DEPÓSITO LEGAL ZU2020000153  
Esta publicación científica en formato digital  
es continuidad de la revista impresa  
ISSN 0041-8811  
E-ISSN 2665-0428  
Revista  
de la  
Universidad  
del Zulia  
Fundada en 1947  
por el Dr. Jesús Enrique Lossada  
Ciencias  
Sociales  
y Arte  
Año 13 N° 38  
Septiembre - Diciembre 2022  
Tercera Época  
Maracaibo-Venezuela  
REVISTA DE LA UNIVERSIDAD DEL ZULIA. 3ª época. Año 13 N° 38, 2022  
Olena Budnyk et al/// The problem of economic literacy development of children and youth, 235-251  
DOI: http://dx.doi.org/10.46925//rdluz.38.17  
The problem of economic literacy development of children and  
youth  
Olena Budnyk*  
Inna Konovalchuk**  
Ivan Konovalchuk***  
Iryna Onyschuk****  
Lyudmila Matsuk*****  
Kateryna Fomin******  
ABSTRACT  
The article presents the urgency of the problem of improving the quality of economic education in  
educational institutions of different types under modern social challenges regarding the  
cooperation of society and nature, forecasting economic development of regions, organization of  
production taking into account environmental and socio-economic preconditions. The study used  
methods of conceptual and comparative analysis, as well as psycho diagnostic methods. Theoretical  
aspects of forming children’s basics of economic (financial) literacy taking into account social and  
geographical factors are substantiated. Some features of the development of schoolchildren’s  
economic thinking in the course of their training (rationalism, practicality, variability, problem  
character, etc.) are defined. The essence of the economic culture of student youth is outlined and  
the necessity to create an educational environment of the educational institution for its  
development is emphasized. The results of the empirical study on the state of the outlined problem  
in school practice are presented. It was found out that the formation of economic literacy in  
primary and secondary school involves students mastering general knowledge, skills, and abilities  
necessary for their lives.  
KEYWORDS: Economics education; economics of culture; educational quality; educational  
institutions; creative thinking.  
*Doctor of Pedagogical Sciences, Professor, Vasyl Stefanyk Precarpathian National University, Ukraine. ORCID:  
**Doctor of Pedagogical Sciences, Associate Professor, Zhytomyr Ivan Franko State University, Ukraine. ORCID:  
****Doctor of Pedagogical Sciences, Associate Professor, Kremenets Regional Humanitarian Pedagogical  
Institute named after Taras Shevchenko, Ukraine. ORCID: https://orcid.org/0000-0002-1521-0428. E-mail:  
*****Candidate of Pedagogical Sciences, Professor, Vasyl Stefanyk Precarpathian National University, Ukraine.  
ORCID: https://orcid.org/0000-0003-0472-6813. E-mail: liudmila.matsuk@pnu.edu.ua  
*
*****Candidate of Pedagogical Sciences, Associate Professor, Vasyl Stefanyk Precarpathian National  
Recibido: 30/05/2022  
Aceptado: 07/07/2022  
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Olena Budnyk et al/// The problem of economic literacy development of children and youth, 235-251  
DOI: http://dx.doi.org/10.46925//rdluz.38.17  
El reto de desarrollar la alfabetización económica de los niños y  
jóvenes  
RESUMEN  
El artículo presenta la relevancia del problema de mejorar la calidad de la educación  
económica en instituciones educativas de diferentes tipos, de conformidad con los desafíos  
sociales contemporáneos concerniente a la interacción de la sociedad con la naturaleza, la  
previsión del desarrollo económico de las regiones, la organización de la fabricación,  
teniendo en cuenta las condiciones previas naturales y ecológicas y sociales y económicas.  
El estudio utilizó métodos de análisis conceptual y comparativo, así como métodos  
psicodiagnósticos. Son fundamentados los aspectos teóricos de la formación de las bases de  
la alfabetización económica (financiera) a los niños que toman en cuenta los factores  
sociales y geográficos. Se determinan algunas características del desarrollo de pensamiento  
económico de estudiantes en el proceso de su capacitación (racionalismo, practicismo,  
variabilidad, problematismo, etc.). Se marcó la esencia de cultura económica de estudiantes  
y alumnos en vista de la realidad contemporánea y enfatizó la creación de un entorno  
educativo en las instituciones educativas para el desarrollo de alfabetización económica  
eficaz en niños y jóvenes. Se presentaron los resultados de la investigación empírica sobre el  
estado del problema descrito en la práctica escolar. Se descubrió que la formación de la  
alfabetización económica en la escuela primaria y la preparatoria implica dotar a los  
discípulos de conocimiento general, habilidades y conocimientos necesarios para la vida.  
