Main Article Content

Abstract

Financial literacy is a knowledge and attitude about finance and is a 21st-century skill. As a knowledge, a cognitive factor of a person will impact their financial literacy skill. Through a bibliometric analysis study of 274 documents published from 1994 to 2022 in the Scopus database, we found that mathematics literacy is the cognitive factor of one's financial literacy skill. The OECD and several studies offer intertwined concepts, financial literacy and mathematics, to be presented in the mathematics curriculum in primary and secondary schools. After we got the bibliometric results, we surveyed several junior high schools in Yogyakarta to learn more about this issue. A total of 15 mathematics teachers participated in this survey, randomly chosen in junior high school. We got information stating that mathematics teachers used financial terms as a social arithmetic context, did not teach financial knowledge and attitudes, and never heard 13 from 17 financial terms in the survey. Furthermore, we present a framework for implementing financial literacy in mathematics through three dimensions, content, context, and process. The dimension content consists of mathematics' and financial content. On the other hand, the dimension context is related to education and work, home and family, and individual and societal. As a cognitive process, the dimensions of the process are based on Bloom's Cognitive stages. The potential for future research is developing learning activities and implementing them in the independent curriculum, which impacts schools' ability to use project-based learning, which is the most approach to implementing financial literacy in mathematics classes.

Keywords

Financial Literacy Junior High School Mathematics Literacy Project-Based Learning

Article Details

How to Cite
Sagita, L., Putri, R. I. I., Zulkardi, & Prahmana, R. C. I. (2022). Promising research studies between mathematics literacy and financial literacy through project-based learning. Journal on Mathematics Education, 13(4), 753–772. https://doi.org/10.22342/jme.v13i4.pp753-772

