Financial Education and Social Justice: reflections within the scope of Mathematics Education

Abstract

Financial Education, initially debated in the 2000s through the actions of the Organization for Economic Cooperation and Development, gained strength in Brazil with the National Financial Education Strategy and, more recently, with the inclusion of this topic in the National Common Curricular Base. Regarding this, ideas in the national and global context still agree with a Financial Education of investment, of the sole and exclusive responsibility of the individual for financial issues. Despite over 20 years of problematization around Financial Education, this topic lacks theories and indications that promote Financial Education with a critical, social, and democratic bias toward Social Justice. What Financial Education, in the context of Mathematics Education, allows us to provide Education for Social Justice? This is one of the questions we asked ourselves and, consequently, guides us in the theoretical reflections that we present in this article. In other words, based on the results of studies, readings, debates, and publications that we have carried out over years of research in Financial Education, we aim to theorize about Financial Education for Social Justice, based on national and international references on the topic. To this end, we divided this text into four main sections, which address a brief contextualization of Financial Education, especially its discussions in the Graduate Program in Mathematics Education at São Paulo State University; an overview of Financial Education in Brazil and around the world, and the ideas around School Financial Education; theoretical aspects of Education for Social Justice; and, what we understand to be Financial Education for Social Justice. We indicate Financial Education as a potential for Social Justice by encouraging people to take on active roles with empowerment, democracy, and criticality.

Mathematics Education; Financial Education; Social Justice; Education for Social Justice; Critical Mathematics Education

Resumo

A Educação Financeira, debatida inicialmente a partir dos anos 2000 pelas ações da Organização para a Cooperação e Desenvolvimento Econômico, ganhou força no Brasil com a Estratégia Nacional de Educação Financeira e, mais recentemente, com a inclusão dessa temática na Base Nacional Comum Curricular. Acerca daquela, ideias no contexto nacional e mundial ainda compactuam com uma Educação Financeira do investimento, da responsabilização única e exclusiva do indivíduo pelas questões financeiras. Apesar de mais de 20 anos de problematizações em torno da Educação Financeira, esse tema carece de teorizações e indicativas que promovam a Educação Financeira com um viés crítico, social e democrático, rumo à Justiça Social. Qual Educação Financeira, no contexto da Educação Matemática, que nos permite uma Educação para a Justiça Social? Essa é uma das perguntas que nos fizemos e, consequentemente, nos guia nas reflexões de cunho teórico que apresentamos neste artigo. Ou seja, a partir de resultados de estudos, leituras, debates e publicações que temos realizado ao longo de anos de pesquisa em Educação Financeira, objetivamos teorizar sobre a Educação Financeira para a Justiça Social, a partir de referências nacionais e internacionais sobre a temática. Para tanto, dividimos este texto em quatro seções principais que abordam: uma breve contextualização da Educação Financeira, sobretudo de suas discussões no Programa de Pós-Graduação em Educação Matemática da Universidade Estadual Paulista; um panorama da Educação Financeira no Brasil e no mundo, e das ideias em torno da Educação Financeira Escolar; aspectos teóricos de uma Educação para a Justiça Social; e, o que compreendermos ser uma Educação Financeira para a Justiça Social. Indicamos a Educação Financeira como potência para a Justiça Social ao incentivar as pessoas a assumirem papéis ativos com empoderamento, democracia e criticidade.

Educação Matemática; Educação Financeira; Justiça Social; Educação para a Justiça Social; Educação Matemática Crítica

1 Initial considerations

The Postgraduate Program in Mathematics Education¹(PPGEM) at the São Paulo State University “Júlio de Mesquita Filho” (UNESP) – Rio Claro/SP was one of the first postgraduate programs in Mathematics Education created in Latin America. Its activities began in 1984, with the master's degree course, and from 1993 onwards, it expanded its scope to the doctoral course, providing training to researchers from all regions of Brazil and from different parts of the world. Over its 40 years of effective operation, the PPGEM has consolidated itself as “one of the largest programs in the world in the area of ​​Mathematics Education” ( Amaral-Schio, 2021, p , p. 09), having held more than 410 master's degree vivas and 300 doctoral vivas, in addition to a broad international presence with numerous partnerships and agreements with institutions around the world.

Over the past four decades, research focused on the area of ​​ Mathematics Teaching and Learning and its philosophical-scientific foundations has had as its object of study and problematization several themes, currently distributed in five lines of research: Problem Solving and Mathematics Teaching and Learning; Pre-service and Continuing Education of Mathematics Teachers; Philosophy and Epistemology in Mathematics Education; New Technologies and Mathematics Education; and Relations between History and Mathematics Education.

Despite the above, Financial Education – which has been debated mostly since the 2000s worldwide, mainly promoted by the actions of the Organization for Economic Cooperation and Development (OECD), factors that we explore with greater emphasis in the second section of this article – is a recent theme in the PPGEM². Research such as that of Kistemann Júnior (2011) focused on consumption and decision-making, but without explicitly mentioning Financial Education. Another example is Marchi's dissertation (2014), which explored concepts of Financial Mathematics, such as additions and discounts, simple and compound interest, concepts that can provide a study on Financial Education if these mathematical topics are analyzed critically and socially. This demonstrates that, epistemologically, Financial Education has not yet been properly covered by the research developed by PPGEM.

