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4 th International INAP Conference Beijing, May 26 th and 27 th , 2011. Development and field-testing of a competence-based instrument for assessing financial literacy of adolescents. Dr. Carmela Aprea, Head of Research Theme „Current VET/PET Contexts“ - PowerPoint PPT Presentation
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Development and field-testing of
a competence-based instrument for assessing financial literacy of adolescents
Dr. Carmela Aprea, Head of Research Theme „Current VET/PET Contexts“
Swiss Federal Institute for Vocational Education and Training (SFIVET) Lugano, CH
4th International INAP ConferenceBeijing, May 26th and 27th, 2011
Dezember 2010 2
Overview
Mai 2011 n 4th International INAP Conference, Beijing (China) Dr. Carmela Aprean
1 Problem context
2 Review of prior research
3 Conceptual foundation of the assessment instrument
4 Field-testing of the assessment instrument
5 Preliminary results
6 Conclusions and suggestions for future research
Dezember 2010 3
Problem context
Mai 2011 n Dr. Carmela Aprean
… shrinking public support systems
Financial literacy (i.e. the ability to reasonably
decide upon and use financial resources) isimportant because of …
… shifting demographic profiles… changing financial markets
4th International INAP Conference, Beijing (China)
Dezember 2010 4
Review of prior research
Mai 2011 n Dr. Carmela Aprean
Financial literacy among the population is rather low.
This is especially the case for certain groups of consumers (e.g., the less educated, those at the lower end of the income distribution and minorities).
Consumers tend to overestimate their financial knowledge and skills.
4th International INAP Conference, Beijing (China)
(e.g., OECD 2005; Reifner, 2006)
Dezember 2010 5
Conceptual foundation
Mai 2011 n Dr. Carmela Aprean4th International INAP Conference, Beijing (China)
Competence as the potential to generate effective actions in order to cope with the demands of specific situations. This potential is based on the activation of individual dispositions (e.g., Weinert, 2001).
Action regulation theoretical approaches (e.g., Hacker, 2003; Miller, Galanter & Pribram, 1960).
Knowledge psychological approaches (e.g. Anderson et al., 2003).
Dezember 2010 6 Mai 2011 n Dr. Carmela Aprean
Conceptual foundation
Individual characteristics
Factual, conceptual, procedural, meta-cogn.
Situational characteristics
Task characteristics
(Gibson: Affordances/Constraints)
changes
Decisionproduct (II)
Mentale(s) Modell(e)
)
Mental)
Model(s)
Decisionproduct (I)
Performance
Planning financial decisions
Executing financial decisions
Controlling financial decisions
Further situational conditions
Competence-based working model
Decisionprocess
Motivations & interests
Attitudes & values
Knowledge & skills
4th International INAP Conference, Beijing (China)
Dezember 2010 7 Mai 2011 n Dr. Carmela Aprean
Field-testing
Sample
198 students (grades 8 and 9) in Baden-Wuerttemberg (Germany)
4 lower-level (i.e., Hauptschule; n=101) and 4 mid-level (i.e., Realschule; n=97) secondary schools
Age: 14 - 17 years
50 percent female
4th International INAP Conference, Beijing (China)
Dezember 2010 8 Mai 2011 n Dr. Carmela Aprean
Field-testing
Informational part
Assessment questionnaire
Subjective part Objective part Demographic
characteristics
Money at disposal
Average revenues & expenditures
Availability ofbank account
Major financial education agents
Future professionalplans
Importance of money/financial issues
Preparedness forfinancial issues
Interest in financial topics
Awareness of sound financial decision making
Attitudes and valuesconcerning consumption,saving and indebtedness
Planning financial decisions (8 items)
4th International INAP Conference, Beijing (China)
e.g. Exploring needs & wants Budgeting
Executing financial decisions (12 items)e.g. Comparing offers Concluding a contract
Controlling financial decisions (3 items)e.g. Controlling receipts Preserving financial
documents
Dezember 2010 9 Mai 2011 n Dr. Carmela Aprean
Preliminary resultsSubjective part Objective part
Itemanalyses
•.48 < degree of difficulty < .79•.45 < discriminatory power < .65•.61 < internal consistency < .74•.98 < inter-rater consensus < 1.00
•.19 < degree of difficulty < .91•.28 < discriminatory power < .51•.35 < internal consistency < .59•.95 < inter-rater consensus < 1.00
Descriptive Analyses
• M (Importance) = 3.08 (SD=.80)• M (Preparedn.) = 3.10 (SD=.69)• M (Interest) = 1.90 (SD=.87)• M (Awareness) = 1.85 (SD=.98)
• M (Planning) = 4.71 (SD=1.47)
• M (Executing) = 5.30 (SD=2.55)
• M (Controlling) = 1.78 (SD=.95)
Inferential Analyses
• Preparedn. Female (M=3.00; SD=.59) < Male (M=3.21; SD=.54) (p<.01)
• Awareness lower-level (M=1.70; SD=.89) < mid-level (M=1.98; SD=.98) (p<.05)
• Planning lower-level (M=4.20; SD=1.54) < mid-level (M=5.23; SD=1.20) (p<.01)
• Executing lower-level (M=3.94; SD=2.25) < mid-level (M=6.51; SD=2.15) (p<.01)
4th International INAP Conference, Beijing (China)
Dezember 2010 10 Mai 2011 n Dr. Carmela Aprean
Conclusions & suggestions(1) Refinement of working model and task analyses
(2) Optimization and re-testing of the assessment questionnaire
(3) Application of complex psychometrical and statistical methods
(4) Supplementary research studies to capture mental models and reasoning processes
(5) Developmental and interventional research studies
4th International INAP Conference, Beijing (China)
Dezember 2010 11 Mai 2011 n Dr. Carmela Aprean
Thanks for your attention!Dr. Carmela Aprea Swiss Federal Institute for Vocational Education and Training (SFIVET)
Via Besso 84 | CH-6900 Lugano Massagno
http://www.iuffp-svizzera.ch
4th International INAP Conference, Beijing (China)
Dezember 2010 12 Mai 2011 n Dr. Carmela Aprean4th International INAP Conference, Beijing (China)
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