Increase your students' financial literacy

Is accounting boring? Far from it, according to Laura Claeys, programme coordinator, Professor Patricia Everaert and Professor Evelien Opdecam of the NABO programme.
NABO stands for Nieuwe Aanpak BoekhoudOnderwijs (New Approach to Accounting Education) and was developed following research within the Accountancy, Corporate Finance & Taxation department of the Faculty of Economics and Business Administration. Because there was also a need for a different approach in secondary education, the NABO programme was adapted to suit secondary school teachers in the second and third grades.

Patricia: ‘Is there anything better than being able to interpret the figures in an annual report? With the NABO method, we try to give students insight and encourage them to move away from the habit of memorising all kinds of rules.’
Evelien: "The interactive approach starts from a helicopter view and responds to the students' everyday lives. They have to set up a fictional company that produces smartphone cases, for example. How much money do we need to start? How much do we need to borrow? How much do we invest in a machine and raw materials? How do we determine the right selling price? And will we make a profit in the first year (read: get rich with this idea)?  Accounting is then no longer a distant concept, but very interesting because they can link it to their own dream of, for example, starting a business. This approach leads to very good results: the students learn basic economic concepts in a very short time."
Economics teachers were looking for ways to convey their passion for their subject. But it is not an easy subject to explain, due to the technical jargon. Over the years, there has been a fragmented approach, in which the ultimate goal – reading the annual accounts – was sometimes lost. As a result, the students had no overview and therefore no insight. Our method helps students gain a better understanding of accounting, entrepreneurship and financial literacy."
The programme did not come about overnight, according to Patricia and Evelien. ‘An extensive research project – sponsored by the professional field – tested the effectiveness of the method over several years. What did it reveal? The NABO method not only improves students' knowledge, interest and motivation, but is also recognised as valuable by teachers.’
The training takes place every summer during a two-day event at the faculty. But it doesn't stop there. Evelien: "The following school year, there are three physical reconnect moments to further support teachers and exchange experiences. By debating, exchanging experiences and reflecting on their own classroom practice, a close-knit group quickly forms. We often receive feedback from teachers that they have never before been able to reflect and debate so intensively with like-minded people about their field of expertise.‘ Laura concludes: ’We think it's great that we get to train such enthusiastic teachers every year. It gives us a lot of energy."

More information: https://www.accountingeducation.ugent.be/en/nabo