HAYEF: Journal of Education
Theoretical Article

Review of Financial Literacy Models for Educational Studies


Department of Finance Banking and Insurance, Isparta University of Applied Science, Isparta, Turkey


Department of Mathematics and Science Education, Anadolu University, Faculty of Education, Eskişehir, Turkey

HAYEF: Journal of Education 2022; 19: 61-70
DOI: 10.5152/hayef.2022.21050
Read: 2357 Downloads: 816 Published: 16 February 2022

Despite much criticism, financial literacy education is considered by the governing bodies in many countries, along with initiatives by the Organisation for Economic Co-operation and Development, because it is accepted as an important skill in the 21st century. Due to the increasing the number of educational studies about financial literacy, conceptual models illustrating its frameworks are needed. This study aims to reveal an interpretation of financial literacy models for educational studies, the basic dimensions of financial literacy, and the relationships between these dimensions and their components. The study benefited from various other studies describing and discussing financial literacy, and from financial literacy models presenting different aspects of this competency. In order to provide a wide-ranging view based on the literature analysis, four dimensions are defined: financial knowledge, skills, behaviors, and affecting factors. The relationships between the dimensions and their components have been discussed according to their status and weight in financial literacy. The study also proposes the idea of a model called the Coliseum Model, through the four dimensions defined. It is expected that the Coliseum Model will contribute to an examination of financial literacy with its various dimensions, along with conceptual relationships.

Cite this article as: Özkale, A., & Özdemir Erdoğan, E. (2022). Review of financial literacy models for educational studies. HAYEF: Journal of Education., 19(1), 61-70.

EISSN 2602-4829