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Teaching Financial Literacy With Max and Ruby
Abstract
Teaching financial literacy is important at all stages of life, but is often neglected with elementary students. In this article, the authors describe a strategy for teaching financial literacy using the books about Max and Ruby by Rosemary Wells. These books can help introduce the five key concepts of financial literacy: scarcity, exchange, money, saving, and giving. The practical and hands-on classroom activities they propose integrate the stories, language arts, and financial literacy through dramatic retelling, using graphic organizers, a learning center, writing and drawing activities, and classroom conversations.
... Financial literacy is a very essential life skill for everybody in today's society (Brown & Ferguson, 2017). According to Atkinson and Messy (2012), financial literacy is "a combination of awareness, knowledge, skill, attitude, and behavior necessary to make sound financial decisions and ultimately achieve individual financial wellbeing" (p. ...
... While some LGBTQI2S+ young adults have sufficient financial knowledge, those who experience alienation due to parental and/or social discrimination, especially those who must leave school at a young age due to persistent discrimination, can be faced with a deficiency of financial expertise. Parents and relatives usually play a critical role in financial socialization (Brown & Ferguson, 2017;Norvilitis & MacLean, 2010); in general, family rejection frequently deprives LGBTQI2S+ people of acquiring crucial financial literacy in their formative years. ...
... Furthermore, since educators have the ability to significantly influence a large number of students and families, they have the potential to either challenge or maintain the status quo and social norms by using different tools and activities such as books, photos, stories, retelling, or classroom conversations to promote equity and inclusion in education (Brown & Ferguson, 2017;Cho, 2019). As such, it is imperative that new teachers learn to appreciate the privilege and social power that comes with the responsibility of their position to create a more holistic atmosphere for their classrooms related to financial literacy. ...
This critical ethnographic work aims to understand the financial narratives, and insights faced by Canadian and Vietnamese LGBTQI2S+ young adults. My project emphasizes thinking outside of the box, disrupting the current status quo about the LGBTQI2S+ community by challenging accepted beliefs about gender, sexual orientation, and gender identity. My project critically challenges inequitable social structures which limit the fundamental rights and power of a number of LGBTQI2S+ individuals when they attempt to obtain financial literacy education and essential services. This research therefore serves to increase public awareness, encourage the advancement of beneficial social improvements for people relegated to the margins and to examine spaces that could transform the lives of LGBTQI2S+ individuals for the better. The key theoretical frameworks include concepts of financial literacy and inclusion, the critical/transformative paradigm, notions of sexual construction and power dynamics, intersectionality and ecology of human development, queer theory, behavioral finance theory, and critical pedagogy. Surveys and focus groups were utilized for data collection. I employed thematic analysis to identify and analyze key themes. The four themes are: (1) discrimination and exclusion, (2) impacts of laws, (3) shame and internalized homophobia, and (4) resiliency, joy, and moving forward. This work contributes to the growing scholarship of human rights and social equity towards LGBTQI2S+ young adults. The insights are essential for LGBTQI2S+organizations, scholars, educators, financial providers, and policymakers when they consider potential ways to build policies, curriculums, or services to approach and support this community.
... Financial literacy is shown as an essential skill needed in the 21st century (Crane et al., 2002;OECD, 2005;Özdemir, 2022;World Economic Forum, 2015). However, this skill is often neglected in elementary school grades (Brown & Ferguson, 2017). Scientific studies in the literature also have argued that children with financial literacy education are more successful in future planning and managing assets correctly (e.g., Carperna et al., 2011;Tican Başaran et al., 2021). ...
... Another reason for the present study is that financial literacy education consists of five basic concepts including scarcity, barter, money, savings, and debt (Brown & Ferguson, 2017). Interactive read-aloud experiences with children's picture books are one of the most effective ways to raise awareness of students about these basic concepts (Yılmaz Genç & Özen Uyar, 2016;Zevenbergen & Whitehurst, 2003). ...
