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Experiential financial education: A field study of my classroom economy in elementary schools

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  • Batty, Michael
  • Collins, J. Michael
  • O’Rourke, Collin
  • Odders-White, Elizabeth

Abstract

My Classroom Economy is a simulated economy where students have the opportunity to engage in financial decisions on a daily basis. It provides financial literacy instruction without requiring significant classroom time, and is relatively simple for teachers to implement. Compared to schools where My Classroom Economy was delayed or never implemented, students showed strong improvements in financial knowledge. Compared to a traditional lecture-based curriculum, students showed similar gains in learning. Based on standardized math test scores, there was no substitution away from core school curriculum after the program began. Experiential financial education appears to be an effective strategy to teach financial literacy, even at lower grade levels. It is also a relatively low-cost approach that does not require extensive teacher preparation.

Suggested Citation

  • Batty, Michael & Collins, J. Michael & O’Rourke, Collin & Odders-White, Elizabeth, 2020. "Experiential financial education: A field study of my classroom economy in elementary schools," Economics of Education Review, Elsevier, vol. 78(C).
    • Handle: RePEc:eee:ecoedu:v:78:y:2020:i:c:s0272775718303054
    DOI: 10.1016/j.econedurev.2020.102014
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    References listed on IDEAS

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    2. Ginevra Buratti & Alessio D'Ignazio, 2024. "Improving the effectiveness of financial education programs. A targeting approach," Journal of Consumer Affairs, Wiley Blackwell, vol. 58(2), pages 451-485, June.
    3. Gabriele Iannotta & Marta Cannistrà & Tommaso Agasisti, 2024. "It's never too late to be financially literate: Evaluating a financial education intervention for adults in Italy," Journal of Consumer Affairs, Wiley Blackwell, vol. 58(2), pages 397-431, June.
    4. Man Yao & Tori I. Rehr & Erica P. Regan, 2023. "Gender Differences in Financial Knowledge among College Students: Evidence from a Recent Multi-institutional Survey," Journal of Family and Economic Issues, Springer, vol. 44(3), pages 693-713, September.
    5. Corsini, Lorenzo & Giannelli, Gianna Claudia, 2021. "Economics education and financial literacy acquisition: Evidence from a field experiment," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).
    6. Oberrauch, Luis & Kaiser, Tim, 2024. "Digital Interventions to Increase Financial Knowledge: Evidence from a Pilot RCT," IZA Discussion Papers 16811, Institute of Labor Economics (IZA).
    7. Joana Elisa Maldonado & Kristof De Witte & Koen Declercq, 2022. "The effects of parental involvement in homework: two randomised controlled trials in financial education," Empirical Economics, Springer, vol. 62(3), pages 1439-1464, March.
    8. Oberrauch, Luis & Kaiser, Tim, 2024. "Financial Education or Incentivizing Learning-By-Doing? Evidence from an RCT with Undergraduate Students," Journal of Behavioral and Experimental Finance, Elsevier, vol. 43(C).
    9. Frisancho, Veronica & Herrera, Alejandro & Prina, Silvia, 2023. "Can a mobile-app-based behavioral intervention teach financial skills to youth? Experimental evidence from a financial diaries study," Journal of Economic Behavior & Organization, Elsevier, vol. 214(C), pages 595-614.
    10. Luis Oberrauch & Tim Kaiser, 2024. "Financial Education or Incentivizing Learning-by-Doing? Evidence from an RCT with Undergraduate Students," CESifo Working Paper Series 11187, CESifo.
    11. Sconti, Alessia, 2022. "Digital vs. in-person financial education: What works best for Generation Z?," Journal of Economic Behavior & Organization, Elsevier, vol. 194(C), pages 300-318.
    12. Kaiser, Tim & Oberrauch, Luis, 2021. "Economic education at the expense of indoctrination? Evidence from Germany," EconStor Preprints 245801, ZBW - Leibniz Information Centre for Economics.
    13. Sconti, Alessia & Caserta, Maurizio & Ferrante, Livio, 2024. "Gen Z and financial education: Evidence from a randomized control trial in the South of Italy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 112(C).

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    More about this item

    Keywords

    Financial literacy; Economics education; Evaluation;
    All these keywords.

    JEL classification:

    • A21 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Pre-college
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • I28 - Health, Education, and Welfare - - Education - - - Government Policy

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