A decisive factor for the Financial Education theme was observed only in 2020, when it was incorporated as a curricular component in the PPGEM, based on the discipline Financial Education from a Critical Perspective , taught by the first author of this text. After this delimitation of the theme as a real research concern, the first PPGEM researches were presented and focused, explicitly, on Financial Education, specifically, on teacher training, such as the thesis by Baroni (2021) and the dissertation by Hartmann (2021) . After that, there was a boost in studies on Financial Education, with new productions completed ( Menecucci, 2023 ; Merola, 2023 ; Silva, 2024 ; Teixeira, 2024 ) and the development of, at least, one master’s dissertation and four doctoral theses, all in progress at the time of writing this text, on this theme.

The completed studies problematized issues such as: working with generating themes such as rational and responsible consumption and planning ( Baroni, 2021 ); the relevance of overcoming individualistic conceptions of Financial Education and the need for a social perspective ( Hartmann, 2021 ); consumption and the environment ( Merola, 2023 ); the impacts of neoliberalism ( Menecucci, 2023 ); limited training of Mathematics teachers regarding Financial Education ( Silva, 2024 ); and the potential of calculators for students' critical reflection on aspects of their realities, especially based on notions of the basic food basket, family budget and minimum wage ( Teixeira, 2024 ). Despite the specificities that characterize each of these investigations, a convergent point between the research developed at PPGEM is the defense of a broad Financial Education, with a critical, problematizing, and social bias.

This is justified, above all, by the fact that the productions use Critical Mathematical Education, both as a theoretical contribution and as general ideas that help in structuring the work and defending a Financial Education that goes beyond individualism and economic aspects. Among the discussions about Critical Mathematical Education, disseminated by Ole Skovsmose, we can emphasize democracy, the fight for human rights, and a critical education "it must be aware of social problems, inequalities, suppression etc., and it must try to make education an active progressive social force" (Skovsmose, 1994, p. 37-38)

Regarding this aspect of the need for a closer look at critical dimensions, one of the results of the study by Sachs et al. (2023), which carried out an overview of research in Financial Education in Brazil, concerns the need to relate the topic to economics and sociology, for example, since the vast majority of productions have Financial Education as their object from the perspectives of financial institutions. Baroni's thesis (2021), developed at PPGEM, defends a Financial Education intersected with sociology and economics - a factor criticized by Sachs et al. (2023) for not focusing on Brazilian research. The dissertations ( Hartmann, 2021 ; Merola, 2023 ; Menecucci, 2023 ; Silva, 2024 ; Teixeira, 2024) and the thesis ( Baroni, 2021) on Financial Education at PPGEM defend the promotion of this theme with criticism of the proposals of the OECD, the National Strategy for Financial Education and teaching to consume .

Furthermore, a point of convergence among the research developed in the PPGEM are ideas inherent to Social Justice, a concept addressed in the ideas of Critical Mathematics Education and superficially explored in the research developed within the scope of this postgraduate course on Financial Education. For example, according to Skovsmose (2020) , Mathematics Education can promote Social Justice, although this author points out that this term does not have a single definition ( Skovsmose, 2019 , 2023 ). Menecucci's dissertation (2023) criticizes neoliberalism that prevents paths to the promotion of Social Justice, with Financial Education being a possibility to seek aspects such as equity, human valorization, and Social Justice itself. However, it also does not delve into a clearer understanding of the latter.

In this context, we understand that we need to broaden the understandings, relationships, and propositions that concern Financial Education and Social Justice. What Financial Education, in the context of Mathematics Education, allows us to have an Education for Social Justice? This is one of the questions we asked ourselves and, consequently, it guides us in the theoretical reflections we present in this text. In other words, based on the results of studies, readings, debates, and publications that we have carried out over years of research in Financial Education, we aim to theorize about Financial Education for Social Justice, based on national and international references on the subject. To this end, we have divided this text into three main sections, in addition to this one, which address, respectively, Financial Education; Education for Social Justice; and Financial Education for Social Justice.

2 Financial Education

Financial Education is not a recent topic. It has always been present in some way in people's homes and lives. It has also been part of actions, for example, in the United States and the United Kingdom since the mid-20th century, in movements aimed at financially educating citizens through schools. However, as already pointed out, it is a topic that has been discussed and disseminated in Brazil and around the world, more formally and sistematically, based on proposals and actions by the OECD in the early 2000s. This Organization defines Financial Education

[...] as the process by which financial consumers/investors improve their understanding of financial products, concepts and risks and, through information, instruction and/or objective advice, develop the skills and confidence to become more aware of financial risks and opportunities, to make informed choices, to know where to go for help, and to take other effective actions to improve their financial well-being (OECD, 2005, p. 13).

Researchers from different areas of knowledge criticize this definition. Saraiva (2017 , p. 171, our translation), for example, defends the need for a reappropriation of Financial Education by the educational field, in order to promote “a critical sense concerning the functioning of the contemporary world”. In the same direction, Mazzi and Baroni (2021) argue that Financial Education prioritizes teaching for consumption and the strengthening of the current capitalist structure, placing the individual in a position of passive subject, consumer of financial products.

Kistemann Jr. (2020) makes a point-by-point comparison between the OECD and what the author advocates regarding Financial Education. Among these points, we highlight some of the researcher's defenses that differ from what the OECD proposes: pedagogical actions that involve institutions from different social sectors so that values ​​and skills are not restricted to the manuals of financial institutions; implementation of curricular themes that transcend the teaching of traditional mathematical content and that contemplate the development of financial literacy or financial literacy; creation of scenarios for research that promote the discussion of themes related to the sustainability of the planet, ecological ethics, that respect different cultures and question the economic progress desired by governments that do not include sustainable economic growth in their agendas and that prioritize otherness and respect for people.