PALABRAS CLAVE: educación económica, economía cultural; calidad de la educación;  
instituciones de enseñanza; creatividad.  
Introduction  
In the era of technological development and digitalization of all spheres of life,  
artificial intelligence problems in business processes are increasingly common. However,  
artificial intelligence deals exclusively with forecasts, based on which experts draw  
conclusions and make important economic decisions. Therefore, in the future, the problem  
of professional thinking and the ability to design business strategies for the modernization  
and progress of the world economy is relevant (Cesarano, 2006). The purpose of this study  
is to present theoretical aspects of forming the foundations of schoolchildren’s economic  
(
financial) literacy taking into account current socio-geographical factors, to identify some  
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Olena Budnyk et al/// The problem of economic literacy development of children and youth, 235-251  
DOI: http://dx.doi.org/10.46925//rdluz.38.17  
features of economic thinking of students, to present the results of the empirical research  
on the problem of technology and business development in modern school conditions.  
Socio-economic dynamics of transformation in the world require the advanced  
development of national systems of education and science.  
The issue of personality formation with a high level of economic training as the basis  
of universal values, intellectualization of society, synthesis of culture, and innovation is of  
great importance (Möhrleab et al., 2021). There is an objective need to ensure the quality of  
economic education in various types of educational institutions (kindergarten, school,  
college, etc.) (Reilly et al., 2005). Important education tasks are intensifying preparing  
students for active professional self-determination, socio-economic adaptation in a  
competitive market, the formation of readiness to solve problems, making the right  
economic choices, a creative approach to solving economic problems, development of  
economic thinking, and entrepreneurship (Reimann, 2003). In particular, the continuity of  
economic education in schools and universities is relevant because “economics has become  
increasingly positioned as an elite subject in both sectors” (Davies et al., 2010). Empirical  
studies prove that the role of primary and secondary education seems to be more important  
in LDC nations, while growth in OECD economies depends mainly on higher education  
(
Petrakis et al., 2002).  
Therefore, the relevance of the research topic is explained by several contradictions  
between:  
high social requirements for the quality of economic education of specialists and its  
relatively low level;  
the objective need for education of a person of high economic competence and  
insufficient elaboration of this problem in the theoretical and methodological aspect, the  
general need to improve further the content of education, in particular, the rational  
redistribution of educational information between state, regional, and school components;  
diverse approaches to pedagogical goal-setting, formulation of the purpose of  
economic education in abstract scientific concepts and the specific content of educational  
activities;  
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DOI: http://dx.doi.org/10.46925//rdluz.38.17  
insufficient popularization among the younger generation of a positive example,  
worth following, and the predominant influence of negativism in the system of social  
factors of education;  
social educational ideals and their subjective image, i.e. pupils’ ideas about personal  
value orientations in the conditions of economic instability, unemployment,  
commercialization of culture, sports, education.  
The problems under research are of great relevance for Ukraine in the current  
conditions of Russias military invasion, as it is the youth that should become a priority  
force in rebuilding the country's economy and social infrastructure.  
The task of this study is to present theoretical aspects of forming children’s basics of  
economic (financial) literacy, to identify some features of students economic development,  
to present the results of empirical research on the problem of modern technology and  
business in school practice.  
1
. Methods  
To solve this problem, the following methods were used: conceptual and comparative  
for analysis of the scientific literature and substantiation of the research thesaurus;  
comparative and descriptive methods of component-cognitive analysis  to identify the  
structural components of the child’s economic literacy; psychodiagnostic methods – for a  
partial study of the problem in school practice in Ukraine.  
1
.1.  
Instruments and procedures  
The empirical research was conducted in secondary schools of Ukraine in September-  
November 2021. It covered 1382. The questions of the questionnaire were related to the  
study of the level of economic literacy of children and youth.  
The selected sample of the survey does not allow us to extrapolate its results to all  
groups of respondents. However, we identified the urgency of the research problem and the  
necessity to develop strategic directions for its solution in educational practice, cosidering  
the social challenges of the world economy and educational technologies (in the example of  
Ukraine).  
