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Integration of a Financial Literacy Curriculum in a High School Economics Class: Implications of Varying the Input Mix from an Experiment

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  • ANDREW GILL
  • RADHA BHATTACHARYA

Abstract

type="main" xml:id="joca12048-abs-0001"> We taught a mere seven-period financial literacy curriculum to two 12th grade economics classes, where one treatment was Financial Fitness for Life-super-® (FFFL)-intensive and the other was “stock market learning” (SML)-intensive. Two control groups received no financial literacy treatment—an 11th grade group with no exposure to economics and a 12th grade economics class. The 12th grade economics classes, i.e., the two treatment groups and one control group, also worked on identical stock market portfolio assignments that their teachers required independently of our curriculum. In a test of overall financial knowledge, the FFFL-intensive group outscored both control groups and the SML-intensive groups, even on questions that were not taught in our curriculum. We conclude that an FFFL-intensive input mix was beneficial in directly adding to financial knowledge and also in terms of leading to spillovers in such knowledge.

Suggested Citation

  • Andrew Gill & Radha Bhattacharya, 2015. "Integration of a Financial Literacy Curriculum in a High School Economics Class: Implications of Varying the Input Mix from an Experiment," Journal of Consumer Affairs, Wiley Blackwell, vol. 49(2), pages 472-487, July.
    • Handle: RePEc:bla:jconsa:v:49:y:2015:i:2:p:472-487
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    References listed on IDEAS

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    1. Cynthia Harter & John F.R. Harter, 2010. "Is Financial Literacy Improved by Participating in a Stock Market Game?," Journal for Economic Educators, Middle Tennessee State University, Business and Economic Research Center, vol. 10(1), pages 21-32, Summer.
    2. Annamaria Lusardi & Olivia S. Mitchell, 2008. "Planning and Financial Literacy: How Do Women Fare?," American Economic Review, American Economic Association, vol. 98(2), pages 413-417, May.
    3. Andrew T. Hill & Bonnie T. Meszaros & Brian Tyson, 2012. "Evidence of Student Achievement in a High School Personal Finance Course," Working Papers 13-01, University of Delaware, Department of Economics.
    4. Renee Courtois, 2009. "Learning curves : the economics behind high school economic education," Econ Focus, Federal Reserve Bank of Richmond, vol. 13(Win), pages 28-32.
    5. Mitchell, Olivia S. & Lusardi, Annamaria (ed.), 2011. "Financial Literacy: Implications for Retirement Security and the Financial Marketplace," OUP Catalogue, Oxford University Press, number 9780199696819.
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    3. Fan, Lu & Chatterjee, Swarn, 2018. "Application of situational stimuli for examining the effectiveness of financial education: A behavioral finance perspective," Journal of Behavioral and Experimental Finance, Elsevier, vol. 17(C), pages 68-75.
    4. Angel, Stefan, 2018. "Smart tools? A randomized controlled trial on the impact of three different media tools on personal finance," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 74(C), pages 104-111.

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