References

  1. Aidi Ahmi, R. M. (2019). Bibliometric analysis of global scientific literature on web accessibility. International Journal of Recent Technology and Engineering (IJRTE), 7(6), 250-258
  2. Amagir, A., van den Brink, H. M., Groot, W., & Wilschut, A. (2021). SaveWise: The impact of a real-life financial education program for ninth grade students in the Netherlands. Journal of Behavioral and Experimental Finance, 33, 100605. https://doi.org/10.1016/j.jbef.2021.100605
  3. Anderson, L. W., & Krathwohl, D. R. (2001). A taxonomy for learning, teaching, and assessing: A revision of Bloom's taxonomy of educational objectives. Longman
  4. Atkinson, A., & Messy, F. (2012). Measuring financial literacy: Results of the OECD/International Network on Financial Education (INFE) pilot study. OECD Publishing. https://doi.org/10.1787/5k9csfs90fr4-en.
  5. Bashir, M. F. (2022). Oil price shocks, stock market returns, and volatility spillovers: A bibliometric analysis and its implications. Environmental Science and Pollution Research, 1-20. https://doi.org/10.1007/s11356-021-18314-4
  6. Bell, S. (2010). Project-based learning for the 21st century: Skills for the future. The Clearing House, 83(2), 39-43. https://doi.org/10.1080/00098650903505415
  7. Björklund, M. (2019). Teaching financial literacy: Competence, context and strategies among Swedish teachers. Journal of Social Science Education, 18(2), 28-48. https://doi.org/10.4119/jsse-1426
  8. Bottazzi, L., & Lusardi, A. (2020). Stereotypes in financial literacy: Evidence from PISA. Journal of Corporate Finance, 71. https://doi.org/10.1016/j.jcorpfin.2020.101831
  9. Cobo, M. J., López‐Herrera, A. G., Herrera‐Viedma, E., & Herrera, F. (2011). Science mapping software tools: Review, analysis, and cooperative study among tools. Journal of the American Society for information Science and Technology, 62(7), 1382-1402. https://doi.org/10.1002/asi.21525
  10. Cole, S., Sampson, T., & Zia, B. (2011). Prices or knowledge? What drives demand for financial services in emerging markets?. The Journal of Finance, 66(6), 1933-1967. https://doi.org/10.1111/j.1540-6261.2011.01696.x
  11. Cole, S., Paulson, A., & Shastry, G. K. (2016). High school curriculum and financial outcomes: The impact of mandated personal finance and mathematics courses. Journal of Human Resources, 51(3), 656-698. https://doi.org/10.3368/jhr.51.3.0113-5410R1
  12. Compen, B., De Witte, K., & Schelfhout, W. (2019). The role of teacher professional development in financial literacy education: A systematic literature review. Educational Research Review, 26, 16-31. https://doi.org/10.1016/j.edurev.2018.12.001
  13. Dituri, P., Davidson, A., & Marley-Payne, J. (2019). Combining financial education with mathematics coursework: Findings from a pilot study. Journal of Financial Counseling and Planning, 30(2), 313-322. https://doi.org/10.1891/1052-3073.30.2.313
  14. Eickholt, J., Jogiparthi, V., Seeling, P., Hinton, Q., & Johnson, M. (2019). Supporting project-based learning through economical and flexible learning spaces. Education Sciences, 9(3), 212. https://doi.org/10.3390/educsci9030212
  15. Goyal, K., & Kumar, S. (2021). Financial literacy: A systematic review and bibliometric analysis. International Journal of Consumer Studies, 45(1), 80-105. https://doi.org/10.1111/ijcs.12605
  16. Helen, T., & Ιlias, S. (2019). Financial literacy of graduate high school students. American Journal of Educational Research, 7(3), 232-236. https://doi.org/10.12691/education-7-3-7
  17. Helle, L., Tynjälä, P., & Olkinuora, E. (2006). Project-based learning in post-secondary education–theory, practice and rubber sling shots. Higher Education, 51(2), 287-314. https://doi.org/10.1007/s10734-004-6386-5
  18. Henning, M. B., & Lucey, T. A. (2017). Elementary preservice teachers’ and teacher educators’ perceptions of financial literacy education. The Social Studies, 108(4), 163-173. https://doi.org/10.1080/00377996.2017.1343792
  19. Holubova, R. (2008). Effective teaching methods--project-based learning in physics. Online Submission, 5(12), 27-36.
  20. Huston, S. (2010). Measuring financial literacy. Journal of Consumer Affairs, 44(2), 296-316. http://dx.doi.org/10.1111/j.1745-6606.2010.01170.x
  21. Indefenso, E. E., & Yazon, A. D. (2020). Numeracy level, mathematics problem skills, and financial literacy. Universal Journal of Educational Research, 8(10), 4393-4399. https://doi.org/10.13189/ujer.2020.081005
  22. Imafuku, R., Kataoka, R., Mayahara, M., Suzuki, H., & Saiki, T. (2014). Students’ experiences in interdisciplinary problem-based learning: A discourse analysis of group interaction. Interdisciplinary Journal of Problem-Based Learning, 8(2), 1. https://doi.org/10.7771/1541-5015.1388
  23. Jalinus, N., Nabawi, R. A., & Mardin, A. (2017). The seven steps of project-based learning model to enhance productive competences of vocational students. In International Conference on Technology and Vocational Teachers (ICTVT 2017) (pp. 251-256). Atlantis Press. https://doi.org/10.2991/ictvt-17.2017.43
  24. JumpStart Coalition. (2007). National Standards in K-12 Personal Finance Education. Retrieved from http://www.jumpstart.org/guide.html
  25. Kaiser, T., & Menkhoff, L. (2020). Financial education in schools: A meta-analysis of experimental studies. Economics of Education Review, 78, 101930. https://doi.org/10.1016/j.econedurev.2019.101930
  26. Kemendikbudristek. (2022). Panduan Pengembangan Projek Penguatan Profil Pelajar Pancasila [Guidance in Developing the Pancasila Student Profile Strengthening Project]. Kementerian Pendidikan Kementerian Pendidikan, Kebudayaan, Riset, dan Teknologi.
  27. Kokotsaki, D., Menzies, V., & Wiggins, A. (2016). Project-based learning: A review of the literature. Improving Schools, 19(3), 267-277. https://doi.org/10.1177/1365480216659733
  28. Lipkus, I. M., & Peters, E. (2009). Understanding the role of numeracy in health: Proposed theoretical framework and practical insights. Health Education & Behavior, 36(6), 1065-1081. https://doi.org/10.1177/1090198109341533
  29. Lusardi, A. (2012). Numeracy, financial literacy, and financial decision-making (No. w17821). National Bureau of Economic Research. https://doi.org/10.3386/w17821
