Experiential financial education: A field study of my classroom economy in elementary schools |
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| Institution: | 1. Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue N.W., Washington, DC 20551;2. University of Wisconsin-Madison, 1300 Linden Ave Madison WI 53706, USA;3. Center for Financial Security, University of Wisconsin-Madison, 1300 Linden Ave Madison WI 53706, USA;1. University of North Carolina at Greensboro, United States, and IZA Institute of LaborEconomics;2. University of Strathclyde, Scotland, United Kingdom;1. University of Virginia, Charlottesville, VA 22904, United States;2. United States Military Academy, West Point, NY 10996, United States;3. The College of William & Mary, Williamsburg, VA 23187, United States;1. Division of Social Science, The Hong Kong University of Science and Technology, Clear Water Bay, Kowloon, Hong Kong;2. Institute for Economic and Social Research, Jinan University, Guangzhou, China;1. Jawaharlal Nehru University, India;2. Department of Economics, Wellesley College, 106 Central Street, Wellesley, MA 02481, United States;3. University of Michigan, United States |
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| 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. |
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