We can conclude that the OECD is made up of countries and people and, therefore, when we refer to this organization, we are talking about the political, economic, and social interests of the groups that make it up and that share similar interests. To understand the motivations of these groups that make it up, we need to think about the global social situation. In this sense, we will take an example below that can help us understand the OECD's proposals and its definition of Financial Education.

Despite the serious social and environmental crises, science has been increasingly developed over the years, with the production of vaccines, medicines, and in-depth studies that generate greater life expectancy for people. A greater life expectancy generates more time receiving retirement benefits, which burdens the public coffers of governments. What can be done in the short term to relieve the burden on the coffers? And what can be done in the long term? In the short term, we can see the pension reforms that have taken place in different countries around the world, such as Brazil, France, and Spain, with their recent reforms. The situation is so serious that some countries have been reviewing and proposing changes to their pension systems at short intervals, for example, France (2010, 2013, and 2023); Germany (1992, 2007, and 2014); Greece (2010, 2012, and 2016); and Sweden (1994 and 1998) ( Biagi, 2023 ). In addition to governments taking no responsibility for the population's pension, the space for the expansion of private pension companies is strengthened. Pension education goes hand in hand with Financial Education in the strategies created by different countries around the world, as well as in Brazil.

In the long term, financially educating the population, with the idea that people can individually manage their finances and save for the future, take out private pensions and depend less and less on governments for their retirement, seems like a good deal. When analyzing this type of proposal, we can infer that it reaches a certain portion of the population, but a large part is left out. What to do? Sell the idea of ​​entrepreneurship associated with Financial Education, encouraging small entrepreneurs who are not served by the social security system and, in most cases, are left to their own devices when they need assistance, such as medical or social security.

Therefore, the great influence that we see from the OECD is an interest of mainly economic groups in financially educating the populations of the member and non-member countries of the Organization, so that people need the government less and less to manage their finances, especially in old age. Both from the incentive to private pensions and in relation to the stimulus to romanticized entrepreneurship that preaches that it is enough to want, have initiative, and willpower for entrepreneurship to be successful, which enslaves more than emancipates people.

Another example of the global interest in Financial Education, especially from the OECD and its rich and imperialist countries is that, according to Duvoisin (2021) , there is a strong correlation between the 2007-2008 crisis and the international promotion of the topic by the centers of global imperialism. This author is based on Saraiva (2017) , who highlights that OECD documents show concern in guiding individuals, so as to make them prudent in dealing with money and capable of assuming the responsibility of managing their finances independently, even in the most adverse situations, in order to maintain the smooth functioning of the markets.

Duvoisin (2021) also states that the OECD's concerns in spreading Financial Education around the world can be explicitly explained by the concern with the population's inability to understand and manage the new financial instruments, of increasing complexity. But implicitly, this process can be understood as a movement to disseminate a set of values, behaviors, and norms consistent with the needs of financialized capitalism, seeking to educate workers to adapt to a new phase of capitalism.

With the encouragement of the OECD, different countries, including Brazil, have been creating national strategies to deal with Financial Education. In our country, the National Strategy for Financial Education (ENEF) shares the OECD concept of Financial Education, defining it as:

[...] the process by which individuals and societies improve their understanding of financial concepts and products, so that, with clear information, training, and guidance, they acquire the values ​​and skills necessary to become aware of the opportunities and risks involved and, therefore, make well-informed choices, know where to seek help, take other actions that improve their well-being, thus contributing consistently to the formation of responsible individuals and societies, committed to the future (Brasil, 2010a, p. 3, our translation).

At first glance, it seems to us that the idea of ​​our ENEF differs from what the OECD proposes. The ENEF is careful not to make market issues too obvious, as the OECD does when it talks, for example, about investors, financial products, concepts and risks , development of skills and confidence, so that they become more aware of financial risks and opportunities , and actions to improve their well-being . The OECD makes the objective focused on individual well-being, financial products, and investment skills very clear. The ENEF, in turn, softens this focus, highlighting individuals and societies and the possible contribution to the formation of responsible individuals and societies, committed to the future .

Despite these few differences, we can see in Brasil's (2010a) definition the focus on investments, financial products, risks, and dealing with money and the future, which brings us back to our argument on pension issues. This can be reinforced by looking at the ENEF's objective, through which we can be certain of the relationship with private pension plans, the focus on the market and the individual's responsibility for their financial situation and future: “to promote financial and pension education and contribute to strengthening citizenship, the efficiency and solidity of the national financial system and the conscious decision-making of consumers” (Brasil, 2010a, our translation).

Financial Education is largely controlled by financial institutions. Since its creation, ENEF has been made up of banking institutions, social security institutions, stock exchanges, and financial institutions, but this reality has become even more serious with the repeal of Decree 7,397/2010 (Brasil, 2010b) and its replacement by Decree 10,393/2020 (Brasil, 2020). The 2010 decree already had a market-oriented nature and focused on banking, however, the 2020 decree further strengthens these characteristics, with a strong emphasis on social security education and a focus on private pensions, reduces the participation of civil society in Financial Education actions and moves away from citizenship training and Financial Education focused on schools.