... However, financial literacy teaching is often neglected at the elementary school level, but the use of children's literature products for teaching financial literacy at the elementary school level is becoming widespread. (Brown & Ferguson, 2017;Rodgers et al., 2007). The current study investigated what effect interactive read-aloud experiences that used children's picture books had on students' financial literacy attitude and behavior. ...
The current study aimed to explore the effects of interactive read-aloud with children’s picture books on third-grade elementary school students’ financial literacy attitude and behavior. A pretest-posttest control group quasi-experimental research design was employed. The sample of the current research consisted of 46 third-grade elementary school students. We randomly assigned two preexisting third-grade elementary school classrooms to the treatment and control groups that appeared similar considering the pretest scores of the groups. While interactive read-aloud was used in the treatment group, just reading read-aloud activities occurred in the control group. The implementation process took four weeks. Before and after the implementation, the measurement tool was administered to the students in the groups. A one-way analysis of covariance was used for the posttest scores of the students in the groups. The analysis revealed that there was a statistically significant difference in favor of the treatment group.
... They serve as effective tools for learning and communication among teachers, children, and their families, providing incentives and stimuli. Supporting this notion, Brown and Ferguson (2017) (2015), emphasising the crucial role of parents in financial education programs. Through their active participation, parents discovered that the funds raised were directed to the initially chosen organisation, as decided by the teachers and children. ...
Financial literacy, viewed not only as a fundamental skill but also as an investment, proves valuable for individuals, aiding them in making sound financial decisions and savings. In the current societal landscape, where financial responsibilities are important, instilling financial education early on through suitable programs becomes pivotal, particularly for the younger generation. This study aims to examine parental viewpoints regarding their children's money literacy and management, aiming to enhance social-emotional skills related to saving and giving within the preschool classroom. The study spanned two months and encompassed 101 children and their families. The project was introduced to parents, and 36 volunteer parents were selected to participate. An educational program focusing on money management and donations was executed within the classroom. Official permission from the preschool municipality administration office was obtained, and all participants provided written consent for their involvement. According to the parents, their children acquired money management skills and relished the process of collecting and donating savings to other children in need. In interviews, participating parents expressed feeling active and enthusiastic about their involvement in the school program, highlighting the productive interaction between them and the teachers.
... which initiated a basic discussion about how things are measured and relative changes in size/length. This illustrates a key conducive element of picture books -they can engage young children and stimulate conversations with teachers, as well as encourage further reflection (Brown & Ferguson, 2017 Recent research has begun to look specifically at the potential benefits of comic strips on mathematical education. Chu and Toh (2020) suggest that a comic strip, compared to a traditional textbook, can be more inviting and appealing to young children by increasing their motivation levels. ...
This project aimed to develop and test a measure of four to six year old children’s financial literacy, defined here as a combination of children’s understanding of concepts connected with money management and finance and their ability to describe their own experiences of situations involving money. In this report, we outline the background to the project and review the research literature on young children’s knowledge, understanding and experience of money and finance. We then discuss our approach to the design of a measure of financial literacy and describe a small-scale evaluation study we conducted using the newly developed measure. Finally, we discuss recommendations for next steps with the measure. https://maps.org.uk/2022/07/25/measuring-financial-literacy-of-children-aged-4-to-6-years-design-and-small-scale-test/
... In research, the topic has been explored deeply by other fields such as economics, management, accounting, social work and psychology. These fields have produced a variety of theories and perspectives to understand different aspects of financial education which include consumer behaviour (how consumers respond and act according to the milieu, e.g., Dwiastanti, 2015;Suparti, 2016), financial choices and decision making (what factors impact the process of making a financial decision, e.g., Banaian, 2009;Garofalo & Kitchell, 2010), financial knowledge (theories, formulas, processes associated with finance as a discipline, e.g., Kim, Chatterjee, Young, & Moon, 2002;Walstad et al., 2017), debt and saving practices (similar to consumer behaviour, but focused less on consumption and more on money management, e.g., Brown & Ferguson, 2017;Reams-Johnson & Delker, 2016), and pension and employability (topics which expand to public policy and social well-being, e.g., Fornero & Monticone, 2011;Lusardi & Mitchell, 2008Lusardi & Mitchelli, 2007). ...
