Efficiency of interactive financial education model: Evidence from high school and university students

Abstract

The objective of this study is to bring new model of financial literacy education for youngsters at high school and college/university, through the use of active pedagogical and didactic methodologies. This study designs new model which serves as a preparation strategy for the PISA test (Program for International Student Assessment) as an alternative to improve financial lives. The method applied was investigation-action in four steps: a) construction of the model, b) implementation, c) testing, and d) improvements in order to develop pedagogical and didactic strategies that improve financial literacy. The model was applied in Colombia to 200 high school students, and 150 university students. It was found that the proposed interactive action learning model stimulates learning through competitiveness and yields positive results at financial knowledge for making appropriate financial decisions for both high school and university students. The results show the use of active pedagogies, through role play, contests, and decision making, generates better knowledge appropriation tools, making the learning model more effective in financial education. The results show significant improvement in the knowledge level of both high school and university students.