Financial literacy and mathematical modelling: an analysis of PISA sample tasks

Greefrath, G; Kirsten, K.

Abstract

This study explores the integration of mathematical modelling and financial literacy within the educational context, analyzing 26 PISA financial literacy items from 2012, 2018, and 2022. Using qualitative content analysis and considering the OECD's framework on financial education, we identify the significant mathematical modelling competencies that are beneficial for understanding financial literacy items. Our findings reveal that competencies such as understanding, mathematizing, working mathematically, and interpreting are often required to solve these PISA items, highlighting a potential for co-developing financial and mathematical literacies. The analysis suggests that while current PISA items occasionally engage mathematical competencies, greater emphasis on modelling could further enrich financial literacy education. This study contributes to the broader discourse on educational synergies between mathematics and financial literacy.