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ERIC Number: EJ1106173
Record Type: Journal
Publication Date: 2014
Pages: 8
Abstractor: As Provided
ISSN: EISSN-2156-1400
Financial Literacy: An Essential Component of Mathematics Literacy and Numeracy
Sole, Marla A.
Journal of Mathematics Education at Teachers College, v5 n2 p55-62 Fall-Win 2014
With rising personal and public debt, public and private employers increasingly shifting financial responsibility to individuals, and an increase in both the number of financial investment options and predatory lending practices, today's students need to be financially literate. This paper defines financial literacy and justifies its place in the mathematics curriculum. After describing the gaps in young people's understanding of financial literacy, which is more pronounced among women and minorities, this paper provides examples of financial literacy exercises. College students' solutions demonstrated that the level of financial literacy is low. The majority of students were unfamiliar with financial principles and concepts. Students found it difficult to estimate answers and judge the reasonableness of their solutions. Reading comprehension and general cognitive skills led students to incorrect answers. The difficulties students had reinforce the need for financial education and developing students' general cognitive skills.
Program in Mathematics and Education, Teachers College, Columbia University. 525 West 120th Street Box 210-M, New York, NY 10027. Web site:
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education; Postsecondary Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A