| The Overlooked Bridging Role of Financial Markets at Curriculum Content in Financial Education: Analysis for Constructing Optimum Financial Literacy Curriculum |
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Jun Tae Kim |
| 금융교육 교과내용 내 ‘금융시장’ 정위화(正位化)를 통한 새로운 금융교육 체계 탐색 |
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김준태 |
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| Abstract |
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This study aims to provide deeper insights through an innovative and comprehensive research that provides a way to compare and contrast the problems of existing financial literacy education in school system. The study questions the narrowness in underlying understandings of financial education without financial markets, including formal content system of financial education. Thus, this paper offers a novel conceptual understanding of the concept of financial markets system in financial education based on existing academic literature, and suggests how financial markets newly position into the current financial education content. The educational management approaches can be extended into the realms of entire content system in financial literacy education.
The argument of this paper is that it can be fruitful to understand financial markets in a dynamic and holistic manner with attention to extended individual and society dimensions in order to fully benefit from financial education and to make financial education a driving force for economic and social development. This paper provides a theoretical model that highlights some of the main factors involved in the relationship between real economy and financial markets. Research suggests that beyond acquiring knowledge and skill to act at real economy, learning on financial markets also involves the development of overall deep understanding about economic decision making. Yet most accounts of financial education do not include this concept.
This is one of the first comprehensive studies to explore the importance of financial markets as the essence of the financial literacy education content system, and how the extended concept of financial markets can impact potential of economic development and growth in the modern economy and society. The outcome of this study provides unique insights into the comprehensive concept of financial markets positioned in new financial education system, contribute to theory in the areas of financial education. In addition, this study yields important policy and managerial implications to improve the state of financial education and to employ effective teaching methodologies in the area of financial education. |
| Key Words:
Financial Literacy Education, Financial Market, Economic decision making, Lifelong financial behavior and personal finance |
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