Financial literacy

Public libraries are “uniquely situated to promote literacy” (IFLA Section on Reading) but today’s complexity demands more than reading, writing, and numeracy skills: Atomic learning has identified a list of  12 of what they call “21st century skills”, including digital citizenship, health literacy, critical thinking & problem solving, etc.

Financial literacy is one of them and can be defined as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being” (President’s Advisory Council on Financial Literacy).

 OECD’s PISA conducted a financial literacy assessment of students, which results were release last 19 July 2014. According to them, “helping young people understand financial issues is important, as younger generations are likely to face ever-increasingly complex financial products and services”.

There’s plenty of online resources focused on financial literacy. You can find a few of them in this article by the DEN (Discovery Education Network) where you can also find an introduction to this concept.

3 responses to “Financial literacy

  1. Reblogged this on Den inre fienden and commented:
    Om att hjälpa medborgarna bli ekonomiskt kompetenta – kan “financial literacy” vara en uppgift för bibliotek?

  2. Pingback: Financial literacy | Den inre fienden

  3. From my piont of wiev financial literacy would be of great interest for public libraries if and when they decide to work as local community centers. In Sweden there are good examples of libraries working to develop financial literacy with their patrons and citizens. Libraries co-operate with governmental authorities, like the Swedish Consumer Agency, on this subject. Most Swedish municipalities can offer their citizens consumer advice. This is often done together with the locakl library.
    Of course more can be done. The library could invite the municipalitys budget and debt advisors for information sessions programmes for the public.The library could be the hub for sharing economy in the local society. Sharing ownership of tools, musical instuments and providing seeds for gardening could be, in my opinion, part of the core activities as much as sharing the ownwership of books and knowledge.
    At my library, Örebro Public Library, Sweden consumer advicors are “embedded” in the library staff. We are working together to fulfill objectives and goals on empowerment decided by the local poloticians.

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