A Tale of Two Strategies: Financial Literacy in Portugal and Spain
A Tale of Two Strategies: Financial Literacy in Portugal and Spain

Author(s): Pedro Tadeu, José Fernández-Batanero, Marta Rueda, Jose Cerero, Pedro Gravan
Subject(s): Social Sciences, Economy, Education, Business Economy / Management, School education, Socio-Economic Research
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: primary school; financial education; financial literacy
Summary/Abstract: We intend to study the state of financial literacy among primary school students in the Iberian Peninsula, focusing on Portugal and Spain. Financial literacy is a critical life skill, and its early introduction can significantly influence students' future financial behaviour. Our analysis targets students aged 6 to 12 by assessing how effectively financial education is integrated into primary school curricula within these regions. We focus on some existing data and educational programs related to financial literacy in primary schools. The study mainly gathered quantitative data and some minor qualitative elements from several sources, including scientific articles, local and national projects, curriculum reviews, and teacher and student assessments. Our main goal was to identify the current level of financial literacy among young students and evaluate the pedagogical approaches employed to teach these concepts in the long run. Preliminary findings suggest that while initiatives to incorporate financial education in primary schools exist, the extent and effectiveness vary significantly between countries. The analysis highlights key challenges, such as the lack of standardised curricula, insufficient teacher training, and varying levels of emphasis on financial literacy across different schools. Moreover, the data reveals a disparity in students' understanding of basic financial concepts, underscoring the need for more cohesive and comprehensive educational strategies. This study contributes to the ongoing discourse on financial education by providing insights into the current practices and identifying areas for improvement within the EU. It underscores the importance of early financial literacy education and its potential impact on fostering financially responsible future generations. Further research is important to connect to the EU policies that may allow the delivery of interventions to enhance financial literacy among primary school students not only in the Iberian Peninsula but also across other countries.

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