It is recognized that financial literacy skills are taught in a variety of ways (OECD/INFE, 2015). Financial education opportunities for people with disabilities have not always been equal resulting in the financial literacy of many people with disabilities being suboptimal (Lombe, Huang, Putnam, & Cooney, 2008). People may be excluded from accessing financial products due to limited financial knowledge (including not understanding product information) or the inability to use the technology required to access the product (Drew, 2013).
The Australian National Financial Literacy Strategy was developed in the wake of the global financial crisis (GFC) in 2011 and updated three years later (Australian Securities and Investments Commission, 2014). The National Consumer and Financial Literacy Framework (MCEEDYA, 2011) provides a framework for Year 10 students' financial literacy, which aligns with that for 15-year-olds, as set out by the OECD (2013). Three key dimensions underlying financial opportunity and education in Australia are detailed in the National Consumer and Financial Literacy Framework (MCEEDYA, 2011).
N ATIONAL D ISABILITY I NSURANCE S CHEME
Respect for differences and acceptance of disabled people as part of human diversity and humanity. Respect for the developing abilities of children with special needs and respect for the right of children with disabilities to maintain their identity. It is estimated that there are more than 150,000 students with special needs enrolled in Australian schools, with four out of five students enrolled in mainstream schools – the majority in state schools.
For many people with disabilities, their financial skills are low and access to appropriate education is ad hoc with significant consequences for their future, as research shows that low-income people with disabilities have poorer money management and save significantly less than those without disabilities (Lombe et al. ., 2008). However, economic educational opportunities for people with disabilities have not always been equitable, resulting in many disabled people's economic skills being suboptimal (Lombe et al., 2008). The Australian Curriculum (2016) entitles all students with a disability to the same educational opportunities and choices “on the same basis as their peers through rigorous, meaningful and valuable programs of learning”(2016).
The Australian Curriculum recognizes the diversity among students with disabilities - that not all students with disabilities require adjustments, that adjustments may be different for students with the same disability, and that the requirement for an adjustment in one aspect of learning does not mean that adjustments are needed in other aspects of learning. Courses, programs, and services should be designed to allow for modifications so that students with disabilities have the same opportunities to participate in all programs, including supplemental programs. This exclusion is particularly troubling because many young people with disabilities lack the essential financial skills considered necessary for basic functioning in today's society.
On the same basis means that students with disabilities have the right to rigorous, relevant and engaging learning opportunities drawn from the Australian Curriculum and set in age-appropriate learning contexts. The transition phase, when young people with disabilities go from school to the workforce, offers many challenges.
U NIVERSAL DESIGN FOR LEARNING FRAMEWORK
Multiple means of representation
Although some financial literacy education is available in elementary and secondary schools for youth with special needs, in many cases parents still play a key role in supporting and informally educating their children about money and teaching them the value of money. money and responsible financial management (Mittapalli, 2009; The Money Advice Service, 2013). Essential to this transition is the ability to manage new financial responsibilities relevant to employment or other sources of income and related spending. On the transition to work, financial literacy skills and the ability to budget income in relation to expenditure are directly tested.
Multiple means of action and expression
This may include the use of assistive technologies, although it is important that the new technologies do not add a layer of additional complexity to learning tasks. Executive 'high-level' functions provide for the development and monitoring of long-term plans, strategies and objectives. However, executive functions may be compromised when 'low-level' skills are not automatic and require additional cognitive processing capacity (thereby reducing the capacity available for executive functions).
It is important to provide support (or scaffolding) for high- and low-level functioning to reduce the cognitive burden of each. Additionally, prompts (or 'speed bumps') are used to encourage students to stop and think at critical stages of the process before progressing. Most importantly, developing skills in self-monitoring and reflection means that these can be used to guide individual learning.
Multiple means of engagement
L EARNING METHODS
Project- and problem-based learning
Often multi-topic More often single-topic, but can be multi-topic Can last a long time (weeks or months) Usually shorter (but can also take a long time). Includes the creation of a product or performance. The “product” can be tangible OR a proposed solution, expressed in writing or in a presentation. Can use scenarios, but often relates to the real world. Problem-based learning was originally used in medical education and is now used in a range of primary, secondary and tertiary settings (Belland, Glazewski, & Ertmer, 2009).
