College Instructors' Insights on the Integration of Financial Concepts in Mathematics Courses

• In Event: Problematizing the Relationship(s) Between Financial Literacy and Mathematics in Multiple Educational Spaces

Abstract

Canadian colleges are renowned internationally for academic excellence and career preparation. They emphasize practical, hands-on learning with smaller class sizes to foster employable skills, catering to students of diverse ages and aspirations seeking career-focused education and upskilling opportunities. Colleges offer a wide array of credentials, including certificates, diplomas, undergraduate and limited graduate degrees, as well as micro-credentials, to support professional advancement.
College mathematics courses in Canada serve diverse purposes: rebuilding K-12 math knowledge, real-life applications for future careers, and introducing higher-level math for university transitions. Overall, College math courses are versatile, catering to diverse student needs. This project explores instructors’ experiences in college math through the concept of numeracy in math education. Numeracy encompasses mathematical abilities, confidence, and communication, including five categories: mathematical knowledge, contexts, tools, dispositions, and critical orientation. (OECD, 2013, Goos et al., 2014). The project prioritizes contexts’ significance in mathematics education literature to understand their impact on student learning and classroom settings. Eight contexts are conceptualized to explore numeracy’s application in comprehending the world at individual and societal levels, including arts and science, sports and leisure, media and politics, finance and economy, digital and technology, environment and sustainability, health and well-being, identity and diversity. We explore mathematical ideas in one of these contexts, finance and economy, to understand numeracy variations and instructors’ experiences with financial numeracy in math courses.
The methodology involved examining courses at nine Greater Toronto Area colleges to identify those integrating financial concepts. Mathematics instructors were interviewed about their experiences teaching financial concepts in math classes. The analysis revealed consistent perceptions among college instructors about teaching these concepts. Our findings emphasize the importance of practicality and real-life applications in teaching financial concepts to enhance students’ learning experiences and highlight mathematics’ relevance in everyday life. However, the instructors expressed frustration over limited teaching time, impacting the subject’s depth and practicality in a semester. Two educational experiences emerged in our data as typical pathways among the instructors: acquiring knowledge through university courses or learning it “on the go” while teaching mathematics. Despite their different backgrounds, both types of instructors demonstrated a strong grasp of concepts such as simple and compound interest. Among those with positive personal experiences, confidence was reflected in mortgage calculations and the power of compounding, and financial decisions like early retirement investment. Yet, challenges arose with others, typically associated with credit card payments and investments as a way to protect against inflation. These findings emphasize the significance of relevant and practical mathematics in students’ lives.
Teaching financial concepts in mathematics courses goes beyond imparting mathematical knowledge; it fosters numeracy skills in students. Real-life applications and practicality are instrumental in developing essential numeracy, including effective tool usage, understanding various contexts, critical thinking, and positive financial dispositions. Instructors’ personal experiences can enhance engagement and equip students with the skills to make informed financial decisions in daily life; however, there needs to be a critical reflection on these experiences for their teaching to be effective.

Authors

• Asia Majeed, University of Toronto

• Alexandre Cavalcante, University of Toronto