DEFINING, INTEGRATION AND MEASURING FINANCIAL LITERACY IN CURRICULUM

Abstract

In the modern world, financial literacy is becoming a key factor for the well being of people and the prosperity of nations. Understanding and skills in managing personal finances are essential, as they lead to better financial decisions, minimize financial shocks and stimulate economic growth in general. Despite the understanding of the problem of low levels of financial literacy among the population, even in developed economies, and the clear vision that the solution to this problem lies in preparing students from an early age, financial education is still not actively and comprehensively present in educational systems. The main reasons are overloaded training programs, lack of clear criteria for evaluating the final outcome of financial training, as well as lack of clear traceability of the relationship between conducted training and achieved result. The inability to distinguish it as a separate subject is a convenient excuse with which politicians and institutions shift responsibility.This article analyzes the obstacles to defining a common concept for the concept of financial literacy. Based on a literature review, the main challenges to the introduction of financial education in educational systems are summarized. A solution is proposed to overcome these challenges by using a holistic interdisciplinary approach to systematically integrate financial topics into educational programs. This approach allows students to become aware of the need for financial education through the prism of different academic disciplines. A criteria framework of the necessary basic financial knowledge from financial education from junior high school and high school. Examples from the daily life of students are also examined, through the analysis of which financial aspects can be revealed, viewed from the angle of subjects studied at school.Financial education is a process that develops over time. Therefore, it is important to integrate it into the curriculum in a coordinated manner so that students become aware of the different aspects of the concept of financial literacy, as it summarizes elements such as knowledge, training, attitude, application, competencies, behavior and responsibility. The lack of uniform definitions and measurement tools leads to contradictory and often difficult to compare results in its research. The development of financial literacy must have an interdisciplinary nature. However, until it is separated into a separate subject, the wanderings between the criteria and methods for assessing financial education will continue to lead to contradictions. And finding a correlation between the training provided and the achieved level of financial literacy will continue to be an „Achilles heel“ in front of introducing financial education into educational programs.