3 Cornerstones of Economic Literacy for students

livros estudoEconomic activity in the sphere of our life includes:

  • planning and organization of personal budget;
  • income and family expenses;
  • economically reasonable estimate of the goods, their rational use;
  • rational attitude towards our own health, lifestyle;
  • appropriate use of our free time;

Economic education should be implemented as early as in elementary school, as it’s during the early school years when foundation for future identity formation is made.

Economic education is aimed at adaptation of people to rapidly changing social and economic conditions of life. Economic education is an integral, essential part of general education. The relationship of economy to mathematics, computer science, history, geography, law, social sciences and other school disciplines allow us to create in students an adequate representation of the world, form a personality of modern man and citizen.

Economic education of students is intended to:

  • generate economic thinking; educate rational needs;
  • develop professional skills, discipline and initiative;
  • teach methods of economic analysis;
  • instill the ability to match our own needs with the physical abilities;
  • consciously relate to chosen profession and find our place in a market economy;

cultivate respect for natural resources. There are various reasons why we need to improve financial literacy in classroom.

Economic Literacy Criteria

Economic literacy criteria realized in knowledge and understanding of economic laws. All of these will give the opportunity to self-develop since the early school years. Effective economic education of younger generation requires:

  • high economic consciousness of the individual;
  • culture of economic thinking and economic behavior;
  • high level of economic competence of teachers, professors of educational institutions;
  • attraction of young people to socially useful, productive work, which is accompanied by the assimilation of knowledge in economics;
  • instilling in students skills to efficiently manage their time and material values;
  • exercise economy in the sphere of material production and in the service sector.

Economic Literacy Approaches

There are four approaches due to which we can improve financial literacy in the general course of youth education:

  1. Business-Oriented;

First, professionally-oriented or business-oriented approach involves the development of economic skills needed for everyday life, it is a kind of tips systematization.

  1. Theorizing;

Second, theorizing approach which views economic school education as a simple academic, university education.

  1. Cultural and Functional;

Third, cultural and functional approach which is aimed at formation of a common culture, development of adequate ideas about the world, essence of economic phenomena and processes.

  1. Academic;

Fourth, academic approach which has a stated education program approved by the Ministry of Education with a set of textbooks and programs.

Reasons to Improve Economic Literacy

We buy the goods and services, pay taxes, keep the money in the banks, take loans, which means that we take part in economic life every day. The very first reason for studying economics and improving economic literacy is that it plays an important role in solving the problems that are present in the lives of everyone. We face problems that need economic involvement every day. For example, what will be the salary after paying all the necessary taxes? Should I take a loan for an apartment or a car?

School students do not always understand what the future of the country and its economic growth largely depends on them, the people who are sitting at their desks today.

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