Framework for assessing financial literacy and superannuation investment choice decisions

There is a worldwide trend towards rapidly growing defined contribution pension funds in terms of assets and membership, and the choices available to individuals. This has shifted the decisionmaking responsibility to fund members for managing the investment of their retirement savings. This change has given rise to a phenomenon where most superannuation fund members are responsible for either actively choosing or passively relying on their funds’ default investment options. Prior research identifies that deficiencies in financial literacy is one of the causes of inertia in financial decision-making and findings from international and Australian studies show that financial illiteracy is wide-spread. Given the potential significant economic and social consequences of poor financial decision-making in superannuation matters, this paper proposes a framework by which the various demographic, social and contextual factors that influence fund members’ financial literacy and its association with investment choice decisions are explored. Enhanced theoretical and empirical understanding of the factors that are associated with active/passive investment choice decisions would enable development of well-targeted financial education programs.

Financial literacy and pension investment decisions

The call for enhanced financial literacy amongst consumers is a global phenomenon, driven by the growing complexity of financial markets and products, and government concerns about the affordability of supporting an ageing population. Worldwide, defined benefit pensions are giving way to the risk and uncertainty of defined contribution superannuation/pension funds where fund members now make choices and decisions that were once made on their behalf. An important prerequisite for informed financial decision-making is adequate financial knowledge and skills to make competent investment decisions. This paper reports the findings of an online survey of the members of a large Australian public sector-based superannuation fund and shows that although respondents generally understand basic financial matters, on average, their understanding of investments concepts, such as the relationship between risk and returns, is inadequate. These results highlight the need for education programs focusing specifically on developing fund members’ investment knowledge and skills to facilitate informed retirement savings decisions.

A case for addressing the literacy demands of student assessment

The development and implementation of the Australian Curriculum together with national testing of students and the publication of school results place new demands on teachers. In this article we address the importance of teachers becoming attuned to the silent assessors in assessment generally and in the National Literacy and Numeracy Program (NAPLAN) more specifically. Using the concept of literacies, we develop a method to conduct a literacy audit of assessment tasks that teachers can use to help both themselves and their students. Providing assistance to students as a consequence of such an audit is imperative to improve the outcomes for students and to address issues of equity.

Home literacy education of Taiwanese Australian families : a sociological analysis

This research investigates home literacy education practices of Taiwanese families in Australia. As Taiwanese immigrants represent the largest ¡°Chinese Australian¡± subgroup to have settled in the state of Queensland, teachers in this state often face the challenges of cultural differences between Australian schools and Taiwanese homes. Extensive work by previous researchers suggests that understanding the cultural and linguistic differences that influence how an immigrant child views and interacts with his/her environment is a possible way to minimise the challenges. Cultural practices start from infancy and at home. Therefore, this study is focused on young children who are around the age of four to five. It is a study that examines the form of literacy education that is enacted and valued by Taiwanese parents in Australia. Specifically, this study analyses ¡°what literacy knowledge and skill is taught at home?¡±, ¡°how is it taught?¡± and ¡°why is it taught?¡± The study is framed in Pierre Bourdieu.s theory of social practice that defines literacy from a sociological perspective. The aim is to understand the practices through which literacy is taught in the Taiwanese homes. Practices of literacy education are culturally embedded. Accordingly, the study shows the culturally specialised ways of learning and knowing that are enacted in the study homes. The study entailed four case studies that draw on: observations and recording of the interactions between the study parent and child in their literacy events; interviews and dialogues with the parents involved; and a collection of photographs of the children.s linguistic resources and artefacts. The methodological arguments and design addressed the complexity of home literacy education where Taiwanese parents raise children in their own cultural ways while adapting to a new country in an immigrant context. In other words, the methodology not only involves cultural practices, but also involves change and continuity in home literacy practices. Bernstein.s theory of pedagogic discourse was used to undertake a detailed analysis of parents. selection and organisation of content for home literacy education, and the evaluative criteria they established for the selected literacy knowledge and skill. This analysis showed how parents selected and controlled the interactions in their child.s literacy learning. Bernstein.s theory of pedagogic discourse was used also to analyse change and continuity in home literacy practice, specifically, the concepts of ¡°classification¡± and ¡°framing¡±. The design of this study aimed to gain an understanding of parents. literacy teaching in an immigrant context. The study found that parents tended to value and enact traditional practices, yet most of the parents were also searching for innovative ideas for their adult-structured learning. Home literacy education of Taiwanese families in this study was found to be complex, multi-faceted and influenced in an ongoing way by external factors. Implications for educators and recommendations for future study are provided. The findings of this study offer early childhood teachers in Australia understandings that will help them build knowledge about home literacy education of Taiwanese Australian families.

Autopoiesis, language, literacy and the brain

When we attempt to speak about the relationship between language, literacy, and the brain, we find ourselves ill equipped to deal with these conceptually and qualitatively different phenomena. Immediately we must straddle different academic traditions that treat each of these as separate “things”. Broadly speaking, the study of language firstly belongs to the domain of biology, then to anthropology, sociology, and linguistics. At its most functional, a study of literacy education is a study of a particular technology, its diffusion techniques, and the abilities and motivations of people to adopt, or adapt themselves to, this technology. The brain is most commonly studied in the field of neurology, which is also a sub-discipline of biology, biochemistry, and medicine.

