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Teachers’ Financial Literacy from a Swiss Perspective

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International Handbook of Financial Literacy

Abstract

In this chapter, we present findings on teachers’ financial literacy from a Swiss perspective. Analyses of the curricula of different levels and types of Swiss schools reveal that financial literacy should be taught. However, the learning objectives and curriculum contents regarding financial literacy vary in terms of detail and duration. To teach financial literacy, teachers must have the appropriate knowledge. International empirical results show that teachers have low levels of economic and financial literacy. International empirical results for other subjects reveal that formal opportunities to learn provide teachers with content and pedagogical content knowledge to teach economic and financial literacy. However, Swiss teachers’ education and training is currently subject to reforms and remains heterogeneous.

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Notes

  1. 1.

    In this paper, financial literacy is also referred to as economic literacy.

  2. 2.

    The quoted study of Atkinson and Messy (2012) is a pilot study of both the OECD and the International Network on Financial Education (INFE).

  3. 3.

    Atkinson and Messy (2012, pp. 7, 17) define the following eight key financial concepts: division, time value of money, interest paid on a loan, calculation of interest plus principle, compound interest, risk and return, definition of inflation, and diversification.

  4. 4.

    http://www.bfs.admin.ch/bfs/portal/de/index/themen/15/06/dos/blank/05/01.html (2015-05-05).

  5. 5.

    The Swiss dual VET system is comparable to the German dual VET system. Apprentices learn at VET schools, at the company, and in industry courses.

  6. 6.

    http://www.bfs.admin.ch/bfs/portal/de/index/themen/15/04/00/blank/uebersicht.html (2015-05-08).

  7. 7.

    See details: http://www.lehrplan.ch.

  8. 8.

    As a minor subject and as a major subject.

  9. 9.

    Subject learning objectives are typically presented in greater detail in the major subject economics and law.

  10. 10.

    The subject economics and society includes economics, business administration, accounting and law.

  11. 11.

    In German: Allgemeinbildender Unterricht (ABU).

  12. 12.

    They primarily used Form A from Walstad and Rebeck (2001).

  13. 13.

    The authors report a very low return rate of 4.81 % (Lucey and Norton 2011, p. 17).

  14. 14.

    Bank and Retzmann (2012, pp. 40–41) make use of the slightly modified German version of Beck and Krumm (1998, cited by Bank and Retzmann 2012), which updated definitions and currencies.

  15. 15.

    Depending on the federal state, lower secondary school can be attended at Hauptschulen, Realschulen, Mittelschulen or high school. The baccalaureate level is comparable.

  16. 16.

    Beck and Wuttke (2004, p. 118) surveyed 767 beginning students for economics, business administration and business education.

  17. 17.

    Regarding the differences between the teachers’ field of study and the subjects that they taught, the authors recommend that the results be interpreted with caution because related and unrelated subjects are represented by only two and four teachers, respectively.

  18. 18.

    Baumert and Kunter (2011, pp. 182–183) show that content and pedagogical content knowledge correlate but have different functions for students’ achievement. Increased content knowledge leads to more demanding tasks on a curricular basis. Pedagogical content knowledge almost only influences cognitive activation and individual constructive support.

  19. 19.

    According to the authors, this can be traced to a different conceptualization of mathematical and pedagogical mathematical content knowledge.

  20. 20.

    This level often comprises 2 years of kindergarten (nursery school) (Hofacher and Rhyn 2008, p. 30).

  21. 21.

    The duration of primary school is typically 6 years (Hofacher and Rhyn 2008, p. 30).

  22. 22.

    Lower secondary school includes, in many cantons, years 7 to 9 and is at the completion of compulsory school (Hofacher and Rhyn 2008, p. 31).

  23. 23.

    This percentage also depends on the number of subjects for which the teaching qualification is obtained.

  24. 24.

    They are allowed to start teacher training before acquiring a master’s degree, but the training cannot be completed prior to the conferring of the degree.

  25. 25.

    The actual duration of study can vary based on whether the students already teach and/or have to acquire further credit points in economics, business administration and/or law.

  26. 26.

    1 Credit point denotes 30 working hours.

  27. 27.

    Due to their randomly selected sample of classes, these teachers provide a relatively representative impression of teachers' real education and professional pathways.

  28. 28.

    Thirty-two teachers who immediately began teaching economics and society after their economic studies and later completed their teaching diploma were also considered. Thus, teachers who completed vocational education and training before they completed their baccalaureate education were included.

  29. 29.

    As the analysis of the school curricula has shown, teachers of mathematics, social and natural sciences, media and IT should be included in this analysis.

  30. 30.

    This curriculum analysis was conducted within the project Learning and Instruction for Commercial Apprentices (LINCA) in 2014. We thank Kübra Saglam-Isik and Ilona Zimmermann for their support with preparing the curricula. The State Secretariat for Education, Research and Innovation (SERI) subsidizes LINCA (2011–2016).

  31. 31.

    The only exception is monetary and fiscal policies which are not explicitly part of the compulsory programme of Zurich University of Applied Sciences (ZHAW).

  32. 32.

    Schweizerische Koordinationsstelle für Bildungsforschung (SKBF) (2014, p. 241).

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Authors and Affiliations

  1. Institut für Erziehungswissenschaft, University of Zurich, Kantonsschulstrasse 3, Zurich, Switzerland

    Doreen Holtsch & Franz Eberle

Authors
  1. Doreen Holtsch
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  2. Franz Eberle
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Correspondence to Doreen Holtsch .

Editor information

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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Holtsch, D., Eberle, F. (2016). Teachers’ Financial Literacy from a Swiss Perspective. In: Aprea, C., et al. International Handbook of Financial Literacy. Springer, Singapore. https://doi.org/10.1007/978-981-10-0360-8_43

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  • DOI: https://doi.org/10.1007/978-981-10-0360-8_43

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