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A Framework for Developing and Testing Financial Capability Education Programs Targeted to Elementary Schools

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  • J. Michael Collins
  • Elizabeth Odders-White

Abstract

Concerns about consumers' ability to manage their finances have triggered a range of proposals, including interventions aimed at elementary school students. The goal of these approaches is to improve lifelong economic decision making, but the evidence supporting their efficacy is thin. In this article, the authors discuss the trend toward elementary financial education and propose a framework for developing evidence-based programs. They emphasize the need for understanding the underlying mechanisms that facilitate the translation of student knowledge into the ability to make sound economic decisions over the life course. The framework illustrates the importance of articulating the intended mechanisms and effects of education programs. This focus on mechanisms will not only facilitate the evaluation of individual programs, but also the synthesis of evidence across interventions.

Suggested Citation

  • J. Michael Collins & Elizabeth Odders-White, 2015. "A Framework for Developing and Testing Financial Capability Education Programs Targeted to Elementary Schools," The Journal of Economic Education, Taylor & Francis Journals, vol. 46(1), pages 105-120, March.
    • Handle: RePEc:taf:jeduce:v:46:y:2015:i:1:p:105-120
    DOI: 10.1080/00220485.2014.976325
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    References listed on IDEAS

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    1. Laurence J. Kotlikoff (ed.), 2001. "Essays on Saving, Bequests, Altruism, and Life-Cycle Planning," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262112620, April.
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    Cited by:

    1. Susnaningsih Muat & Nurul Shahnaz Mahdzan & Mohd Edil Abd Sukor, 2024. "What shapes the financial capabilities of young adults in the US and Asia-Pacific region? A systematic literature review," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-15, December.
    2. Kaiser, Tim & Menkhoff, Lukas, 2020. "Financial education in schools: A meta-analysis of experimental studies," Economics of Education Review, Elsevier, vol. 78(C).
    3. Abdul Halim Masnan & April Ann M. Curugan, 2016. "Financial Education Program for Early Childhood Education," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 6(12), pages 113-120, December.
    4. Michael Batty & J. Michael Collins & Elizabeth Odders-White, 2015. "Experimental Evidence on the Effects of Financial Education on Elementary School Students' Knowledge, Behavior, and Attitudes," Journal of Consumer Affairs, Wiley Blackwell, vol. 49(1), pages 69-96, March.
    5. Panu Kalmi, 2018. "The Effects of Financial Education: Evidence from Finnish Lower Secondary Schools," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 47(2-3), pages 353-386, July.
    6. Alex Yue Feng Zhu, 2020. "Impact of Financial Education on Adolescent Financial Capability: Evidence from a Pilot Randomized Experiment," Child Indicators Research, Springer;The International Society of Child Indicators (ISCI), vol. 13(4), pages 1371-1386, August.
    7. Cristian Barra & Marinella Boccia, 2022. "What matters in educational performance? Evidence from OECD and non-OECD countries," Quality & Quantity: International Journal of Methodology, Springer, vol. 56(6), pages 4335-4394, December.
    8. 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).
    9. 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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