Assessment of Users' Literacy Level

Panos, G., Bouzanis, C. , Kromydas, T., Gkrimmotsis, K. and Akubelem, N. O. (2017) Assessment of Users' Literacy Level. Project Report. University of Glasgow.

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Abstract

The key objective of this work package is a threefold: (a) To formulate the approach and curriculum on personal financial literacy, on which the PROFIT project will build its financial education toolkit; (b) To generate test tools as assessment criteria for the measurement and enhancement of financial literacy as part of the user’s experience with the PROFIT financial education toolkit; (c) To inform, update and provide the basis for the follow-up deliverable tasks of work-package 3, namely task 3.2 of the integrated financial education toolkit and task 3.3 on interactive technologies towards collaborative learning. Assessing the levels of financial literacy is a key component of a successful European strategy for financial education, but at the same time, it is an ambitious undertaking. Towards this, both adaptive (where the computer alters the difficulty of questions in response to the user’s answer) and non-adaptive assessment tools (online questionnaires) will be developed to capture key information about financial behaviours, knowledge and attitudes. In particular, knowledge-based performance tests and self-assessment criteria are developed in order to uncover the financial-literacy profile of the user. The financial-literacy assessment will be informed by the updated consensus points in the relevant academic literature. Furthermore, it will also expand towards novel directions in assessing financial awareness, in terms of examining awareness related to national accounts, public finance, entrepreneurial finance, digital finance, ethical and responsible finance, inter alia. Hence, the task will employ the full menu of financial literacy assessment and expand in capturing relevant knowledge at all individual, household, firm and national dimensions. The latter expansions will be novelties intended to inform and update the financial literacy literature and practice. This task will contribute to the production of deliverables D3.2 and D3.3 and will inform work-packages 1, 2, 4, 5, 6, 7. Its relevance to workpackage 1 stems from the production of material that is suitable for usage alongside incentive mechanisms and personalisation. Its relevance to work-package 2 is that it entails material relevant to the ontology, thesaurus and the knowledge model of financial awareness using semantic technology. Its relevance to work-package 4 is that it entails material relevant to educational aspects of financial market forecasting. Its relevance to work-package 5 stems from the delivery of material of usage to the prototype and proof of the PROFIT concept. Its relevance to work-package 6 stems from the provision of tools that can be used to capture relevant dimensions of social impact, in terms of knowledge enhancement. Finally, the material is relevant to potential dissemination activities of the PROFIT project to the wider public.

Item Type:Research Reports or Papers (Project Report)
Additional Information:Part of PROFIT: PROmoting Financial Awareness and StabiliTy-H2020-687895) WP3-D3.1 on Financial Literacy for Informed Decision-making.
Status:Published
Glasgow Author(s) Enlighten ID:Bouzanis, Dr Christoforos and Panos, Professor Georgios and Gkrimmotsis, Mr Konstantinos and Kromydas, Dr Theocharis and Akubelem, Mrs Nana Oiza
Authors: Panos, G., Bouzanis, C., Kromydas, T., Gkrimmotsis, K., and Akubelem, N. O.
College/School:College of Social Sciences > Adam Smith Business School > Accounting and Finance
Publisher:University of Glasgow
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