Technologies for Forming Terminological Competences in Financial Literacy

Abstract

There has been a shift in the way that education is evolving towards the entire learning being independent, having its internal ignition, and focusing more on learnt skills rather than passive knowledge transfer. In this regard, the formation of terminological competence in the field of financial literacy becomes relevant, since the proper understanding of economic concepts directly determines the ability of students to make responsible decisions in real-life practice. Nonetheless, there is still a research gap on how educational institutions can use modern interactive and digital technologies and how financial terminology skills can be systematically developed. To fill this gap, this study examines current pedagogical approaches to determine which technological strategies are most effective at developing financial literacy terminology competence. The research used classification, descriptive, historical comparative, contextual, complex, functional analysis to analyze the nontraditional education methods and their effect on the students’ participation and the learning achievements of the students. Results reveal that interactive learning technologies like case analysis, business games, debate, brainstorming, project work, and multimedia-supported instruction enhance the cognitive activity of students, motivation, critical thinking, and communication skills. Findings suggest that the use of electronic text materials, multimedia content, and web-based interactive learning environments enhances retention of financial terms in the long term and helps students apply key concepts in real-world scenarios. The findings suggest that financial literacy education cannot afford to be offered online using outdated digital media, nor in a move that relies on traditional lecture-style didacticism. These approaches enhance the financial security skills of students as well as facilitate a progressive shift toward a practice-oriented educational paradigm.