected that the model contributes to the financial literacy education integration initiatives, studies on the financial literacy education and the analysis of measurement tools of financial literacy, such as PISA.

Keywords: Mathematics Education, Mathematical Literacy, Financial Literacy, PISA, Financial Literacy Education, Conceptual Model


How to Cite this Article?

APA 6th edition
Ozkale, A. & Erdogan, E.O. (2020). A Conceptual Model for the Interaction of Mathematical and Financial Literacies . International Journal of Progressive Education, 16(5), 288-304. doi: 10.29329/ijpe.2020.277.18

Harvard
Ozkale, A. and Erdogan, E. (2020). A Conceptual Model for the Interaction of Mathematical and Financial Literacies . International Journal of Progressive Education, 16(5), pp. 288-304.

Chicago 16th edition
Ozkale, Abdullah and Emel Ozdemir Erdogan (2020). "A Conceptual Model for the Interaction of Mathematical and Financial Literacies ". International Journal of Progressive Education 16 (5):288-304. doi:10.29329/ijpe.2020.277.18.

References
  1. Ackermann, N. & Eberle, F. (2016). Financial literacy in Switzerland. In C. Aprea, E. Wuttke, K. Breuer, N. Koh, P. Davies, B. Greimel-Fuhrmann, & J. Lopus (Eds), International Handbook of Financial Literacy (pp. 341-355). Singapore: Springer [Google Scholar]
  2. Aprea, C., Wuttke, E., Breuer, K., Koh, N. K., Davies, P., Greimel-Fuhrmann, B., & Lopus, J. S. (2016). International Handbook of Financial Literacy. Singapore: Springer [Google Scholar]
  3. Atkinson, A. & Messy, F. (2012). Measuring Financial Literacy: Results of the OECD / International Network on Financial Education (INFE) Pilot Study, OECD Working Papers on Finance, Insurance and Private Pensions, No. 15, Paris: OECD Publishing. [Google Scholar]
  4. Blum, W. (1993). Mathematical modelling in mathematics education and instruction. In T. Breiteig (Ed.) In Teaching and learning mathematics in context. (pp. 3-14). Chichester: Ellis Horwood [Google Scholar]
  5. Blum, W. (2002). ICMI Study 14: Applications and modeling in mathematics education-discussion document. Educational Studies in Mathematics, 51(1/2), 149-171. [Google Scholar]
  6. California Department of Education. (2015). Financial literacy and mathematics education of the Mathematics framework for California Public Schools: Kindergarten Through Grade Twelve. Sacramento: California Department of Education [Google Scholar]
  7. Cole, S., Paulson, A., & Shastry, G. K. (2014). High school curriculum and financial outcomes: The impact of mandated personal finance and mathematics courses. Cambridge, MA: Harvard Business School.     [Google Scholar]
  8. Dituri, P., Davidson, A., & Marley-Payne, J. (2019). Combining Financial Education With Mathematics Coursework: Findings From a Pilot Study. Journal of Financial Counseling and Planning, 30(2), 313-322.   [Google Scholar]
  9. English, L. D. (1997). Mathematical reasoning: analogies, metaphors, and images. NJ: Erlbaum. [Google Scholar]
  10. Financial Literacy and Education Commission. (2016). Promoting Financial Success in the United States: National Strategy for Financial Literacy.  US Department of the Treasury: https://www.treasury.gov/resource-center/financialeducation/Documents/National%20 Strategy %202016%20Update.pdf [Google Scholar]
  11. Frisancho, V. (2019). The impact of financial education for youth. Economics of Education Review, 101918. [Google Scholar]
  12. Frühauf, F. & Retzmann, T. (2016). Financial literacy in Germany. In International handbook of financial literacy (pp. 263-276). Springer, Singapore. [Google Scholar]
  13. Hung, A., Parker, A. M., & Yoong, J. (2009). Defining and measuring financial literacy. [Google Scholar]
  14. Hiebert, J. & Lefevre, P. (1986). Conceptual and procedural knowledge in mathematics: An introductory analysis. In J. Hiebert (Ed.), Conceptual and procedural knowledge: The case of mathematics (pp. 1-27), NJ: Erlbau. [Google Scholar]
