Enhancing the financial literacy of young people: A conceptual approach based on the variation theory of learning

Aside from being pertinent to the financial stability and economic development, financial literacy is regarded as an essential life skill for young people, which enables them to participate in modern society. National surveys, however, have consistently revealed that the levels of financial literacy of young people are among the lowest as compared to the other demographics. Increasingly more countries are recognizing the importance of financial literacy and are developing financial education programs for schoolchildren. The main goal of many of these programs is to equip young people with the knowledge necessary to manage their financial resources effectively in a practical but piecemeal manner, such as knowledge of how to maintain a bank account and how to budget. The emphasis of these programs is on practical knowledge. In contrast to this prevailing approach, we advocate a conceptual approach based on the variation theory of learning to enhance the financial literacy of young people. It is argued that helping learners develop an in-depth understanding of a cluster of core financial concepts through the use of desirable patterns of variation and invariance will make it possible for the learners to develop an analytical framework, or a “lens”, based on the disciplines of economics and finance. In this way, learners will be able to evaluate financial situations in a more sophisticated way, as this lens will empower them to attend to the critical aspects of a financial situation that they have not discerned before. As a result, they will be able to see their financial situation in a new light and have a greater chance of making well-reasoned financial decisions

Seeking the best blend for deep learning in a flipped classroom – viewing student perceptions through the Community of Inquiry lens

Abstract We describe a case study of a third-year undergraduate class in Enterprise Education. A blended learning design in the form of a flipped classroom with a duration of one semester, was explored in two cohorts. The question was to explore how students experienced the flipped class for learning and how this approach presented the different presences in the Community of Inquiry (CoI), and its revisions. The online learning components represented the individual learning space, where the main resource was bespoke videos that replaced lectures and complemented the textbook and other learning material. The classroom hosted a business school-style seminar where students in small groups engaged in solving a new business case study, going through phases of developing a concept to presenting the group solutions to the class. It aimed at fostering active learning both inside and outside the class. Students participated in the activities to apply the theory in new cases. The teacher facilitated the sessions, provided direction and correction as needed. The research used mixed methods consisting of trace data, quantitative and qualitative student feedback to explore how suitable the flipped classroom in undergraduate education was towards developing deep learning. The online individual learning space yielded highly salient Teaching Presences, accompanied by evidence of Agency Presence, characterised by independent activity and personal learning preferences. Online videos and ICT resources helped with understanding the theory ahead of class meetings. Seminars in the collaborative space fostered deep learning of the theory, and enabled students to apply the prepared theory in case studies and solve problems. Integration and particularly Resolution in Cognitive Presence of CoI featured in the seminars, while Social Presence was the weakest. Suggestions are made to implement the flipped class principles in an online class