Intergenerational Financial Literacy: The Case for Teaching Sustainable Financial Decision Making in Schools

Abstract

This article examines national (US) educational financial literacy standards through the lens of sustainability and intergenerational responsibility. Linking financial literacy standards to important sustainability issues like the Bruntland Report, the American Indian seventh generation concept, and future ethics, the article recommends the addition of specific ethical, social, and environmental standards to current financial literacy standards. The example of water is used to illustrate the connection between sustainability and financial literacy, and implications for current educators are discussed.

Financial literacy among high school students: Evidence from India

“…Many researchers have advocated for such an approach to teaching financial literacy (e.g. Amagir et al, 2017; Arthur, 2011; Remmele and Seeber, 2012; Warner and Agnello, 2012). The borrowing is bad and savings is good theme that we encountered in our interviews has a distinct cultural root.…”

“…Financial literacy education should also have concepts such as culture, ethics, environment, and well-being of the society embedded in it, in order to create awareness among our youth that the decisions they make can affect others around them and future generations as well (Warner and Agnello, 2012). Also one should not underestimate the power of parental/community involvement and technology in improving financial literacy.…”

“…Financial literacy and behavior is integrated with the sociological issues our youth face; hence, cultural influences and social impacts are important factors to consider when researchers and educators are developing appropriate curriculum for teaching financial literacy to our children (Johnson and Sherraden, 2007). Warner and Agnello (2012) advocated for an integrated approach to teaching financial literacy. They argued that financial literacy must be taught in the context of the society, culture, environment, and ethics.…”

Consumer Financial Knowledge and Cashless Payment Behavior for Sustainable Development in Poland

“…Financial knowledge is a key element of financial literacy, which undoubtedly has an impact on the quality of life and is a key to sustainable development highlighted in the 2030 Agenda by the United Nations in 2015 [1][2][3][4]. The 2030 Agenda distinguishes 17 Sustainable Development Goals, several of which are relevant to cashless payments.…”

Examination of Black Men's Perceptions Of Personal Finance And Lived Experiences Developing Financial Literacy and Building Financial Capability Through The Lens of Institutional Racism

“…Intergenerational financial illiteracy is the inability to transfer to children and grandchildren financial knowledge or develop their skills to manage financial resources effectively (Warner & Agnello, 2012). Intergenerational financial illiteracy in the Black community has been identified as a condition of institutional racism (Better, 2008).…”