  15. Huston, S. J. (2010). Measuring financial literacy. Journal of Consumer Affairs, 44(2), 296-316. [Google Scholar]
  16. Jablonka, E. (2003). Mathematical literacy. In A. Bishop (Ed.) Second international handbook of mathematics education (pp. 75-102). Netherlands: Springer  [Google Scholar]
  17. Jayaraman, J. D., Jambunathan, S., & Counselman, K. (2018). The Connection between Financial Literacy and Numeracy: A Case Study from India. Numeracy, 11(2), 5. [Google Scholar]
  18. Jorgensen, B. L. & Savla, J. (2010). Financial literacy of young adults: The importance of parental socialization. Family Relations, 59(4), 465-478. [Google Scholar]
  19. Julie, C. (2006). Mathematical Literacy: Myths, further inclusions and exclusions. Pythagoras, (64), 62-69. [Google Scholar]
  20. Kilpatrick, J. (2001). Understanding Mathematical Literacy: The Contribution of Research. Educational Studies in Mathematics, 47(1), 101-116.  [Google Scholar]
  21. Klapper, L., Lusardi, A. & Van Oudheusden, P. (2014). Financial Literacy Around the World. Insights From The Standard and Poor’s Ratings Services Global Financial Literacy Survey.https://responsiblefinanceforum.org/wp-content/uploads/2015/12/2015-finlit-pdf  [Google Scholar]
  22. Kozup, J. & Hogarth, J. M. (2008). Financial Literacy, Public Policy, and Consumers’ Self‐Protection More Questions, Fewer Answers. Journal of Consumer Affairs, 42(2), 127-136. [Google Scholar]
  23. Lesh, R. & Doerr, H. (2003). Foundations of a model and modeling perspective on mathematics teaching, learning, and problem solving. In Lesh, R., and Doerr, H. (Ed.). Beyond Constructivism (pp.3-34). NJ:Erlbaum [Google Scholar]
  24. Lesh, R., & Zawojewski, J. (2007). Problem solving and modeling. In F. K. Lester, Jr. (Ed.), Second handbook of research on mathematics teaching and learning (pp. 763–804). Charlotte, NC: Information Age Publishing. [Google Scholar]
  25. Lusardi, A. (2012). Numeracy, financial literacy, and financial decision-making. Numeracy, 5(1), 1-12. [Google Scholar]
  26. Lusardi, A. & Mitchell, O. S. (2011). Financial literacy around the world: an overview, Journal of Pension Economics and Finance, 10 (4). 497-508. [Google Scholar]
  27. Lusardi, A. (2015). Financial literacy skills for the 21st century: Evidence from PISA. Journal of Consumer Affairs, 49(3), 639-659. [Google Scholar]
  28. Marcolin, S. & Abraham. A. (2006). Financial Literacy Research: Current Literature and Future Opportunities, 3rd International Conference on Contemporary Business, Leura NSW: Charles Stuart University. [Google Scholar]
  29. Martin, W. G., & Kasmer, L. (2010). Reasoning and Sense Making. Teaching Children Mathematics, 16(5), 284-291. [Google Scholar]
  30. McCrone, S. S. & Dossey, J. A. (2007). Mathematical Literacy-It's Become Fundamental. Principal Leadership, 7(5), 32-37. [Google Scholar]
  31. Nam, Y., Lee, E. J., Huang, J., & Kim, J. (2015). Financial capability, asset ownership, and later-age immigration: Evidence from a sample of low-income older Asian immigrants. Journal of gerontological social work, 58(2), 114-127. [Google Scholar]
  32. Nakahara, T. (2008). Cultivating mathematical thinking through representation-utilizing the representational system. Proceedings of the APEC-TSUKUBA International Congress, Tsukuba. [Google Scholar]
  33. NCTM. (2000). Principles and standards for school mathematics. VA: Reston. [Google Scholar]
  34. OECD. (2014), PISA 2012 Results: Students and Money: Financial Literacy Skills for the 21st Century (Volume VI), Paris: OECD Publications. [Google Scholar]
  35. OECD. (2016a). The PISA 2015 Assessment Framework: Mathematics, Reading, Science and Problem Solving Knowledge and Skills, Paris: OECD Publications. [Google Scholar]
