A praxis approach to financial literacy education

Financial literacy education (FLE) typically focuses on teaching skills and capabilities that promote individual wealth accumulation-for example, the importance of working, budgeting and saving. In this article, we argue the need to move from an individual wealth accumulation focus in FLE to a praxis approach to FLE. We outline the shortcomings of the conventional approach to FLE and develop a conceptual framework for a praxis approach to FLE. We view praxis as the moral, ethical and caring aspect of teaching. Using the conceptual framework, we argue that a praxis approach to FLE includes full attention to: how financial decision-making affects others and self; acknowledging that some life decisions are not financially rewarding; understanding that improving financial mathematics skills and capabilities may not equate to an increase in income; how SES affects an individual's ability to save and maintain long-term saving; and the ways in which gender, culture, values, psychological state, socioeconomic class and ethics shape identity and their impact on financial decision-making.