Financial literacy: a possible shortcoming of the economics curriculum in Lebanese schools

Abstract

The purpose of the mixed method research was to determine the level of financial literacy among third secondary students of a private catholic school in Lebanon and determine whether such skills were being acquired from the economics program at this school or from university, work experience or family life. The qualitative study measured the financial literacy of 54 third secondary students and 49 graduates of that same school using a standardized survey. Results showed that: the mean core of third secondary students was below the passing grade, the mean score of third secondary sociology and economics section was significantly higher that of the sciences sections, the mean score of graduates was significantly different that of third secondary students, the mean score of graduates who pursued business studies was not significantly higher than those who pursued non-business studies, there existed a correlation between scores and level of education of parents. The quantitative study feature a curriculum mapping which revealed that not many financial literacy concepts were integrated in the economics curriculum and focus group discussions teachers and adults who confirmed the low levels of financial literacy among students and peers and their reliance on parents for financial advice. It was conclude that the Lebanese Economics curriculum did not provide the required financial literacy education. Its integration was recommended.