With money playing a major part in individuals' everyday lives it is essential that they are equipped with knowledge and confidence in how to manage money responsibly and to their best advantage (Lucey & Cooter, 2018). Financial illiteracy (FL) has always been a contemporary issue but is now being emphasized by the fast-moving technological environment we currently live in (FinLit, 2016). This qualitative study investigated the perceptions of students and teachers in year 11 of financial literacy in one case study school. Through using an approach of a questionnaire, interviews and classroom observations, the aim being to identify teachers and pupils' perceptions in one secondary school, in the southeast of the UK.
Thematic analysis identified evidence that a gap exists in pupil knowledge around FL. Teachers have different perceptions of where FL is taught, whereas students' interpretations group together, giving an indication that there are only two subjects that students understand as being FL. The results of this demonstrate a clear concept for students and an enigmatic and fragmented understanding for teachers. With FL being intricately linked to social mobility, empowerment, and wellbeing (Lusardi, 2019); the potential outcomes of the student's long-term wellbeing and opportunities could be limited. Therefore, with teachers' patchy understanding of FL being associated with finance and wellbeing, and students having little to no perception of FL at all, the gap between FL and education is magnified.
These findings present a gap in an area where the ownership of FL education from schools, government or individuals is grey and undefined. Therefore, the research data aims to acknowledge and highlight the gap through building upon existing research.