  36. OECD. (2016b). “PISA 2015 Financial Literacy Framework”, in PISA 2015 Assessment and Analytical Framework: Science, Reading, Mathematic and Financial Literacy, Paris: OECD Publications. [Google Scholar]
  37. OECD. (2017). G20/OECD INFE report on adult financial literacy in G20 countries http://www.oecd.org/daf/fin/financial-education/G20-OECD-INFE-report-adult-financial-literacy-in-G20-countries.pdf [Google Scholar]
  38. Ontario. (2010). A sound Investment Financial Literacy Education in Ontario Schools. Report of the Working Group on Financial Literacy. Ministry of Education Ontario Working Group on Financial Literacy, Toronto: Ministry of Education Ontario [Google Scholar]
  39. Ontario. (2011). Financial Literacy Scope and Sequence of Expectations. Resource Guide. The Ontario Curriculum Grades 4-8. Toronto: Ministry of Education Ontario [Google Scholar]
  40. Orton, L. (2007). Financial Literacy: Lessons from International Experience, Ontario: Canadian Policy Research Networks. [Google Scholar]
  41. Ozkale, A. (2018). The Research of Curriculums of Turkey and Canada (Ontario) from the Perspective of Financial Literacy and Mathematical Literacy and a Model Suggestion. (Unpublished doctoral dissertation). Anadolu University, Turkey.  [Google Scholar]
  42. Papanastasiou, E. C. & Ferdig, R. E. (2006). Computer use and mathematical literacy: An analysis of existing and potential relationships. The Journal of Computers in Mathematics and Science Teaching, 25(4), 361-371. [Google Scholar]
  43. Piaget, J. & Ebrary, I. (2002). Judgment and reasoning in the child. London: Routledge. [Google Scholar]
  44. Pugalee, D.K. (1999). Constructing A Model of Mathematical Literacy, The Clearing House, 73(1), 19-22. [Google Scholar]
  45. Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2010). Financial socialization of first-year college students: The roles of parents, work, and education. Journal of youth and adolescence, 39(12), 1457-1470. [Google Scholar]
  46. Schoenfeld, A. H. (1992). Learning To Think Mathematically: Problem Solving, Metacognition, and Sense Making in Mathematics. In D. A. Grouws (Ed.), Handbook of research on mathematics teaching and learning (pp. 334-370). New York: Macmillian. [Google Scholar]
  47. Schuchardt, J., Hanna, S. D., Hira, T. K., Lyons, A. C., Palmer, L., & Xiao, J. J. (2009). Financial literacy and education research priorities. Journal of Financial Counseling and Planning, 20(1), 84-95. [Google Scholar]
  48. Skemp, R. R. (1978). Faux Amis. The Arithmetic Teacher, 26(3), 9-15. [Google Scholar]
  49. Sole, M. A. (2014). Financial Literacy: An essential component of mathematics literacy and numeracy. Journal of Mathematics Education at Teachers College, 5(2), 55-62. [Google Scholar]
  50. Sole, M. A. (2017). Financial education: Increase your purchasing power. Mathematics Teacher, 111(1), 60-64. [Google Scholar]
  51. Star, J. R. (2005). Reconceptualizing procedural knowledge. Journal for research in mathematics education. 36(5), 404-411. [Google Scholar]
  52. Torp, L. & Sage, S. (2002). Problems as possibilities: Problem-based learning for K-16 education. VA: Association for Supervision and Curriculum Development. [Google Scholar]
  53. Van de Walle, J. A., Karp, K. S., & Williams, J. M. B. (2007). Elementary and middle school mathematics. Teaching development. Boston: Pearson. [Google Scholar]
  54. Wheatley, G. H. (1992). The role of reflection in mathematics learning. Educational Studies in Mathematics, 23(5), 529-541. [Google Scholar]
  55. Williams, T. (2007). Empowerment of whom and for what? Financial literacy education and the new regulation of consumer financial services. Law and Policy, 29(2), 226-256. [Google Scholar]
  56. Worthington, A. (2004). The distribution of financial literacy in Australia. Financial Services Review, 15(1), 59-79. [Google Scholar]