Building info-skills by degrees : embedding information literacy in university study

Late last year teaching staff at Griffith University participated in a symposium entitled 'Spotlight on Generic Skills & Flexible Learning'. This event brought together academic staff as well as library staff, learning advisers and other support staff interested in teaching and learning issues. The discussion was based on the premise that the University has a responsibility to ensure that its courses emphasise broad educational values and 'produce highly sought after graduates with globally applicable skills for the international market'(1). It was acknowledged that the University consistently scores very highly with graduates for its development of generic skills. However at the same time staff expressed concern at the challenge of developing more flexible, student-centred learning environments that have generic skills embedded across all programs (2). As a result there has been much debate in the University about which skills are important, how they will be acquired and how they could effectively be built into the curriculum. One outcome of these discussions is the project described in this paper. What follows is an overview of the project and a discussion about the integration and development of information literacy as a generic attribute in the curriculum and some suggestions on ways forward.

Making use of theories about literacy and justice: teachers re-searching practice

This article considers teachers’ work as they grapple with theories in practice in the everyday worlds of their classroom. It argues that Bourdieu’s theory of practice and the concept of habitus may be useful in moving past theory/practice dichotomies. After establishing the historical context for teacher research in South Australia, the work of two school-based literacy educators with an overt social justice standpoint is explored. The complexity of teachers’ intellectual work and identity formation over time is outlined and implications for teacher education are discussed.

Labyrinthine literacies : navigating cultural agency in the arrival and requiem for a beast

The OED reminds us as surely as Ovid that a labyrinth is a “structure consisting of a number of intercommunicating passages arranged in bewildering complexity, through which it is it difficult or impossible to find one’s way without guidance”. Both Shaun Tan’s The Arrival (2006) and Matt Ottley’s Requiem for a Beast: A Work for Image, Word and Music (2007) mark a kind of labyrinthine watershed in Australian children’s literature. Deploying complex, intercommunicating logics of story and literacy, these books make high demands of their reader but also offer guidance for the successful navigation of their stories; for their protagonists as surely as for readers. That the shared logic of navigation in each book is literacy as privileged form of meaning-making is not surprising in the sense that within “a culture deeply invested in myths of individualism and self-sufficiency, it is easy to see why literacy is glorified as an attribute of individual control and achievement” (Williams and Zenger 166). The extent to which these books might be read as exemplifying desired norms of contemporary Australian culture seems to be affirmed by the fact of Tan and Ottley winning the Australian “Picture Book of the Year” prize awarded by the Children’s Book Council of Australia in 2007 and 2008 respectively. However, taking its cue from Ottley’s explicit intertextual use of the myth of Theseus and from Tan’s visual rhetoric of lostness and displacement, this paper reads these texts’ engagement with tropes of “literacy” in order to consider the ways in which norms of gender and culture seemingly circulated within these texts might be undermined by constructions of “nation” itself as a labyrinth that can only partly be negotiated by a literate subject. In doing so, I argue that these picture books, to varying degrees, reveal a perpetuation of the “literacy myth” (Graff 12) as a discourse of safety and agency but simultaneously bear traces of Ariadne’s story, wherein literacy alone is insufficient for safe navigation of the labyrinth of culture.

Collaborative inquiries into literacy, place and identity in changing policy contexts : implications for teacher development

In this chapter we describe a history of collaboration between university-based literacy researchers and school-based teachers in teacher development programs and practitioner inquiries designed to improve literacy outcomes for students living in low-socioeconomic circumstances. We consider how an inquiry stance has informed teachers working for social justice through curriculum and pedagogy designed to connect children’s developing literacy repertoires with their changing material, social and linguistic contexts. We use examples from the practices of two of our long-term teacher-collaborators to show what has been possible to achieve, even in radically different policy contexts, because of teachers’ continued commitment to themes of place and belonging, and language and identity.

The differential recognition of children’s cultural practices in middle primary literacy classrooms

This paper argues that teachers’ recognition of children’s cultural practices is an important positive step in helping socio-economically disadvantaged children engage with school literacies. Based on twenty-one longitudinal case studies of children’s literacy development over a three-year period, the authors demonstrate that when children’s knowledges and practices assembled in home and community spheres are treated as valuable material for school learning, children are more likely to invest in the work of acquiring school literacies. However they show also that whilst some children benefit greatly from being allowed to draw on their knowledge of popular culture, sports and the outdoors, other children’s interests may be ignored or excluded. Some differences in teachers’ valuing of home and community cultures appeared to relate to gender dimensions.

What is food literacy and does it influence what we eat : a study of Australian food experts

This report details the findings of the Food Literacy Delphi Study. This study was the first of three studies commissioned by Health Promotion Queensland, Queensland Health. It examines the views of experts from around Australia about food literacy; its meaning, potential components and relationship to nutrition.

Redesigning school spaces : creating possibilities for learning

This chapter reports on a project in which university researchers’ expertise in architecture, literacy and communications enabled two teachers in one school to expand the forms of literacy that primary school children engaged in. Starting from the school community’s concerns about an urban renewal project in their neighbourhood, participants collaborated to develop a curriculum of spatial literacies with real-world goals and outcomes. We describe how the creative re-design of curriculum and pedagogy by classroom teachers, in collaboration with university academics and students, allowed students aged 8 to 12 years to appropriate semiotic resources from their local neighbourhood, home communities, and popular culture to make a difference to their material surrounds. We argue that there are productive possibilities for educators who integrate critical and place-based approaches to the design and teaching of the literacy curriculum with work in other learning areas such as society and environment, technology and design and the arts. The student production of expansive and socially significant texts enabled by such approaches may be especially necessary in contemporary neoconservative policy contexts that tend to limit and constrain what is possible in schools.