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Olena Budnyk et al/// The problem of economic literacy development of children and youth, 235-251  
DOI: http://dx.doi.org/10.46925//rdluz.38.17  
2
2
. Results  
.1. The Formation of Children’s Economic Literacy  
At preschool age, it is important to form children’s values which will help them to  
make important economic decisions, to communicate actively in society, to show  
purposefulness and courage (Budnyk et al., 2017). Research shows interconnections  
between decision-making, the ability for self-management, which is passed on in the family,  
an intergenerational relationship in decision making” (Kosse et al., 2012). At the same time,  
the level of economic culture of parents is important, especially in remote rural areas  
(
Zinger et al., 2020).  
The formation of the foundations of economic literacy is carried out during  
socialization and the child’s inclusion in various economic relations aimed at making a  
profit at a minimal cost. It is a relationship with others about the distribution of limited life  
benefits that belong to the owner to meet his material or spiritual needs. It should be borne  
in mind that in legal terms, the child can not act as an independent subject of property.  
However, from birth and throughout life a person improves, on one hand, as a subject of  
unconditional personal mono possession of many goods: from own vitality, corporeality,  
human virtues to personal territoriality, property, and social contacts  as a subject of  
privacy (Dembytska et al., 2015). Therefore, in economic education in an educational  
institution, it is important to emphasize the principle of balancing this privacy and publicity.  
After all, since preschool age, the child has been aware of these concepts, possesses certain  
things, objects that he/she uses, and is aware of these economic concepts, especially about  
the caring attitude and the right to use them.  
The main purpose of economic education and upbringing is to form in the  
minds of students a conscious attitude towards economic qualities, such as  
thrift, entrepreneurship, entrepreneurship, in the conduct of educational  
activities… In this regard, it is important in economic education to raise  
children’s economic thinking in the school and in the family, to encourage them  
to cooperate and do business, to study economic calculations on the basis of life  
experience.” (Fayziyeva, 2021).  
2.2. Economic Culture of Student Youth: Essence and Modern Realities  
Economic culture is actualized in various aspects of human life: work, community  
service, education, self-improvement, households, recreation, leisure  in short, in all  
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DOI: http://dx.doi.org/10.46925//rdluz.38.17  
aspects of human life, where there is production or use of material values. The system of  
qualities that determine the nature of human behavior in the process of production and  
labor activities aimed at creating material values is called production culture, and the one  
that determines the consumption culture. Thus, economic culture can be defined as a system  
of human values (Nor et al., 2022) that determine its relationship to natural resources,  
objects, tools, and products of human labor, psychological readiness, and the ability to  
preserve, rationally use, and multiply them. Analysis of literature sources (Sutterab et al.,  
2019; Petrakis et al., 2002; Davies et al., 2010) shows that this concept combines such values  
as economic knowledge, practical skills, the specific perception of the world, thinking,  
abilities, that is everything that determines the nature of human behavior in the world of  
material and spiritual values.  
In the structure of economic culture, we distinguish psychological and pedagogical  
components: intellectual, motivational, behavioral, orientation, and others. Intellectual and  
behavioral components  the result of didactic, motivational  developmental, and  
orientation-value educational functions of studying.  
Human economic culture is actualized in the appropriate behavior and activities.  
Economic activity is a persons activity in the field of material production, as well as in the  
sphere of science, culture, education, everyday life, etc. The economic behavior of a person  
is manifested in his/her appropriate culture.  
According to research, “age, gender, and other factors such as socio-economic  
background or in-group favoritism have been found to shape economic behavior of children  
and adolescents, with the latter often showing patterns of behavior that are similar to the  
evidence from adult subject pools” (Sutterab et al., 2019).  
In this context, we define another concept – the schoolchild’s economic sphere –  
his/her specific perception of the world, abilities, thinking, as well as a system of ideas,  
beliefs, feelings that provide and regulate the appropriate behavior and activities.(Silva et  
al., 2022).  
Resulting from the fact that a person with a high level of economic culture is  
characterized by several inherent values: entrepreneurship, hard work, responsibility,  
purposefulness, and others. Economic competence is a holistic process of formation and  
development of economic knowledge, skills, abilities, values, the experience of  
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DOI: http://dx.doi.org/10.46925//rdluz.38.17  
entrepreneurship in various educational institutions, as well as in the process of everyday  
communication, knowledge of reality, self-improvement, and more.  