Financial education has become increasingly more important in academia and society. However, this matter has yet to find mainstream attention in the field of mathematics education. A mathematics education perspective is necessary because, despite the role of mathematics in financial education being recognized by researchers and institutions, we still lack a conceptual framework to understand how mathematics and financial education interact and contribute to each other. In this research, I used the concept of financial numeracy to refer to the knowledge, confidence and ability to use numerical information in financial situations. I mobilized this concept through what I called dimensions of financial numeracy: contextual (financial situations as a context to teach mathematics), conceptual (mathematics as a way to make sense of financial concepts) and systemic (mathematics and financial situations connected to other epistemological systems: ethics, values, beliefs, politics, etc.).
With increasing efforts to incorporate financial numeracy in curricula around the world, the question of how to teach it still lacks an appropriate answer. I addressed this issue by focusing on financial numeracy from the perspective of one key stakeholder: mathematics teachers from Quebec, Canada. To understand their context and inform future professional development to teachers, I asked three research questions: 1. What are the representations of financial numeracy in the didactical materials available to secondary mathematics teachers in Quebec? 2. What are their perceptions of financial numeracy in the context of a professional development session? 3. What aspects of financial numeracy do they emphasize in their teaching? I used quantitative and qualitative methods to analyze financial numeracy tasks from 40 textbooks, the perceptions shared by 35 teachers in six professional development focus groups, and the teaching practices enacted by six teachers when they implemented financial numeracy lessons.
The results showed a diverse range of financial numeracy approaches. In the textbook collections, financial numeracy tasks comprised of short word problems that emphasized the explicit mathematical content, multi-step problems that connected mathematical processed to their real-life meaning, and open-ended tasks that incorporated students’ personal experiences and perspectives into the justification of the problems. In the professional development sessions, the perceptions of teachers were informed by their professional and personal stances toward financial numeracy, which in turn revealed two orientations toward this concept: those who were concerned about the connections between financial numeracy and mathematical concepts from the curriculum, and those who expressed a tension between their desire for students to be financially numerate and their lack of knowledge of financial concepts. Finally, the classroom data revealed four main teaching practices enacted by teachers in financial numeracy lessons: emphasizing procedural fluency in financial situations, using technology to focus on interpreting results of financial problems, sharing personal experiences regarding financial situations, and providing practical advice on financial matters to students.
The complex reality of teaching financial numeracy has been captured only partially in the literature, with each author paying attention to a specific dimension. The results of this research contribute to advancing our understanding of this emerging concept by unifying the different approaches used in research into one coherent framework of financial numeracy. Overall, this concept is a powerful conceptual tool to think about the ways of introducing and integrating financial situations in mathematics classrooms. It provides insights to what teachers can afford to do and justify their choices based on their own perspectives and the institutional affordances of the school system. Financial numeracy fundamentally concerns mathematics educators and this research has shown possible paths they can build to have their voices heard in this matter.
Bullying behaviors among young children are taking place in preschool classrooms and child-development centers. The author makes a case, based on bullying themes in children’s literature and both qualitative and quantitative data collection with young children, for the use of children’s picture books to teach character as bullying prevention to 4–6 year old children. Through the reading of picture books and character education activities with a bullying theme preschool children develop a better understanding of bullying characteristics and strategies for dealing with bullying behaviors. Included are the results from questionnaires and interviews with preschool children and an annotated bibliography of children’s picture books and activities useful in the instruction and prevention of bullying behaviors.
