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Using Mathematical Modelling as an Alternative Assessment to Enhance Students’ Financial Literacy

Preliminary studies have found that students have poor financial literacy and lack exposure to real-life problems. Thus, the objective of the study is to find out whether the use of Mathematical Modelling (MM), as a form of alternative assessment, helps Sec 3 Express students enhance their Financial Literacy. During the MM project, students assumed the role of interior designers to furnish a room. Wikispaces was used as an ICT platform to facilitate discussion and monitoring. A customized rubric was also uploaded onto Wikispaces for guidance and assessment. A quasi experiment and two groups, non-random selection, pre- and post-test test design was used for the study. Results show that MM helps students understand and apply Financial Literacy skills to solve problems by articulating the problem solving process. It also highlighted the importance of Financial Literacy in the real-world context. However, MM may not be useful in helping students remember formulae.Key words: Alternative assessment, Mathematical Modelling, Financial Literacy

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