In 2017/2018, Financial Education officially became part of the Brazilian curriculum when it was included in the National Common Curricular Base – BNCC ( Brasil, 2018 ), as a Contemporary, Cross-Cutting, and Integrative Theme. However, it is still little explored explicitly in the document, appearing only seven times in the 600 pages dedicated to Early Childhood Education, Elementary Education and High School, only once when Contemporary Themes are listed; five times related to mathematical skills and content, especially when it comes to percentages in the 5th, 6th, 7th and 9th grades; only once related to the Humanities and Applied Social Sciences (Philosophy, Geography, History and Sociology), specifically in the discussion on the Politics and Work category of this area of ​​knowledge, defending:

Currently, society is undergoing major changes, especially due to the use of new technologies. We are seeing changes in the ways workers participate in the various sectors of production, the diversification of labor relations, fluctuations in employment, employment and unemployment rates, the use of intermittent work, the de-concentration of workplaces, and the global increase in wealth, its different forms of concentration and distribution, and its effects on social inequalities. Today, there is more room for individual entrepreneurship in all social classes, and the importance of financial education and understanding the contemporary national and global monetary system is growing, which are essential for a critical and conscious insertion in today's world. Given this scenario, new challenges arise for the Humanities, including understanding the impacts of technological innovations on production, labor, and consumption relations ( Brasil, 2018 , p. 568, our translation).

Although the quote mentions critical aspects and is part of a field of knowledge that is historically more critical than Mathematics, it deals with entrepreneurship in different social classes, without taking into account that there are immense differences between an entrepreneur with financial means and the “ entrepreneur ” (yes, in quotation marks, due to the bizarre nature of what this term means) who sells sweets door to door, for example, to make up for a tight or empty household budget. We know that the BNCC was created based on neoliberal ideas and, thus, we perceive the way in which concepts, content, objectives, and skills, as well as Contemporary Themes, are dealt with.

As we have seen, both the OECD and our ENEF and BNCC are aligned with neoliberal ideas, of holding individuals accountable and guilty for their finances, absolving governments of responsibility, and selling the idea that it is enough to be an entrepreneur and knowing how to manage resources, whatever they may be, even if they are scarce or nonexistent, to have a good financial situation. In addition to this characteristic of the Financial Education that is propagated, the great appreciation of the market, learning to invest and banking are present in the proposals disseminated. We reiterate, as already stated at the beginning of this section and in the introduction, that sectors of society, composed primarily of researchers and teachers, defend a broader Financial Education, encompassing critical aspects such as environmental preservation and regeneration, ethics, politics, philosophy, sociology and the role of the media in society, for example, so that Financial Education can, in fact, address issues of Social Justice.

2.1 Financial Education in Brazil and the world: banking, market or critical views

In the previous topic, we discussed Financial Education in relation to the OECD, ENEF, and BNCC and their neoliberal and capitalist intricacies. In this topic, we will address this issue in Brazil and worldwide. To this end, we analyzed Financial Education in Brazil and observed different influences, of which we chose to list two: (1) the market path, which generally aims at a Financial Education of investment, of the sole and exclusive responsibility of the individual for his or her financial success or defeat , the one that says that the individual buys more on the credit card than he or she can afford simply because he or she does not have Financial Education; (2) the path that some researchers on the subject advocate, one of a collective and broad Financial Education, which aims to reflect that there is more complexity in financial situations than can be justified financially, a problematizing and critical Financial Education that analyzes social, political, cultural and economic situations to deal with financial issues. How are other countries treating Financial Education, from the market perspective or beyond it, as we are witnessing here in Brazil?

The International Financial Education Network, created in 2008 by the OECD, is considered the main vehicle for discussions and analysis of the population's knowledge levels, in order to assess the reality of each country and support the design of public policies in the area of ​​Financial Education. In order to establish a national strategy for Financial Education as a public policy in different countries, the OECD recommends that national and international governments adopt measures in the implementation of programs to improve the population's level of Financial Education, promote the strengthening of citizenship and broaden citizens' understanding of concepts related to money management and personal finances.

The term personal finance draws our attention because we consider Financial Education to be broader than this individualistic reduction. We consider the implementation of national Financial Education strategies around the world, in different countries, to be of great relevance. However, we question whether this implementation occurs with a focus solely on the market or whether there are strategies to promote reflections that go beyond the individual Financial Education promoted by the OECD.

This organization relies on public policymakers, regulatory authorities, businesspeople, and bankers to implement Financial Education in different countries. As a result, what is disseminated are actions from national strategies, which are official public policies that promote their achievements on websites and in agencies. Then what have researchers been doing in their countries?

In the report “Current Status of National Strategies for Financial Education: A Comparative Analysis and Relevant Practices”, published in 2012, the OECD states that most of the countries surveyed for the preparation of the document understand the national strategy for Financial Education as a mechanism for protecting financial consumers and as a complementary work to regulation, assessing that informed consumers are agents of transformation by demanding that financial institutions act in accordance with the legislation ( Martins, 2013 ).

When analyzing international documents and studies that investigated Financial Education in the world ( Vieira; Pessoa, 2020 ; Ertel, 2020 ; Soares, 2017 ; Portugal, 2016 ; Santiago, 2015 ; Hofmann, 2013 ; Nogueira, 2011 ), we realized that in the national strategies of different OECD member and non-member countries, there is a replication of what the Organization proposes and is similar to the Brazilian ENEF. With a focus on investments, banking, use of credit cards, holding individuals accountable for their financial situation, as well as the formation of planning, management, and execution groups for Financial Education actions by banks, private and public institutions that aim for profit, stock exchanges and private pension companies.

In addition to official sources, when analyzing different websites that discuss Financial Education around the world, we see news that in Asia, Financial Education is advancing through digital platforms (Instituto Propague.org, 2023); Finland, as well as Norway, Denmark, Sweden, Israel, and Canada are the countries that invest the most in financial literacy for children (Brainlatam.com, 2022); the United States has an abundance of publications focused on financial literacy, which is disseminated in schools; however, a survey with a representative sample of American society revealed numbers that disappoint those who expect Americans to have adequate Financial Education (Viagemlenta.com, n.d.).

