Abstract:

Today more than ever, citizens need to be financially aware, understanding the characteristics and risks of financial products, being able to make right choices. Therefore, the importance of financial education has increased in recent years, in particular as a result of developments in the financial markets and as a result of demographic, economic and value changes. For example in Slovakia, a recent school reform which innovated the content of many subjects, made financial education more integrated, particularly into mathematics education. Unfortunately, the implementation of this reform did not include the necessary changes for universities which prepare future mathematics teachers.

In 2009, we have commenced a years-long research, which included a test of trial procedures for teaching future mathematics teachers the financial mathematics. After a number of financial mathematics lessons focused on the understanding of basic financial mechanisms, students were given a test. The main purpose of the test was to determine a level of understanding of the financial terms and financial mechanisms. We have also developed a questionnaire to determine the experience of students with financial products and its impact on solving school tasks. These two methods of collecting data were chosen to determine the answer to our research question: How does experience in the financial literacy influence university students?

To analyse the obtained data, both, qualitative and quantitative analysis were used (test and questionnaire, respectively). By comparing students’ answers in the test and in the questionnaire, we have found out that they are strongly influenced by their respective families and by the media. When asking their opinion on the usability of the information from financial mathematics gained at school and in the media (TV, Internet,…), we found out that 25% of students thought that the information gained at school is partially or mostly sufficient, while 50% thought the same about the information from media.

Both analyses (quantitative and qualitative) helped us to reach a better understanding of the relationship between students´ everyday experiences and their skills concerning financial mathematics in the lessons. These findings should help us to improve the preparation of the courses for future mathematics teachers, to improve the students’ experience with their “everyday” knowledge, as well as help us to prepare a guideline on how to start teaching financial mathematics on the secondary school level.

Keywords:

Financial literacy, “everyday” thinking, mathematical thinking.