Pedagogy of Financial Education among College Students

Open access


The level of economic thinking and financial culture of population should be considered one of the most important components of society’s economic life quality. Here, a key factor is economic and financial socialization of an individual, which can be achieved mainly by modelling appropriate training process technology to promote and ensure financial awareness at the early stages of training in high school and later on in colleges and universities. This paper focuses on one of the options of a unique subject matter (course) in Financial Education, for which testing started in 2008 and is successfully continuing in the Department of Business Management of Neri Bloomfield School of Design and Education (Haifa, Israel) against the backdrop of a multicultural environment. The study shows the dynamics of the formation of the main teaching methods of the new course. In parallel, we analysed the results of the final examinations of students to further adjust the content and pedagogy of the educational process. The results once again confirmed the urgent need to improve the financial literacy of students in accordance with the challenges of economics and culture in the twenty-first century.

If the inline PDF is not rendering correctly, you can download the PDF file here.

  • Australian Securities and Investment Commission “National Financial Literacy Strategy” (2011). [Accessed 25.08.2015]. Available from Internet:

  • Bianko C. & Bosco S.M.Financal Literacy: What are Business Schools Teaching? Journal of Global Business Management 7(1) (2011):1-8.

  • Biktimirov E.N. & Nilson L.B. (Fall 2006). Show Them the Money: Using Mind Mapping in the Introductory Finance Course. Journal of Financial Education (32) 72-86.

  • Bouzdine-Chameeva T. (2009). Locating in Conceptual Space: Using Mapping Tools in Teaching Presentation Summary. Bordeaux Management School 1-3.

  • Chen H. & Volpe R.P. (1998). Analysis of Personal Financial Literacy among College Students. Financial Services Review (7(2)) 107-128. [Accessed 25.08.2015]. Available from Internet:

  • Chen H. & Volpe R.P. (2002). Gender Differences in Personal Financial Literacy Among College Students. Financial Services Review (11(3)) 289-307.

  • Davies M. (2011). Concept Mapping Mind Mapping and Argument Mapping: What are the Differences and Do They Matter? Higher Education (62(3)) 279-301.

  • Financial Education for Youth. Trainer’s Manual (2011). Kathmandu: ILO Country Office for Nepal.

  • Gudmunson C.G. & Panes S.M. (2011). Family Financial Socialization: Theory and Critical Review. Journal of Family and Economic Issues 32(4) 644-667.

  • Habschick M. Seidl B. & Evers J. (2007). Survey of Financial Literacy Schemes in the EU27. Hamburg Germany.

  • Hogarth J.M. (2006). Financial Education and Economic Development. [Accessed 25.08.2015]. Available from Internet:

  • Ishikawa K. (1985). What is Total Quality Control? The Japanese Way. London England: Prentice Hall.

  • Johnson E. & Sherraden M.S. (2007). From Financial Literacy to Financial Capability Among Youth. Journal of Sociology and Social Welfare (34(3)) 119-145.

  • Kivial B. & Morduch J. (2012). From Financial Literacy to Financial Action. A White Paper for the McGraw- Hill Research Foundation (January 2012) 1-20.

  • Lusardi A. Mitchell O.S. & Curto V. (2010). Financial Literacy Among the Young. The Journal of Consumer Affairs (44(2)) 358-380.

  • Mandell L. & Klein L.S. (2009). The Impact of Financial Literacy Education on Subsequent Financial Behaviour. Journal of Financial Counselling and Planning Education (20(1)) 15-24.

  • Orton L. (2007). Financial Literacy: Lessons from International Experience. Ottawa ON: Canadian Policy Research Networks.

  • Reifner U. & Schelhowe A. (2010). Financial Education. Journal of Social Science Education (9(2)) 32-42.

  • Samy M. Tawfic H. Huang R. & Nagar A..K.’ Financial Literacy of Youth. A Sensitivity Analysis of the Determinants’ International Journal of Economic Sciences and Applied Research 1(1)(2008):55-70

  • Sharabani S. (2013). Financial Literacy Among Israeli College Students. Journal of College Student Development (54(4)) 439-446.

  • Sherraden M. S. (2013). Building blocks of financial capability. In J. M. Birkenmaier M. S. Sherraden & J. C. Curley J. (Eds.) Financial Capability and Asset Building: Research Education Policy and Practice 1-43. New York & Oxford: Oxford University Press.

  • Solheim C.A. Zuiker V.S. and Levchenko P. (2011). Financial Socialization Family Pathways: Reflections from College Students’ Narratives. Family Science Review (16(2)) 97-112.

  • Stolle R. & Dumpe D. (2009). Developing the Personal Financial Literacy of College Students. Kent Ohio: Kent State University. [Accessed 25.08.2015]. Available from Internet:

  • The Case for Financial Literacy in Developing Countries Promoting Access to Finance by Empowering Consumers. (The World Bank 2009). [Accessed 25.08.2015]. Available from Internet:

  • Volpe R.P. H. Chen & Pavlicko J.J. (1996). Personal Investment Literacy Among College Students: A Survey. Financial Practice & Education: Fall/WinterVol.6. Issue 2 86-94.

  • Xu Lisa Bilal Zia. Financial Literacy Around the World: An Overview of the Evidence With Practical Suggestions for the Way Forward. The World Bank Development Research Group Finance and Private Sector Development Team: June 2012. WPS6107.

Journal information
All Time Past Year Past 30 Days
Abstract Views 0 0 0
Full Text Views 560 196 13
PDF Downloads 307 126 3