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Economic and Financial Education in the Classroom*
*The ideas, thoughts, and opinions expressed are not necessarily of the OAS nor of its member states. The opinions expressed are the responsibility of the authors.
1. What is your understanding of economic and financial literacy?
I understand it to be as basic as knowing what is the role of money to the individual and by large to family and society. ability to understand what is happening in the basics economics of the country we live in, how to use money wisely, how to obtain money by earning a honest bread and how to make wise decisions onhow to save, invest or spend. form an early age a child uses money, the lunch money, the grade 1 student gets allowances etc. SO form an early age the use of money is crucial.
The ability of any individual to write, speak, read, understand and make intelegent decisions about the basic fundamental principles to economics and finance.
Economic and financial literacy are two items very important for the economist.According to me ,the two items have a relationship.
My understanding of economy and financial literacy is a program in which all high school students would be exposed to various aspects of basic economic and finance practices. I agree with Mr. Richard MacDonald when he said, that if economic and finance literacy is taught by well prepared teachers, using engaging curricullar materials, all students have the capacity to learn basic skills to invest in themselves.
Basics. I understand the interest rates, credit card management. Car credits. But I feel bad in stock, dow jones for example. Buy and sell stocks.
There is no reason to answer such a question if you are just trying to clasify me as your primary object. instead, try to be an actor of real development. give us Scholarships, give us tools, do not give us many constraints(toefl, gre, gmat, waitning time, etc.). People are not sticks to count, we are flesh thath heve changing priorities.
Well, I think that the mayority of people dont´t understand so much aout it, the mayority of these infortmation is not easy to understand and to use in our daily life, that's why people do some wrong desicitions at all.
That each individual understands the interdependency of the various countries and individuals in their choices of what they buy, dispose of and consume. People should be able to communicate with others in all aspects of world economic endeavors.
Economic and financial litercy is ones ability to read and understand financial statements, especially the effects both positive and negive that it will have on the decisions whihc they make in therms of hire purchase, morgage, accepting a job based on salery and expenses of the individual.
I have a MBA and Master in Education. Currently working as teacher. I feel that people needs to undertand the language of economics and finantial markets. AS a language teacher my students study the cultures of Latin America as part of this study I include economic indicators like GNP, income per capite, indexes of poverty. At Home my wife tells me if the market went up or down and I always ask why? I always know the price of oil, gold, currency exchange against the pound and the yen. That gives me agenral idea of world economic. I try to create a culture of awareness of economic and finantial literacy with my students and family BUT sometimes is dificult because I can't find all this information in a single place.
In our classrooms many moons ago students were introduced to savings and budgeting as as essential component to Home Economics, now as we are becoming a modern society these values are disappearing - therefore economic and financial literacy is the norm - we need to take a step back to the values of yesteryear; to be trift from the home and classroom.
Over the past two year i was motivated to the involvement of gaining finincial "SENSE" due to interest in currency trading. Thus, I have gain a wide but super ficial understanding of the major economeies and a greater deal of many finincial ideas.
The inidividual must understand the nature of economic interdependence and how his needs and wants are satisfied in an interdependent world. This means understanding way the economy works, its key institutions local and international. It means understanding the personal decisons he/she makes and how to maximise his gains. It means understanding the finalcial system and the key institutions. Also the key issues and porblems all citizens must understand.
I believe that economic and financial literacy involves understanding the concepts of bugeting, saving and investing. Overall, it is understanding how to use the money earned to ensure a economically stable future for a person and his or her family.
Whenever I hear of these two terms I immediately think of persons knowing the status of where their country stand with regard to their human and money matter. Being financially literate allows for a person to have more than the average understanding of their finances but must be able to invest,budget and utilize/manage their money...so that it works for them.
Not too much. it is just what daily activities have guided me to learn, i need to knoe my incomes and prepare a budged to pay my bills and distibute the left over in the rest of my necessities.
I am a secondary school student and my reply may not be from from one with a full understanding of the economy - however I want to believe that every country should be having lessons on economic and financial literacy in the classroom on the radio and TV to allow each and every person to have full understanding of the economy in today's world
Simply it means that one should have the understanding of what you make and how you spend is has important on what you spend it on.
Building blocks of knowledge, age appropriate information on how the money market works, how to use , save, invest as an entrepreneur or intrapreneur.
How to manage ones income and use it to solve problems, embark on new ventures and create opportunites.
