Elementary Preservice Teachers’ and Teacher Educators’ Perceptions of Financial Literacy Education

Abstract

ABSTRACTThe authors conducted an online survey of elementary teacher education programs within a large midwestern state to assess preservice teachers’ and teacher educators’ beliefs about and preparedness to teach financial literacy. Very few preservice teachers had meaningful experiences with personal finance in high school, college, or personal decision making. No teacher educators reported ever teaching financial literacy in their higher education roles. Only 13% of teacher educators and 25% of preservice teachers thought that it was very important to teach financial literacy in elementary education. Most teacher education faculty and preservice teachers reported that they were not well qualified to use state economics standards or the JumpStart standards for financial literacy. Preservice teachers were more confident in meeting financial literacy standards than teacher educators. Both preservice teachers and teacher educators expressed openness to collaborating with other faculty members, members of the financial service industry, and parents to teach financial literacy. Follow-up phone interviews affirmed that elementary preservice teachers and teacher educators value social studies education (and financial literacy) less than reading and mathematics education. Qualitative results also suggest that elementary preservice teachers and teacher educators would like more easily accessible resources for teaching financial literacy.