Exploring Financial Education as Citizenship Education

Abstract

This study re-examines the current financial education initiatives from the perspective of social studies and citizenship education to provide suggestions for the new financial education subject which is to be introduced in the 2022 Revised National Curriculum. A critical review of the current financial education discovers that it is based on assumptions of ‘personally responsible citizen’, and ‘subject-oriented rational citizen’. It is also discussed that the current financial education is solely immersed in ‘personal money management.’ To be introduced as a legitimate social studies subject, this study suggests that current financial education needs to pay more attention to the citizenship of ‘participatory and justice-oriented citizen’ as well as ‘others-oriented virtuous citizen’. It is also suggested that to extricate the curriculum out of ‘personal money management’ to an expanded understanding of financial fields is required. Certainly, we need to prepare our students to be financially literate to go through the uncertainty of financial lives. But we also need to encourage them to be more just, participatory, and hospitable to others with an expanded understanding of the financial world.