We observed that what is in common in these publications is a uniform approach to the subject. There is a widespread belief that individuals are solely responsible for their economic situation, and that credit card debts exist because people lack financial education. In no publication outside the academic sphere, we see questions about broader reasons why people get into credit card debt, which could be, for example, the lack of employment or low wages. The justifications are always related to individual consumer behavior; there is no mention of broader social issues, political issues, and much less issues focused on social justice.

As we stated in this text, Brazilian researchers advocate a broader and more social Financial Education than what we have seen in the national strategies of Brazil and most countries. In the following section, we discuss School Financial Education in Brazil and its developments from a critical perspective.

2.2 School Financial Education

In a movement almost parallel to what the OECD and ENEF have been disseminating in our country, Brazilian researchers have been developing studies on School Financial Education from a critical perspective ( Santos, 2023 ; Mazzi; Baroni, 2021 ; Hartmann, 2021 ; Baroni, 2021 ; Kistemann Jr., 2020; Silva; Powell, 2013 ; Hofmann, 2013 ), generally in line with ideas from Critical Mathematics Education discussed by Ole Skovsmose and Liquid Modernity, developed by Zygmunt Bauman, among other theorists. Since 2010, with the publication of the Brazilian ENEF, universities have focused on how the topic in question has been explored in schools, books, and teaching materials, knowledge of teachers, as well as students at different stages and types of schooling, from Early Childhood Education to Higher Education and postgraduate studies, including Youth and Adult Education and Special and Inclusive Education.

These studies have built up a wealth of knowledge on the topic that has allowed us to reflect on critical aspects related to it. Furthermore, in the early 2010s, after the officialization of Financial Education as a Brazilian public policy, Silva and Powell (2013) reflected on the OECD guidelines and produced a document that will guide ideas on School Financial Education, especially for researchers in the area. The authors, in criticizing the OECD and ENEF, define School Financial Education as

[...] a set of information through which students are introduced to the world of money and encouraged to develop an understanding of finance and economics, through a teaching process that enables them to analyze, make informed judgments, make decisions and have critical positions on financial issues that involve their personal and family lives and the society in which they live. ( Silva; Powell, 2013 , p.12, our translation).

This definition supports what we understand about School Financial Education and based on it, which has 10 years of existence, we have been constructing and reconstructing perspectives on financial education in schools and its aspects. Expanding, in this way, the definition presented by researchers Silva and Powell (2013) , and Santos (2023) argues that Financial Education designed for the school environment goes beyond the understanding of finance and economics, with reflections appropriate to the age of the students with whom the work will be developed.

Santos (2023) advocates discussions on consumer relations in a broader way, taking into account emotional aspects that are involved in decision-making, corroborating the statement by Vaz and Nasser (2021): Financial Education should encompass mathematical and interdisciplinary topics that take into account both the powerful algorithms with which we live daily on the internet, as well as concerns about environmental issues related to consumption. Based on the ideas discussed here, we agree with the idea of ​​School Financial Education as

A systematic and gradual process of reflections related to current consumption practices in the society in which we live, addressing discussions related to money and its use, with an understanding of mathematical and non-mathematical aspects involved in a choice, as well as broader discussions, which allow for reflection from the emotional aspects that lead to consumption to the ethical and environmental impacts that it can cause, so that students can understand the impacts that our decisions generate in the world in which we live, thus perceiving the diversity of factors to be taken into consideration when making a decision. ( Santos, 2023 , p. 25, our translation).

Expanding on the definition previously presented, we advocate a Financial Education that aims at collective and supportive development, with environmental and ethical respect, seeking the dignity of the so-called minorities of the world society that have been exploited for generations. Thus, we intend to not only discuss but also fight against social inequality and the unequal distribution of income, to reflect on the role of the minimum wage and how it can bring dignity to the population that lives off it, to discuss scams and financial fraud, in order to protect the population, especially the most vulnerable. To this end, we will discuss, below, the ideas that drive us to advocate a Financial Education for Social Justice.

3 Theoretical Aspects of Education for Social Justice

Fair is what is not lacking

Fair is what is not left over

Fair is what is not loose

Fair is what is not tight

Ceumar – Fair (our translation)

According to Skovsmose (2019 , 2023 ), Social Justice is a contested term, that is, it does not have a single definition and can assume different interpretations, some of which are even contradictory. Schenker et al. (2019) argue that this expression is formed by two subjective terms – social and justice – which depend on the contexts in which they are operated, that is, the rules of a given society, norms, cultures, among other factors, affect the meaning of Social Justice.

For Rizvi (1998 , p. 47), the difficulty in examining the idea of ​​Social Justice is connected to the fact that it “it is embedded within discourses that are historically constituted and that are sites of conflicting and divergent political endeavours”. In view of these arguments, we do not intend to reduce Social Justice to a single and closed understanding; however, we will bring elements that make up our way of seeing this concept so that we can elaborate, later on, our concerns with Financial Education. In this sense, we agree with Hytten and Bettez (2011 , p. 9) that this effort is pertinent, that is,

[...] Thus it seems useful to tease out more clearly what we mean when we claim a social justice orientation, especially so that we can find places where the beliefs, theories, and tools we do share can be brought to bear on a more powerful, and, ultimately, more influential vision of educating for social justice—one that can better challenge the problematic growth of conservative, neoliberal, and many would argue, unjust, movements in education

Murrell (2006 , p. 81) argues that Social Justice involves “a willingness to recognize and eradicate all forms of oppression³and differentiated treatment existing in the practices and policies of institutions, as well as fidelity to participatory democracy as a means of this action”. We understand that these issues make up the structure of Social Justice since it is non-existent if we are in an antidemocratic and oppressive context. In addition to these issues, we understand that there is a certain consensus in the literature about themes that permeate Social Justice, such as democratic education; multiculturalism; feminism; queer theory; anti-racist education; anti-oppressive education; critical race theory ( Bialystok, 2014 ; Hackman, 2005 ; Hill et al., 2018 ; Hytten; Bettez, 2011 ; Murrell, 2006 ).

