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The Guides for Effective Instruction in Mathematics Revised

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F1.2 Identify and describe various reliable sources of information that can help with planning for and reaching a financial goal.

Skill: Identifying Various Reliable Sources of Information

There is no one "right" way to manage your finances, but you can find a multitude of approaches to financial management, each of which claims to be "the" magic formula. This leads to some important findings.

  • Teachers need to introduce students to approaches that differ from their own financial management strategies in order to respect the personal, social, family and cultural differences of students in the class. It is therefore important for educators to recognize the biases and potential for privilege that may influence financial decisions.
  • Students need to learn to recognize the elements of a reliable source in order to conduct their own research when making financial decisions. It is important to present a variety of sources so that students can consolidate and transfer their learning.

There are several ways to determine whether a source is reliable or unreliable. The following are examples of criteria that can be used to test the reliability of financial management resources. These criteria or variations can also be applied to sources on other topics.

Question

Reliable Source

Source of Doubtful Reliability

Who wrote the content?
  • The individual or organization that published the information is clearly indicated.
  • We can communicate with the individual or the organization.
  • The individual or organization has a qualification or experience in the field that the source addresses.
  • The source is anonymous.
  • No contact information is visible.
  • The qualifications of the individuals involved in the writing are not mentioned, are invalid or are not relevant.

Does the source contain advertisements?

Is the source trying to sell a product?
  • The information is shared free of charge.
  • The intent of the publication is to inform the public.
  • Advertisements on the website are for the organization that published the information.
  • The individual or organization does not request payment to access the information.
  • There is no pressure to make a purchase if it is a paid service.
  • Advertisements on the website are for products and services that are not related to the subject matter.
  • You have to pay or share personal information to access the most relevant information.
  • The intent of the publication is to sell a product or service.
  • There are time limits and pressure to buy a product or service.

Is the information presented of good quality?
  • The source presents facts supported by research and statistics.
  • The quality of the language is excellent.
  • Information is presented in a neutral manner. The elements of risk and possible outcomes are clear and reasonable.
  • The source presents opinions (for example, "I" statements).
  • The source presents only testimonials that cannot be verified.
  • Spelling and grammar errors are common.
  • The information is biased and includes extreme statements and promises.

Is the information presented verifiable elsewhere?
  • The information presented can be found on other websites of financial institutions, governments, and on websites of financial specialists.
  • An Internet search on the reliability of the source gives positive results.
  • The information on the website cannot be confirmed by other sources.
  • The source indicates that the information it contains is "secret".
  • An Internet search on the reliability of the source gives negative results.

This table includes several important elements in determining the trustworthiness of a source, but is not exhaustive; for example, the trustworthiness of a website could also be verified through the content of the URL, the validity of an SSL certificate, or information obtained from a service such as Google Information Transparency.

In the classroom, exploring the reliability of sources can be done in two stages. First, by brainstorming with the class to try to identify some of the elements in the table above. Second, through a group analysis of a "reliable" and an "unreliable" website (the website does not have to be related to financial management to give students the opportunity to transfer their learning to new contexts). Next, students can research examples of websites related to financial management, either individually or in small groups, to find one example of a reliable site and one example of an unreliable site. A class discussion can then build on the criteria for a reliable source by noting what reliable sites have in common.

Extensions: In modern financial reality, there are financial management strategies that can be discussed in both reliable and unreliable sources. Students could first create an infographic on a current financial topic to determine if it is a fact-based approach or fiction.

Knowledge: Reliable Source of Information

A source of information is considered reliable if it can be trusted. On the Internet, the source of information needs to be critically examined because anyone can publish online without a filter. This does not apply to paper sources controlled by publishers. If the sources of information are people, it is important to make sure that students are aware of this. It is important to evaluate the source of information to see if it can be trusted.

Source: adapted from Vikidia.