Research has found that engagement in problem-based learning can increase confidence and motivation and lead to significant improvements in the academic, social, and personal development of students with special needs (Kincaid & Jackson, 2006). When these students are given a problem and the tools to work to solve it, they can be motivated to take on leadership roles, engage in the community, gain social skills, develop friendships, and compassion for less able students. Delivered correctly and with appropriate support, these students can develop self-esteem, remain engaged in learning, and be empowered by the task and outcome (Belland, Ertmer, & Simons, 2006).
Project-based learning has also been used successfully in teaching students with disabilities to grow a community garden, feed the homeless, and create and distribute leisure brochures.
In-vivo learning
Differentiated instruction
This approach also encourages explanations about the purpose of the material and what can be achieved when the material is learned. Critically, assessment should not be limited to traditional methods such as tests, essays, and exams. Musical/rhythmic learners learn best through musical expression such as songs, instruments, rhythms and patterns. The OECD International Network for Financial Education (OECD/INFE, 2015) has prepared a financial literacy framework that covers the elements necessary for the full and safe economic and financial participation of young people aged 15 to 18.
The framework assumes the existence of foundational skills in numeracy and reading which are the basic building blocks for financial literacy. A financial literacy program for youth with disabilities should use standards developed for their peer group while recognizing their differential ability level - both as individuals and as a group. It relates to two of the four identified core competencies content areas – money and transactions, and planning and managing finances – together with the relevant key financial literacy topics (OECD, 2013; OECD/INFE, 2015).
Safe to receive money in cash and other forms Skills and behavior Can recognize and count money in own currency. Skills and Behaviors Can make simple choices across similar products based on price and quantity. Understands the need to prioritize certain expenses when income is limited Skills and Behavior Can successfully avoid overspending in everyday situations.
Understands that if they borrow money they have a responsibility to repay it Skills and Behavior Pays everything owed on time. Skills and behavior Precautions to keep personal data, passwords and money safe Source: Modified from OECD/INFE (2015).
C ORE COMPETENCIES
Recognising and counting money
Recognizing and counting money is a core foundational skill for all financial transactions and critical to independent living. It is important to use real money when working with students with special needs, as it will actively and authentically engage all of their senses in the learning process. Coin sorting is a slightly advanced approach whereby coins of the same denomination are placed in separate cups or mats6.
Counting money requires basic counting skills, with the absence of 1¢ and 2¢ pieces in Australian coins adding to the complexity and abstraction of the learning task. Number recognition including the recognition of the ten digits and understanding their position (ents, tens, hundreds). Students should understand that the value of coins is not determined by the size of the coin (a 50-cent piece is not worth more than one dallar) or the number of coins (ten 5-cent pieces are not worth more than a dollar) ( Victoria State Government, 2014).
Valuing money
Operations such as addition and subtraction are useful in helping to understand how a bill or bank statement is calculated (even if the math task itself is very difficult). Desires are things we would like to have but are not necessary for everyday life. Cards with a variety of spending options can be prepared and sorted according to needs and wants.
When done in groups, it can lead to interesting discussions about what may be a need for some and a need for others (The Money Advice Service, 2013).
Safety with money
And for the benefit of the young person – they can make purchases without worrying about handling money or handling correct change. Currently, assessment of students with special needs in Australia focuses more on attitudes, skills and competencies than the curriculum. Rubrics are often used as a tool to support assessment and understanding of learning for students with special needs.
They clarify for students what they need to achieve in their learning and encourage teachers to focus on the critical elements of their teaching and assessment12. 12 A rubric generator and examples can be found http://www.teach-nology.com/web_tools/rubrics/maths/. The financial literacy of young Australians: An empirical investigation and implications for consumer protection and ASIC's National Financial Literacy Strategy.
Curriculum, Assessment and Reporting in Special Educational Needs and Disability: A Thematic Review of Recent Literature. Perceptions of the value of problem-based learning among students with special needs and their teachers. PISA 2012 Financial Literacy Framework PISA 2012 Assessment and Analytical Framework: Mathematics, Reading, Science, Problem Solving and Financial Literacy.
FINANCIAL LITERACY RESOURCES
