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Combining Development and Education: Why Do Decision-Making and Social Norms Matter for Financial Education?

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International Handbook of Financial Literacy

Abstract

Financial education for children involves the transmission of—and contributes to modify—knowledge and behaviours in and in relation to the economic domain, in different ways at different ages. From a psychological perspective, to make financial education for young people effectively it is necessary to consider two related matters: the nature of the decision-making process and the understanding of social norms evidenced by that process’s features. Decision-making abilities can in this light be conceived as internal pre-requisites for educational interventions, and social norms as external constraints defining the contexts in which decisions are taken. After a brief overview of the main models of financial education devised by economists and psychologists in recent years, we present a review of the development of decision-making ability during childhood, focusing on the impact of social norms for our understanding of it.

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Authors and Affiliations

  1. Department of Psychology, Università Cattolica del Sacro Cuore, Milano, Italy

    Antonella Marchetti, Davide Massaro & Annalisa Valle

  2. Department of Humanities and Social Science, Università degli Studi di Bergamo, Bergamo, Italy

    Ilaria Castelli

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  1. Antonella Marchetti
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  2. Ilaria Castelli
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  3. Davide Massaro
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  4. Annalisa Valle
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Correspondence to Antonella Marchetti .

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Editors and Affiliations

  1. Friedrich Schiller University Jena , Jena, Germany

    Carmela Aprea

  2. Goethe Universität Frankfurt, Frankfurt, Germany

    Eveline Wuttke

  3. Johannes Gutenberg Unversity Mainz, Mainz, Germany

    Klaus Breuer

  4. National Institute of Education Nanyang Technological University, Singapore, Singapore

    Noi Keng Koh

  5. University of Birmingham, Birmingham, United Kingdom

    Peter Davies

  6. Vienna University of Economics and Business, Vienna, Wien, Austria

    Bettina Greimel-Fuhrmann

  7. California State University, East Bay, Long Beach, California, USA

    Jane S. Lopus

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Marchetti, A., Castelli, I., Massaro, D., Valle, A. (2016). Combining Development and Education: Why Do Decision-Making and Social Norms Matter for Financial Education?. In: Aprea, C., et al. International Handbook of Financial Literacy. Springer, Singapore. https://doi.org/10.1007/978-981-10-0360-8_6

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  • DOI: https://doi.org/10.1007/978-981-10-0360-8_6

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