According to Bell (1997 , 2016 ), Social Justice can be seen as a goal and a process. The goal of Social Justice is full and equal participation of all groups within a society, which is shaped to meet the needs of its people, aiming to minimize inequalities and eliminate oppression. The process to achieve such Social Justice needs to be "democratic and participatory, respectful of human diversity and group differences, and inclusive and affirming of human agency and capacity for working collaboratively with others to create change" ( Bell, 2016 , p. 3).

Connecting these discussions with the educational sphere, Hackman (2005) discusses what an Education for Social Justice would be. We agree with the author when she argues that

Social justice education does not merely examine difference or diversity but pays careful attention to the systems of power and privilege that give rise to social inequality, and encourages students to critically examine oppression on institutional, cultural, and individual levels in search of opportunities for social action in the service of social change [...] To be most effective, social justice education requires an examination of systems of power and oppression combined with a prolonged emphasis on social change and student agency in and outside of the classroom. ( Hackman, 2005 , p. 104,).

To establish what would be an approach to Education for Social Justice, the author develops a theoretical framework ( Figure 1 ), made up of five essential components, to help teachers and researchers reflect on important aspects that structure Social Justice.

Figure 1
– Five essential components for social justice education.

For Hackman (2005) , Education for Social Justice should be concerned with mastering the content, that is, with factual information; developing tools to confront systems of oppression, and developing personal reflections and actions for social change, all of this focusing on the different dynamics of multicultural groups, highlighting their diversity and differences. To clarify these elements, we will discuss each of these components below.

3.1 Content Mastery

Hackman (2005) argues that having mastery over the content is vital. For the author, this idea is composed of three main spheres: obtaining information; historical contextualization; and a micro and macro analysis of the content.

Obtaining information is an essential basis for learning, that is, students need to learn to search for information beyond that which is broadcast daily by mainstream media, entertainment websites, and social networks, among other sources. It is necessary to search for information from different channels, in order to obtain a broader view of a given subject, not being restricted to the hegemonic discourse alone.

Furthermore, Hackman (2005) argues that information cannot be discussed without its historical context, otherwise, students would have a limited view of the facts. In this sense, we agree with Adichie (2019 , p. 26) when she states that “a single story creates stereotypes, and the problem with stereotypes is not that they are lies, but that they are incomplete. They make one story the only story.” According to the author, talking about history means talking about power. And talking about Social Justice means questioning who holds the power and what they do with it.

Finally, the last sphere of content mastery refers to carrying out a microanalysis and a macroanalysis. In this sense, Hackman (2005) argues that it is important to understand how certain situations present themselves and connect with the realities of a classroom; of a specific school; so that one understands how a certain reality is directly affected – this would be a microanalysis. Subsequently, one reflects on how broader and more global spaces are affected, opening one's eyes beyond one's everyday life.

3.2 Critical Thinking and the Analysis of Oppression

Content alone is insufficient to create democratic spaces. Presenting information as truths without critical thinking can become a major problem, turning the classroom into an environment of reproduction and prescription. Hackman (2005 , p. 106) understands critical thinking as a type of thinking that requires

(1) focusing on information from multiple, non-dominant perspectives, and seeing those as independently valid and not as an add-on to the dominant, hegemonic one; (2) de-centering students’ analytical frame and opening their minds to a broader range of experiences; (3) analyzing the effects of power and oppression; and (4) inquiring into what alternatives exist with respect to the current, dominant view of reality of this issue.

Thus, educators need to help students critically analyze situations, encouraging them to “use information to criticize systems of power and inequality in society, to help them ask who benefits from these systems, and to encourage them to identify which aspects of our social structures help keep such inequalities alive” ( Hackman, 2005 , p. 106).

3.3 Action and Social Change

According to Hackman (2005) , it is not enough to discuss situations of oppression and inequality; to question the privileges of dominant classes; without encouraging reflections on possible movements for social change, even if sometimes at a local level. For the author, “students in our educational system are taught to feel powerless (“I can’t change anything; I am just one person’’), complacent (“I don’t have time to change anything’’), or hopeless (“Nothing will ever change anyway’’) ( Hackman, 2005 , p. 107). Therefore, it is the role of the educator who seeks Social Justice to encourage critical thinking, dialogue, and spaces in which the hope for transformation is alive and intense.

Educators need to disrupt the notion that silence is patriotic and teach students that their rights as citizens in this society carry responsibilities—of participation, voice, and protest—so that this can actually become a society of, by, and for all of its citizens. Students need to learn that social action is fundamental to the everyday workings of their lives ( Hackman, 2005 , p. 107).

We understand this movement of social transformation as inseparable from the critical thinking discussed above. In this sense, we understand that the notion of praxis, much discussed by Paulo Freire throughout his works, is fundamental in an Education for Social Justice. According to the author, praxis can be understood as the “reflection and action of men on the world to transform it. Without it, it is impossible to overcome the oppressor-oppressed contradiction” (Freire, 2019, p. 52), that is, there is an uninterrupted cycle of action-reflection. When reflecting on a given situation, it is revisited, transformed, and generates new reflections.

