Infusing financial literacy in primary mathematics: A proposed framework for instruction

Abstract

Financial literacy (FL) is becoming ever more significant and relevant as both the spending potential and access to wealth on the part of young people increases with the increase of affluence in society, such as among Singaporean pupils. At the primary school level, pupils as young as 7 years old have already began to learn the basic elements of money and finance which are central to developing financial literacy. Since its inception, this has been achieved mainly through out of the classroom lessons or enrichment activities, but the infusion of FL into Mathematics instruction is rare. The stumbling block is the lack of suitable examples that mathematics teachers can use, especially for topics in the primary school mathematics curriculum. This chapter describes the concept of financial literacy, the importance of financial literacy in mathematics education, a matrix of mathematics-based financial literacy, and the various mathematical tasks to promote financial literacy. The mathematics-based financial literacy framework provides a more holistic conception of FL, and it also highlights how mathematics can be used to understand critical issues related to the three FL messages. Examples are then created within the framework to include content knowledge, and strategic knowledge related to mathematics. Six mathematical tasks are highlighted so that teachers might trial in their mathematics lessons to engage pupils in the principles of wise money management.