Teachers' Financial Literacy Knowledge and Self-Efficacy: A Phenomenological Study

The purpose of this hermeneutic phenomenological study was to discover the experiences and self-efficacy beliefs related to financial literacy knowledge for educators in the United States. The theory guiding the study was self-efficacy as it explained how one’s belief in abilities is shaped by their unique background, experiences, and knowledge. The central research question was what are the experiences and self-efficacy beliefs of educators who teach financial literacy? The study aimed to understand the perspectives of teachers as it related to financial knowledge and self-efficacy. A purposive sample, with ten to fifteen participants, were selected based on the criteria that financial literacy was taught as a standalone course or integrated within a current subject. The sites for this study were schools and universities located throughout the United States. Data was collected through interviews, letter-writing, and a focus group. The data was coded and analyzed to determine themes between the participants’ responses throughout the three data collection methods. The data was analyzed using an inductive coding approach followed by grouping codes into themes. Five themes emerged from this study: (1) avenues for learning about financial literacy, (2) applicable topics are easiest, (3) complex topics are most challenging, (4) confident regardless of background, and (5) mixed desires for professional development. The findings revealed areas for additional professional development for financial literacy teachers, the need for personalized professional development, and the factors affecting teachers’ confidence levels with financial literacy.