Improving Financial Literacy : case Study of Financial Education in Schools in Estonia
Rabtsinski, Deniss (2010)
Rabtsinski, Deniss
Metropolia Ammattikorkeakoulu
2010
Creative Commons Attribution-NonCommercial-NoDerivs 1.0 Finland
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-201505066354
https://urn.fi/URN:NBN:fi:amk-201505066354
Tiivistelmä
The thesis discusses the problem of low financial literacy levels that people have in today's world and how financial literacy levels can be improved through school education. It is identified that financial literacy is a complex problem requiring a complex solution (which is yet to be discovered). Financial education can only be part of this complex solution. Even so, financial education encounters similar problems as traditional education: the decay of knowledge and effective retention of learned material. More research should be conducted on the effectiveness of financial education. At the moment, studies in this field show controversial results.
The research uses Estonia as a case study country. Quantitative data about financial literacy levels of Estonians is gathered from an OECD 2012 pilot study analysis. The results indicate respondents' relative competency regarding the theoretical side of financial literacy but at the same time there is a need for a shift in behaviours and attitudes. To understand current financial education efforts made in Estonia, an interview with a specialist from the Department of Education of Estonia is conducted. The analysis of qualitative data from the interview shows that financial education in schools in Estonia is taught but not on a wide scale. Only a selected number of schools have such courses in the form of electives. However, the existing courses were introduced due to demand from either students or their parents, so if this demand stays strong in the future, more educational efforts will be seen.
The research uses Estonia as a case study country. Quantitative data about financial literacy levels of Estonians is gathered from an OECD 2012 pilot study analysis. The results indicate respondents' relative competency regarding the theoretical side of financial literacy but at the same time there is a need for a shift in behaviours and attitudes. To understand current financial education efforts made in Estonia, an interview with a specialist from the Department of Education of Estonia is conducted. The analysis of qualitative data from the interview shows that financial education in schools in Estonia is taught but not on a wide scale. Only a selected number of schools have such courses in the form of electives. However, the existing courses were introduced due to demand from either students or their parents, so if this demand stays strong in the future, more educational efforts will be seen.