Economics is basically understanding and interpreting the events that will directly or indirectly affect daily living, which enables us to make smarter choices. Economic Literacy is aimed at raising the level of economic awareness worldwide. Financial literacy is the ability to make and manager sound decisions as it relates to your finances whether personal or job related.
I have not knowledge at all except from my daily life and savings that in my country are fewer although I have been working for many years.
2. Is the teaching of basic economics and personal finance important and relevant in your social and cultural context? Why or why not?
Yes! it is relevant because when one build a solid foundation basic yet very important it becomes a way of life our culture
Greatly agreed and would personally appreciate such an input in Caribbean small economies where the trend of thoguht is based on the inherited-home- based, silent education. Relising that a shift in thining and finincial cultures will raise grave challenges among the aging generation, many would appreciate the basic and relavent additional experience of such.
This is a basic requirement for survival and citizenship.
I think that it is very important and relevant because we currently live in a society where everyone wants to live in luxury but most people do not realise that luxury cannot be attained all at once. A typical young person will be aware of the need for saving and financial restraint but is often distracted by a want of nice things in his or her life and would often squander any money earned because he or she does not have sound knowledge of basic economics. Therefore he or she does not, or rather cannot, grasp the importance of not carefully controlling his or her finances or observing the economy of the world at large. Teaching basic economics at an early stage would indeed foster a habit of wise financial choices.
It is of vital importance especially now when every nation is feeling the effects of the financial downturn. in our social and cultural context people are made to belive that "Money is the root of ALL EVIL!!!and so there seem to operate a culture/mentality that thinking about how to make, invest and spend money wisely is really not a good thing.we must be educated about money in a way that it benefits us now and in the future.
Yes, it is of great importance because a great amount of my coworker jusst live from one low monthly payment which wiull cover everything and sometimesoue bank account are in red numbeer.
Most definitely! as some cultures practice basic economics within the home and it become part of their culture their way of life - while others are just the opposite, why? the basic unit the family right up to the community and country will benefit - without it we continue with "cry; we will always have the poor among us" reason if you think poor that's where you will be!
Yes it is because the word has become a village we have to know how to suvive on what you make and know what to buy and how much with the salary that you have.
Absolutely!! Especially in developing economies that have a colonial legacy wherein entrepreneurship has been considered "a bad word" and society relied on the crown colony to "survive". Coping with global economic trends mandate that this mentality be broken. That requires a new paradigm for social development and it must include clear, organize and strategic planning with a focus on early education, if we want change mindset. Any change in mindset and behavior must unfold within the context of a peoples culture. This challenge can be faced one step at a time through the re-education of our teachers, amendment to learning curriculum for teaching and learning from kindegarten to tertiary education and beyond. This requires a national effort which is not impossible.
It is relevant in our social and cultural context because of the increasing global competitivness and changing technologies.
Yes, it is very important in order to manage human and material medical resources.
3. What are three topics or concepts in the area of economics and personal finance that would be most helpful for you as an educator to know about?
Basic reading - not necessarily for an exam but for understanding.
Maths and Science for use in our everyday life.
Entrepernerial Development- what is required to start a business- to keep it going - not just in theory but in actuality, these skills will form the habits to be practuced in one's adult life.
1. Personal saving as a preparation for opportunities not yet seen.
2. Managing small investments -
3. The importance of trade - "the search for a great export product"
How the financial system works
How the eoomomy works
Decisionmaking in personal affairs.
1. How much do I speak to my students about money?
2. What are the BEST ways to save and invest?
How to avoid overuse of credit.
House economy.
Survivinh inflation.
I am in school but as a Youth Ambassador for natural disasters/and Climate Change and environmental advocate - but none the less use our website as an educational tool, the three topics:
Climate Change and it's effect on the economy of small island states.
The economics as it relates to the loss of our reefs/marine life and coastal erosion.
and the effects of climate change on rural communities and agriculture, in dollars and cents!
How to save.
Money management.
Cost of living.
How to teach students to identify entrepreneurship options within their areas of interest.
How to teach students to plan an entrepreneurship venture and pursue venture capital efforts.
How to turn community development passion into sustainable social entrepreneurship projects.
Absolute advantage, comparative advantage & law of demand.
As an educator in the medical field and as a doctor myself, I consider helpful to improve knowledge about managing of resources, investments and apropiate distribution.