To study the state of the problem in educational practice, we conducted an empirical  
study in secondary schools of Ukraine. According to its results, it was found that a large  
number of teachers doesn’t pay attention to the issues of educating the economic culture of  
schoolchildren.  
To our question “What pedagogical problems do you consider the most relevant?”  
addressed to teachers, 71.7 percent of the total number of respondents did not name the  
problems of economic (labor) education, others  pointed to some aspects of it, not  
realizing the difficulties or challenges in general. The obtained results also confirm the fact  
that teachers lack sound methodological recommendations for solving the researched  
problem in practical terms, taking into account the current realities of market development.  
The difficulties that arise in the process of solving this problem are evidenced by the  
results of studying the level of development of the economic culture of students. In the  
course of the pedagogical experiment, rather low indicators of education of the main  
components of economic culture were found in all of the studied students with a total  
number of 1382 people (including 619 primary school students).In primary school age, the  
low and lowest levels are 18%,average  57.9%, high  15.7% and the highest  7.3%. At  
middle and high school age, these indicators are: low and lowest levels  35.4%, average –  
54.0%, high  6.3% and highest  3.5%. Middle and older adolescents have a sharp decline  
in interest in economic activity, indifference to human products prevails, which increases  
with age, resulting in a significant number of young people are reluctant to work in the field  
of material production.  
2.3. The Problem of the Development of Students’ Economic Thinking  
Economic thinking in this research is considered in the context of students’ economic  
competence, which is expressed through emotional evaluation of economic knowledge,  
analysis of the economic situation taking into account subjective factors, as well as certain  
activities, ability to operate in market conditions, entrepreneurship and business.  
Psychological features of thinking are rationalism, its practical direction, problematic  
nature, variability, and others. Let’s analyze these features in detail.  
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DOI: http://dx.doi.org/10.46925//rdluz.38.17  
In procedural terms, economic thinking is not marked by any specifics  it actualizes  
the mental operations known in psychology (analysis, synthesis, comparison,  
generalization, etc.).As for the content, it is characterized by the fact that it involves the  
operation of economic concepts (for example cost, productivity, material values, profits,  
advertising, barter, tax, etc.), and hence the possession of economic knowledge (facts, laws,  
ideas, theories, etc.). This is one of the most distinctive features of economic thinking, in  
particular when it is realized in the field of material production.  
Modern scientists (Davies et al., 2007) consider the relationship between threshold  
concepts, key concepts, and conceptual change and suggest that a distinction between  
basic, discipline, and procedural concepts may be useful in determining a framework for the  
identification of threshold concepts, which is an integral part of the development of  
economic thinking.  
Economy  a qualitative characteristic of any activity, regardless of its specific  
content, which can be realized not only in the production sphere but also in others  
(
culture, education, spiritual life of society). Each of them has its specific economic  
thesaurus. In some activities (for example, educational) it is greatly simplified and reduced  
to the operation of the most commonly used concepts: “cheap-expensive”, “profitable-  
unprofitable”, “appropriate-impractical”, “rational-irrational” and so on. In general, from the  
point of view of the entrepreneur, any institution, regardless of its purpose and social  
functions (school, cafe, medical institution, etc.), is an object that lives its economic life.  
Therefore, it is not surprising that the highly developed countries of the world care about  
raising the level of economic literacy of their citizens by all available means (through  
television, books, newspapers, etc.).  
American economists (Wilson et al., 1984) emphasize that everyone must have a  
minimum of economic knowledge because today the economy has become the subject of  
general discussion and concerns everyone. Foreign scholars focus on the problem of  
developing the economic thinking of the individual, which is an integral condition of its  
correct economic choice.  
The second specific feature of economic thinking is its focus on the rational objective  
transformation of objects, processes, and phenomena of the surrounding reality through  
labor. In other words, it is marked by a practical focus on the subject of creative work. In  
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DOI: http://dx.doi.org/10.46925//rdluz.38.17  
such circumstances, the economic activity requires from the student not only the maximum  
activation of its substantive (external) but also mental (internal) actions. After all, before  
starting the economic activity, he considers its purpose, content, means, principles of  
organization, and so on. The plan, the scheme of certain actions matures in consciousness.  