  30. Lusardi, A. (2019). Financial literacy and the need for financial education: Evidence and implications. Swiss Journal of Economics and Statistics, 155(1), 1-8. https://doi.org/10.1186/s41937-019-0027-5
  31. Markham, T. (2011). Project based learning a bridge just far enough. Teacher Librarian, 39(2), 38.
  32. Moher, D., Liberati, A., Tetzlaff, J., Altman, D. G., & PRISMA Group. (2009). Preferred reporting items for systematic reviews and meta-analyses: The PRISMA statement. Annals of Internal Medicine, 151(4), 264-269. https://doi.org/10.7326/0003-4819-151-4-200908180-00135
  33. OECD. (2015), PISA 2015 Results (Volume IV): Students’ Financial Literacy. OECD Publishing. http://dx.doi.org/10.1787/9789264270282-en
  34. OECD. (2019). PISA 2018 Assessment and Analytical Framework. OECD Publishing.
  35. OECD. (2020). PISA 2018 Results (Volume IV): Are Students Smart about Money?. OECD Publishing. https://doi.org/10.1787/48ebd1ba-en
  36. Oguz-Unver, A., & Arabacioglu, S. (2014). A comparison of inquiry-based learning (IBL), problem-based learning (PBL) and project-based learning (PJBL) in science education. Academia Journal of Educational Research, 2(7), 120-128.
  37. Opletalova, A. (2015). Financial education and financial literacy in the Czech education system. Procedia-Social and Behavioral Sciences, 171, 1176-1184. https://doi.org/10.1016/j.sbspro.2015.01.229
  38. Otter, D. (2010). Teaching financial literacy in K–12 Schools: A survey of teacher beliefs and knowledge. The University of New Mexico.
  39. Ouachani, S., Belhassine, O., & Kammoun, A. (2020). Measuring financial literacy: A literature review. Managerial Finance, 47(2), 266-281. https://doi.org/10.1108/MF-04-2019-0175
  40. Ozkale, A., & Erdogan, E. O. (2020). An analysis of the interaction between mathematical literacy and financial literacy in PISA. International Journal of Mathematical Education in Science and Technology, 53(8), 1-21. https://doi.org/10.1080/0020739X.2020.1842526
  41. Ozkale, A., & Aprea, C. (2022). Designing mathematical tasks to enhance financial literacy among children in Grades 1–8. International Journal of Mathematical Education in Science and Technology, 55, 1-18. https://doi.org/10.1080/0020739X.2022.2157342
  42. Radmehr, F., & Drake, M. (2019). Revised Bloom’s taxonomy and major theories and frameworks that influence the teaching, learning, and assessment of mathematics: A comparison. International Journal of Mathematical Education in Science and Technology, 50(6), 895-920. https://doi.org/10.1080/0020739X.2018.1549336
  43. Rahayu, P. T., & Putri, R. I. I. (2021). Project-based mathematics learning: Fruit salad recipes in junior high school. Journal on Mathematics Education, 12(1), 181-198. https://doi.org/10.22342/jme.12.1.13270.181-198
  44. Reyna, V. F., & Brainerd, C. J. (2008). Numeracy, ratio bias, and denominator neglect in judgments of risk and probability. Learning and Individual Differences, 18(1), 89-107. https://doi.org/10.1016/j.lindif.2007.03.011
  45. Salas‐Velasco, M., Moreno‐Herrero, D., & Sánchez‐Campillo, J. (2021). Teaching financial education in schools and students' financial literacy: A cross‐country analysis with PISA data. International Journal of Finance & Economics, 26(3), 4077-4103. https://doi.org/10.1002/ijfe.2005
  46. Sawatzki, C., & Sullivan, P. (2017). Teachers' perceptions of financial literacy and the implications for professional learning. Australian Journal of Teacher Education, 42(5), 51-65.
  47. Sawatzki, C. M., & Sullivan, P. A. (2018). Shopping for shoes: Teaching students to apply and interpret mathematics in the real world. International Journal of Science and Mathematics Education, 16(7), 1355–1373. https://doi.org/10.1007/s10763-017-9833-3
  48. Savard, A. (2019). How teaching mathematics in elementary school can support financial education. In International Symposium Elementary Mathematics Teaching (p. 19).
  49. Savard, A. (2022). What did they have to say about money and finance? Grade 4 students’ representations about financial concepts when learning mathematics. Education 3-13, 50(3), 316-328. https://doi.org/10.1080/03004279.2020.1850826
  50. Savard, A., & Cavalcante, A. (2021). Financial education and mathematics education: A cross-cutting analysis of the epistemological intersection of financial numeracy. In Financial Numeracy in Mathematics Education (pp. 3-8). Springer, Cham. https://doi.org/10.1007/978-3-030-73588-3_1
  51. Singh, S., & Dhir, S. (2019). Structured review using TCCM and bibliometric analysis of international cause-related marketing, social marketing, and innovation of the firm. International Review on Public and Nonprofit Marketing, 16(2), 335-347. https://doi.org/10.1007/s12208-019-00233-3
  52. Skagerlund, K., Lind, T., Strömbäck, C., Tinghög, G., & Västfjäll, D. (2018). Financial literacy and the role of numeracy–How individuals’ attitude and affinity with numbers influence financial literacy. Journal of Behavioral and Experimental Economics, 74, 18-25. https://doi.org/10.1016/j.socec.2018.03.004
  53. Sole, M. A. (2014). Financial literacy: An essential component of mathematics literacy and numeracy. Journal of Mathematics Education at Teachers College, 5(2), 55-62. https://doi.org/10.7916/jmetc.v5i2.655
  54. Sole, M. A. (2017). Financial education: Increase your purchasing power. The Mathematics Teacher, 111(1), 60-64. https://doi.org/10.5951/mathteacher.111.1.0060
  55. TIM. (2022). Panduan Pembelajaran dan Asesmen Pendidikan Anak Usia Dini, Pendidikan Dasar, dan Menengah [The Guidance of Learning and Assessment for Early Childhood, Elementary, and Secondary Education]. Kementerian Pendidikan Kementerian Pendidikan, Kebudayaan, Riset, dan Teknologi
  56. Totenhagen, C. J., Casper, D. M., Faber, K. M., Bosch, L. A., Wiggs, C. B., & Borden, L. M. (2015). Youth financial literacy: A review of key considerations and promising delivery methods. Journal of Family and Economic Issues, 36, 167-191. https://doi.org/10.1007/s10834-014-9397-0
  57. Van Eck, N. J., & Waltman, L. (2020). Manual for VOSviewer version 1.6.15. Univeristeit Leiden
  58. Yildirim, M. M., & Vardari, L. (2020). Mathematical and financial literacy: A research with Prizren University students. Cypriot Journal of Educational Sciences, 15(6), 1574-1586. https://orcid.org/0000-0003-3212-5783

Most read articles by the same author(s)

1 2 > >>