Enhancing the generative learning of young people in the domain of financial literacy through learning study

The purpose of this paper is to collect new evidence about the efficacy of the pedagogical principles derived from our earlier study on boosting students’ financial literacy, with the aim of providing a theoretically and practically powerful account of how generative learning in the domain of financial literacy can be enhanced.

This is an example of learning study consisting of a design experiment, which aims to test the conjectures of the variation theory of learning. A total of 156 students who were aged from 14 to 16 years were taught under the three learning conditions which embedded the test criteria, and a total of seven lessons were used by the two participating teachers for each of the classes. To assess students’ appropriation of the object of learning, four tests were conducted, i.e. a pre-test, post-test immediately after the lessons, delayed post-test after six weeks and second delayed post-test after six months.

This study shows that a systematic use of the pattern of “contrast-fusion-generalization” to deal with the individual core economic concepts identified can help students lay a solid conceptual foundation for developing financial literacy. Furthermore, with the use of the meta-level pattern of “contrast-fusion-generalization” through complex everyday financial problems or situations which transcend the specific concepts, students can make effective use of the core economic concepts learned and transform them organically into one’s analytical framework. This enables students to discern and focus upon the critical aspects of novel financial situations and have a greater likelihood of making well-reasoned and sound financial decisions.

This paper sheds light on the ways in which students’ generative learning in the domain of financial literacy can be enhanced through the conceptual approach grounded in the variation theory of learning.