3.4 Personal Reflection

Regarding personal reflection, Hackman (2005) highlights the importance of self-reflection in a space that aims at Social Justice. The author argues that we need to reflect on our privileges and understand how they affect certain groups. For her, there are three crucial points when discussing this topic, namely: (1) Dominants are actively taught not to see their privilege: (2) Dominants are taught to see their life and its privileges as the “norm’’ for society and humanity; and (3) Dominants have done nothing to earn this privilege” ( Hackman, 2005 , p. 107). Personal reflections can help us understand this scenario and consider what it says about our positions, not only in the educational sphere, but as citizens in general.

[...] self-reflection can serve as a constant motivator, as it knocks teachers and students out of complacency and steers them in the direction of the solution instead of the problem. This seems particularly true for dominant group members in their work to resist the seduction of privilege and to maintain the commitment to social justice work on all fronts. Especially in regards to white privilege, ongoing self-reflection helps Whites continually work to challenge racism and be vigilant about the deconstruction of white privilege in society ( Hackman, 2005 , p. 107).

Hackman (2005) argues that not reflecting on these facts contributes to the maintenance of undemocratic and unjust spaces. It is necessary to promote and develop ongoing work with students and the school community, so that these issues never leave our field of vision, always keeping us reflective about privileges and oppressions.

3.5 Awareness of Multicultural Group Dynamics

Finally, the last element for an Education for Social Justice highlights the need to understand the different cultural groups that exist, as well as the socially constructed identities of all people involved in the educational environment ( Hackman, 2005 ). It is important to emphasize that a teacher needs to take into account who the students are that make up the school reality in which he or she finds himself or herself. Proposing the same class, with the same objectives and the same approaches for different groups, does not take into account the subjective aspects that shape each individual and each community. It is important to note that

While student-centered pedagogy is a key aspect of a social justice classroom, it should not be used as a means for members of traditionally marginalized groups to be placed in the position of educating the dominant group members in the classroom. It is each class member’s responsibility to be an agent of his or her own education and not to reproduce disempowering societal dynamics within the classroom ( Hackman, 2005 , p. 108).

Considering these five components proposed by Hackman (2005) , we understand that they are not necessarily the only ones that contribute to an Education for Social Justice. Different contexts may require other concerns. In order to illustrate these discussions within the scope of Financial Education, we provide an example below.

3.6 Financial Education for Social Justice: the case of Brazilian wineries and slave-like labor

In late February 2023, more than 200 workers were rescued from a shelter in the city of Bento Gonçalves, located in the metropolitan region of Serra Gaúcha, in Rio Grande do Sul, Brazil. All of these citizens were hired by a company that operated on an outsourced basis in wineries such as Aurora, Salton, and Cooperativa Garibaldi ( Carta Capital, 2023 ). After some of these workers escaped, it was reported and found that the company in question was keeping them in conditions analogous to slavery, delaying their payments and using “physical violence, long working hours and offering spoiled food” (G1 RS Editorial Team; RBS TV, 2023 ). It is worth noting that, unfortunately, this is not an isolated case. Between 2010 and 2014, industries in the textile sector, such as Lojas Marisa, Lojas Pernambucanas, and Zara were fined for the same reasons (Gama et al ., 2023). According to these authors,

In Brazil, the slave labor cycle usually occurs at the beginning of the value chain, since physical strength does not require specialization. Its incidence is concentrated in sectors with intensive and unskilled labor, such as agriculture (coffee plantations, sugar cane, grains, cotton, among others). It also occurs in livestock farming, construction, clothing, textiles, charcoal production and tree cutting. In this study, we noticed that most of the people found in slavery come from the Northeast and North or are immigrants. However, something very common among these workers is the fact that they are lured with false promises of a better life and the search for better opportunities and jobs. Thus, they are subjugated in the fields or cities to perform forced labor, most of the time without any financial return. (Gama et al ., 2023, p. 4, our translation).

It is important, for example, that discussions like these reach students at different stages of Basic Education and in different curricular components, in order to raise their awareness about these horrors that are still practiced in our territory. We also advocate that discussions like these should not be limited to the classroom, but should go beyond the school walls, taking place in different spaces. When we think about Financial Education for Social Justice, we see the potential in working with this type of situation, inviting students and general society to reflect on how this type of violation still occurs among our population and what interests are behind those who practice it.

Returning to the case of wineries, we can analyze the following data with the students. The companies that were fined “will pay, on average, R$9,600.00 in compensation for moral damages for each of the 207 workers rescued from a situation analogous to slavery” ( Casemiro; Moreira, 2023 ). In addition to this amount, which in total amounts to almost R$2 million, the companies will also have to pay “R$5 million that must be reverted to entities, funds or projects aimed at repairing the damage” ( Casemiro; Moreira, 2023 ). However, according to Ribeiro (2023) , the Salton, Aurora, and Garibaldi wineries had revenues in 2022, respectively, of R$500 million, R$756 million and R$265 million.

Considering these values, we ask: does the fine imposed by the Labor Prosecutor's Office affect the companies involved in any way? Does this paltry amount compared to the absurd profits of 2022 cause any inconvenience to these companies to the point that they rethink the monitoring of their partner outsourced companies? How much is the life of a worker worth? And, more specifically, how much is the life of a poor person worth, who believes in the false kindness of a person who offers them work, often far from their homes, in the hope of a better future for themselves and their families?

