Social media as a facilitator of financial literacy competencies in eLearning courses: contribution of the e-Finlit European project

Anabela Mesquita1

Paula Peres2

Luciana Oliveira2

1CICE – ISCAP / Polytechnic of Porto and Algoritmi RC2CICE – ISCAP / Polytechnic of Porto

Social Media as a Facilitator of Financial Literacy Competencies in eLearning Courses:The European Project e-Finlit

INTRODUCTION |

A social revolution in how we communicate has taken place in recent years. “Group of Internet-based

applications that build on the ideological and technological

foundations of Web 2.0, and that allow the creation and exchange of

User Generated Content“

(material that is published either on a publicly accessible website or on a social networking site accessible to a selected group of people; material that needs to show a certain amount of creative effort and material that has been created outside professional routines and practices)

Kaplan and Haenlein, 2010, p. 61; OECD, 2007).

INTRODUCTION|

Social presence / Media richness

Low Medium High

Self-presentation / Self-disclosure

High Blogs and microblogs(e.g. Twitter)

Social networking sites(e.g. Facebook)

Virtual social worlds(e.g. Second Life)

Low Collaborative projects(e.g. Wikipedia)

Content communities (e.g. Youtube)

Virtual game worlds(e.g. World of Warcraf)

Kaplan and Haenlein, 2010

Classification of Social Media

SOCIAL MEDIA POTENTIAL IN EDUCATION |

Student support / administrative service and learning

• Stay connected to the course and classmates despite their busy schedule;

• To overcome barriers related with time and space;

• To organize project meetings and study sessions, share articles and videos, post reflections and ideas, discuss approaches to assignments, remind about deadlines and exam dates;

• To disseminate information;• To publish course contents;• To assess student learning;• To provide feedback to students;

(Wilson, 2013)

Teaching-learning: formal educational and informal educational communication Informal educational

Classroom administration: regulates learning tasks, schedules and procedures. Social media has proven to be excellent in terms of processes clarification and celerity, student responsiveness and time economy.

Student social integration: fostering the formation of the sense of belonging and the development of a learning community.

(Oliveira, 2015)

Social Media

CHALLANGES OF SOCIAL MEDIA INTEGRATION IN EDUCATION|

Time required to update, keep and monitor

Lack of training to adequately use the tools

User privacy and integrity

Time to reflect before making posts or statements, that might be moderate before publication

Lower level of formality between teacher and student

SOCIAL MEDIA POTENTIAL IN EDUCATION |

In order to shift the current educational paradigm and focus it on the learner individual needs, it is necessary to:

• prepare different types of materials (diversity) and to • design alternative pedagogical pathways that allow learners

to make their personal learning choices.

The focus is not the teacher anymore, who delivers the content, but the student who creates and manages his /

her own personalized learning path and learning objectives.

Customized Learning Environment“is not a piece of software. It is an environment

where people, tools, communities and resources interact in a flexible way”

Wilson (2013)

The development of such an environment should be facilitated not only by designing adjustable / flexible learning contents, but also by facilitating and fostering students’ integration in learning networks outside the LMS.

CONTENT REQUIREMENTS|

• All elements in the contents guide learners in achieving the learning objectives • The purpose of instructional materials is clearly explained • The purpose of how the instructional materials should be used for learning activities is clearly explained • The materials are structured in order to facilitate individual study • The materials are structured in order to development study skills • All materials are current • All material are presented in a variety of perspectives • All material are appropriated to the learners’ need, knowledge, and experience • The materials are relevant • All contents are clearly presented • Contents introduce, assess and reinforce new concepts and skills • Contents are logically structured and sequenced • Contents are sufficient and not in excess • Contents are challenged, centred on the student, be relevant for students’ life • Contents allow the interaction • Contents are divided in little pieces

CONTENT REQUIREMENTS |

• The language used in the contents is simple and include visual elements • Contents are adequately balanced regarding cognitive load • Materials provide learners with feedback through self-assessment activities or tests • The availability, function and purpose of learning materials are clearly defined • Contents are provided in a flexible manner, allowing different learning paths • Contents are provided in a flexible manner, allowing customization and personalization to individual learning styles • Contents are media enriched with specific purpose (including videos, tutorials, interviews with specialists, scenario

based learning, games, etc.) • Materials suggest sufficient library resources • Contents provide a glossary of terms associated

• Contents present a distinction between compulsory and recommended study/reading • Contents include commented bibliography • Materials are effective and not contain significant errors of facts, misleading or out-of-date information, concepts and

approach • Contents are inclusive, respect cultural diversity and gender sensitive

CASE STUDY: EFINLIT FINANCIAL LITERACY ONLINE COURSE |

Portugal – ISCAP School of Accounting and Administration of Porto(Coordinator) (Higher education institution)Cyprus – INNOVADE LI LTD(Enterprise)Italy – CE.S.CO.T. VENETO – Centro Sviluppo Commercio Turismo e Terziario(Business association)

Austria – E-C-C Verein fuer interdisziplinaere Bildung und Beratung(Training Centre)

Slovenia – INTEGRA INSTITUT, Institut za razvoj cloveskih virov(Training Centre)

Slovaquia – QUALED obcianske sdruzenie pre kvalifikáciu a vdelávanje(Training Centre)

Cyprus – CARDET Centre for Advancement of Research and Development in Educational Technology (Training Centre)

Spain – IEF Institute of Financial Studies(Research Centre)

CASE STUDY: EFINLIT FINANCIAL LITERACY ONLINE COURSE|

Identify and address specific needs of EU citizens in financial literacy

Utilize ICT tools and digital literacy to improve EU citizens’ competencies in dealing with financial issues

Develop a partnership model of a wide range of expert organizations in the fields of training, online learning and literacies

Address the challenges of financial management generated by the current economic transformations taking place in EU

Meet the basic objectives of EU 2020 strategy such as social cohesion through digital literacy

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Proposed online training modules:• Digital Literacy and Access to Financial

Information• Basic Maths• Budgeting • Savings• Indebtedness• Credit and Loans• Consumer Rights• Investment and Entrepreneurship

Support technology:• eLearning platforms• WEB 2.0 tools• Mobile applications • Digital content• Videos• Online management tools• Social Media


• Instruction design methodology based on an adapted version of the ADDIE model;

• Modules design based on principles of User-Centered Design (UCD).

content modularity and free-flow navigation


Modules hosted in a virtual learning

environment


Navigation of the modules is flexible and adequate to the profile and needs of each user


Content modularity and free-flow navigation


Current stage: Social Media Integration

Development of a “supportive environment such that students feel the necessary degree of comfort and safety to express their ideas in a collaborative context”, thus providing the necessary

foundations for the development of learning communities based on cooperative relationships.

The expansion of teaching-learning relationship into social media environments, namely Facebook groups.

the integration of social media tools and networks in the financial literacy course is a key priority to the partnership

THANK YOU!Anabela Mesquita

([email protected])

http://efinlit.euPaula Peres

Luciana Oliveira

"The European Commission support for the production of this publication does not constitute an endorsement of the contents

which reflects the views only of the authors, and the Commission cannot be held responsi ble for any use which may

be made of the information contained therein."

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