Conversely, any mental operation would be superfluous without empirical experience. The  
organic relationship of internal (mental) actions with external (practical) and their  
interdependence are specific features of economic thinking.  
The third feature is rationalism  it is always aimed at finding the best option for the  
organization of production or other activities, i.e. one that provides the maximum possible  
results under these conditions, minimally spending money and human effort (available  
natural or production resources, materials, energy, etc.). Modern economics of nature  
identifies the following main factors in the organization of human labor: nature, location,  
capacity, reserves, value, economic importance, the technology of extraction, and  
restoration of all types of natural resources  land, forest, water, air, mineral and others,  
their ecological-economic assessment and protection. In the appropriate economic choice of  
these characteristics, the rationality of thinking and appropriate activities are revealed.  
The next feature is closely related to the previous one and is marked by economy,  
which provides the ability to ensure high efficiency and productivity at minimal cost, time,  
human resources, and more. Today, the world’s leading countries strive for the economic  
use of raw materials and energy resources. In their economic life, a progressive trend of  
maximum satisfaction of human needs at the cost of the lowest material costs is  
established, which requires the solution of several economic problems. It is no coincidence  
that scientists emphasize the need for every citizen of the country to master the available  
system of economic knowledge and skills. “...Every day we face a contradiction between  
unlimited desires and limited opportunities, which, according to the authors, is the  
essence of the main economic problem. Therefore, “it is necessary to be economical in the  
use of limited resources, at the same time to satisfy boundless desires as much as possible.  
We must learn to choose from what we can afford” (Daughtrey et al., 1984).  
The peculiarity of economic thinking is its ethnic features. It is based on taking into  
account the specific characteristics of a nation, particularly geographical location, available  
natural resources, management traditions, mentality, and more. Today's student operates in  
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REVISTA DE LA UNIVERSIDAD DEL ZULIA. 3ª época. Año 13 N° 38, 2022  
Olena Budnyk et al/// The problem of economic literacy development of children and youth, 235-251  
DOI: http://dx.doi.org/10.46925//rdluz.38.17  
complex economic categories (manager, economic feasibility, entrepreneurship, marketing,  
currency system, demand, supply, market price, consumer goods, etc.), but the ethnic  
environment significantly affects its development, enriching speech with concepts such as  
ethnic business”, “management traditions”, “labor dynasties”, “ethno-economic abilities”,  
etc.  
Another important feature of the content side of economic thinking is its problematic  
nature, which involves the tendency of the subject to identify contradictions, the need to  
find ways to overcome them, i.e. the problematic “vision” of objective reality. It is in the  
formulation and definition of ways to solve certain problems that the economic thinking of  
a teenager is perhaps most evident. Finally, the last specific category is variability, which  
characterizes an individual's ability to think differently, which allows him/her to develop  
several options for solving the problem to obtain a sufficient database and choose the best  
option.  
Comprehending the mentioned features of economic thinking, we conclude that they  
are closely related, but almost none of them is manifested in pure form, so their separation  
is a completely conditional phenomenon.  
Characteristics of psychological determinants of economic thinking expand the idea  
of a system of didactic requirements for pedagogical means of its development in a  
secondary school or other educational institution. The main way to form it is to solve  
creative problems of economic content, as the only means of developing any values is to  
organize such activities that require the actualization and functioning of these qualities. In  
particular, to form and develop students’ economic perception of reality and its problem  
vision, it is advisable to constantly study the available objects, processes, and phenomena,  
identify negative aspects and contradictions, and on this basis to formulate any kind of  
purposeful human activity, including education. And the subject of improvement, in this  
case, can be methods and techniques of development of the cognitive activity of the  
teenager, his/her workplace at school and home, available means of scientific and  
educational information, etc. And although as a result of such improvement we do not have  
a direct “economic effect”, the need for it always exists, because the desire to meet it  
ultimately leads to streamlining the learning process and quality preparation for any job,  
including entrepreneurship or business.  
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REVISTA DE LA UNIVERSIDAD DEL ZULIA. 3ª época. Año 13 N° 38, 2022  
Olena Budnyk et al/// The problem of economic literacy development of children and youth, 235-251  
DOI: http://dx.doi.org/10.46925//rdluz.38.17  
To develop economic thinking, it is necessary to teach children from an early age to set  
and solve feasible economic problems, the content of which must be gradually complicated.  
We distinguish the following economic problems: problems with