These questions are at the heart of what we understand as Financial Education for Social Justice. In our view, this needs to problematize this perversion that capital causes in our population, leaving the big owners of the means of production practically unharmed. Encouraging students to reflect on this and to be outraged by such facts – which, as we have pointed out, are not isolated – can contribute to protests and struggles for a more just and humane society.

All of these discussions are in line with the components presented by Hackman (2005) . Regarding content mastery , it was necessary to consult different sources to obtain data that explained the fact and to understand theoretical aspects that permeate the main theme – which, in this case, is labor analogous to slavery. In other words, this movement constitutes obtaining information and, by proposing a discussion on labor analogous to slavery in the current context, a historical contextualization can be carried out, breaking down disciplinary barriers with a view to favoring the implementation of actions concerning Financial Education for Social Justice that are dialogical and interdisciplinary ( Baroni, 2021 ).

In contact with such knowledge , critical thinking is essential to problematize what was happening in the situation, analyzing oppression and seeking to understand that capital is the main promoter of such actions – see the questions we present as examples. Together, personal reflection and the search for social change lead us to question which groups are most affected by these aggressions; which groups are the ones that oppress the most; and how solutions can be devised that increasingly repudiate and criminalize these actions. Finally, it is necessary to take into account the characteristics and the group dynamics in which such a proposal is made, bringing possible relationships with their experiences and their surroundings, that is, valuing their contexts and problematizing their realities.

That said, we consider that the relationship between Financial Education and Social Justice is associated with a movement that discusses, reflects, and illuminates aspects related to the consequences of social inequalities, such as catastrophes that greatly affect the most vulnerable people; situations analogous to slavery imposed by companies on workers; the responsibilities of public authorities towards the population; and the intricacies of capitalism that bind us to surplus value, without many chances of following paths different from the one that is given.

Based on these discussions, we will finally bring our concerns about Financial Education closer to an Education for Social Justice, listing the potential and the urgency of working on this topic from a humanizing perspective, moving away from the market-based views that are widespread in society as a whole and, in particular, in schools.

4 Towards Financial Education for Social Justice

We took a tour of Financial Education from its most systematized origin, with the OECD in the early 2000s, through ENEF and its decrees, the one from 2010 and the one from 2020, until arriving at BNCC (Brazil, 2018) as a cross-cutting theme. At the same time, since this article is also associated with the celebrations of the 40th anniversary of PPGEM, we present how the topic has been discussed at Unesp in Rio Claro, from the first productions, in which the topic was not even the main focus, until the current productions. We also discussed different views and definitions of Financial Education until arriving at definitions of School Financial Education, which is closer to what we advocate, and we present how we, researchers in the area, conceive the concept related to the topic, until arriving at the discussions on Financial Education and its relations with Social Justice. To conclude the discussions held here, we ask: what is Financial Education for Social Justice?

Hackman (2005 , p. 103) argues that “education for social justice encourages students to take an active role in their own education and supports teachers in creating empowering, democratic, and critical educational environments.” It is in this direction that we think of Financial Education as a force for Social Justice.

Talking about Financial Education, from our perspective, means talking about the injustices that permeate our lives and our society. It means reflecting on why “the richest 1% in the world have kept almost 2/3 of all wealth generated since 2020 – around US$42 trillion – six times more money than 90% of the global population (7 billion people) have earned in the same period” (Oxfam, 2023). It means questioning why water, an essential element for human survival, is not available to everyone. It means reflecting on how the existence of hunger is accepted in a world in which 17% of all global food production is wasted (UN, 2019).

Educating someone financially means shedding light on such information, inviting them to question this data and problematize this (im)posed reality. It means elucidating the existence of a perverse neoliberal system that seeks infinite profit, without worrying about destroying people, the environment, or whatever else might appear along the way as an obstacle to achieving this endless wealth. Being financially educated means knowing how capitalism impacts human relationships and proposing ways to combat and transform the injustices it causes and reinforces, aiming for Social Justice.

[...] we could see [social] justice as a matter of distribution (how do we most equitably allocate resources and rewards), recognition (how do we create conditions in which all cultural ways of being are valued), opportunities (how do we ensure a level playing field for competition), and/or outcomes (how do we make certain thatsuccesses are fairly distributed in relation to populations) ( Hytten; Bettez, 2011 , p. 11).

To conclude the discussion proposed in this article, we turn to the contributions of Bartell (2013 , p. 129-130), who points out that Mathematics Education faces a double imperative: “providing students with mathematics instruction that includes all the mathematics considered necessary for success in the current system, while at the same time providing students with an opportunity to use it to expose and face obstacles to their success”. We understand that this is the same problem as Financial Education. In addition to understanding content-based aspects that make up our understanding of Financial Education ( Silva; Powell, 2013 ; Santos, 2023 ), we consider it necessary and urgent that such content be articulated with real situations, which require reflection and problematization, aiming at social transformation. A Financial Education for Social Justice must, therefore, take on these issues.

Acknowledgements

São Paulo Research Foundation (FAPESP) – processes 2021/11937-0 e 2023/02251-2.

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• 1
  Additional information can be found at: https://igce.rc.unesp.br/#!/pos-graduacao/programas-de-pos/educacao-matematica/ . Last accessed: 31 Jan. 2024.
• 2
  To contextualize the main theme of this article, Financial Education, we focus on the trajectory of this theme in PPGEM, since the article is linked to the special call of Bolema in celebration of the 40th anniversary of this postgraduate program.
• 3
  For a more in-depth discussion of oppression, see Young (1990) and Bell (2016) .

Publication Dates

• Publication in this collection
  28 Oct 2024
• Date of issue
  2024

History

• Received
  14 Feb 2024
• Accepted
  27 Aug 2024