Learning Strategies, Classroom Activities, and Prior Learning in a Large Lecture Financial Literacy Course

• In Event: Effective Learning Strategies Roundtable

Abstract

In this poster presentation, we extend earlier work that explored teaching and learning in a large lecture financial literacy class. Royer and McAtee (2021) examined using clickers and question construction to improve student engagement, student retention, and the potential for higher-order learning. Our presentation identifies the course as holistic because it proceeds from both internal (affective) and external (behavioral) perspectives. The financial literacy course in which we apply this approach is called Personal Finance for Fiscal Wellness and is a required course for all students at Ball State University. We consider instructional strategies leading to the development of financial competency frameworks that address the subjective (interior view) and objective (exterior view) development of financial literacy, financial capability, and financial wellness (Xiao, 2016).
This presentation addresses the understanding that financial capability is an individual’s ability to act and their opportunity to act (Sherraden & Ansong, 2016). These concepts appear in the development of financial literacy (knowledge), financial capability (the ability and opportunity to act), and financial wellness (satisfaction with financial resources), influenced by and connected to previous learning experiences (Xiao, 2016). We employed a modified Financial Learning Quiz and collected data indicating financial tools awareness, different learning experiences (family and background, formal and experiential) (Brau et al., 2019), and demographic data. We also consider how these experiences (or the lack of them) appear in different demographic groups. We evaluate classroom pedagogical practices, learning outcomes, and practical learning experiences to implement needed changes and adjustments. We identify any connections between the classroom activities, learning strategies, prior learning, and developing financial literacy, financial capability, and financial wellness.

References
Brau, J. C., Holmes, A. L., & Israelson, C. L. (2019). Financial literacy among college students: An empirical analysis. Journal of Financial Education, 45(2), 179-205.
Royer, D. W., & McAtee, O. (2021). Activating large lecture financial learning: Collaboration and clickers during covid-19. HOLISTICA – Journal of Business and Public Administration, 12(2), 49-63. doi:doi:10.2478/hjbpa-2021-0014
Sherraden, M. S., & Ansong, D. (2016). Financial literacy to financial capability: Building financial stability and security. In C. Aprea, E. Wuttke, K. Breuer, K. K. Noi, P. Davies, B. Greimel-Fuhrman, & J. S. Lopus (Eds.), The international handbook of financial literacy: Springer.
Xiao, J. J. (2016). Consumer financial capability and wellbeing. In J. J. Xiao (Ed.), Handbook of consumer financial research (pp. 3-17): Springer.

Authors

• Danny Royer, Ball State University

• Olga W McAtee, Ball State University

• Tiffany Westfall, Ball State University