In 2005, the Center for Economic Education at Eastern Kentucky University partnered with Eastern Kentucky University and the Kentucky Council on Economic Education to test the effectiveness of the NCEE curriculum, Financial Fitness for Life, in an underprivileged region of Kentucky. We recruited local teachers at three different levels to teach the curriculum to their students and use a test instrument developed by NCEE to measure learning. We find that the use of FFFL does increase student performance on a posttest assessment when compared with a pretest of those same students. When demographic statistics are added, an analysis-of-variance model comparing test results from a control group when FFFL is not used and the test group when the curriculum is used does show an increase in learning when using FFFL instead of whatever other curricula, if any, were used.
Generations of young people, including the current generation, have endured parental admonitions about how difficult their parents had it when they were young, and how young people just don't appreciate the value of a dollar or the meaning of a work ethic. But has there actually been a fundamental shift in how people handle their personal finances? Trends suggest that the current crop of parents, at least, have cause to worry both about their own and their children's financial futures. Parents, teachers, school districts, boards and departments of education, and our entire nation must come to terms with the fact that, just as with literacy generally, students cannot afford to wait until middle or high school to begin learning about financial literacy. Until a set of financial literacy standards are adopted nationally, stakeholders of our educational system need to glean teachable moments of financial literacy from existing curricula in all subject areas. At the youngest grade levels, doing so will entail concentrating on the baseline concepts that form the foundation for the personal financial decisions children and, ultimately, adults must be prepared to make about building and managing wealth.
This study examines the effectiveness of teaching financial literacy to elementary school children and extending such learning into an age-appropriate digital world of online support services. We utilize a picture book and a story relevant to the students `real life' experiences and conceptual understanding of future rewards. We hypothesize that using materials geared toward developmental levels of cognitive ability and psychological readiness will readily engage students' understanding of delaying gratification, saving, earning or paying interest, and other fundamentals of personal finance. Financial decision making theories for adults rely on the assumption that they are rational beings and have an underlying knowledge of basic financial concepts. Children's financial decision-making lacks the requisite education in key foundational concepts underlying the basics of such elemental concepts as interest, credit and loans. This study sought to develop a successful tool to fill the gap in early financial education by teaching the production concepts of finance as a mechanism to better understand the consumer components, and thereby supply a missing foundational element for ongoing financial well-being into adulthood. We report on the first implementation of the pilot program, the reading of a story book relating money concepts through children's daily interactions with the visual manifestations of financial transactions. We organize the students into a pilot and control group and demonstrate empirically that the reading of the book improves financial literacy. We combine a school librarian's reading of the book to the pilot group with a field trip to a bank for both groups. We provide material to bond the child with the parent's continuation of reading of the book, and in future interactions with the bank. We speculate on the implications of the study result's positive outcome on future financial literacy programs in elementary school grades, and on into secondary education levels, combining elements found in the curriculums of math, economics and social studies. We postulate a role for financial institutions in the reinforcement of the learning experience and, more importantly, in the delivery of age-appropriate financial products and services. We demonstrate an economic reward for financial institutions in embracing child financial literacy programs in elementary school grades and in extending the learning and implementation components through integration of age appropriate online banking services and socialization websites.
A groundswell of interest in young people’s ability to understand and handle financial decisions has generated keen interest
in financial knowledge and effectiveness of financial education. This study examines an innovative four-year school-based
financial education and savings program, called “I Can Save” (ICS). Using a quasi-experimental design, the study examines
quantitative and qualitative data to analyze program effects on financial knowledge. Elementary school children who participated
in ICS scored significantly higher on a financial literacy test taken in fourth grade than comparison group students in the
same school, regardless of parent education and income. Results suggest that young children increase financial capability
when they have access to financial education and it is accompanied by participation in meaningful financial services.
KeywordsFinancial capability–Financial education–Financial services–Young children–Saving–College savings
This cross-sectional study tests a conceptual financial socialization process model, specifying four-levels that connect anticipatory socialization during adolescence to young adults' current financial learning, to their financial attitudes, and to their financial behavior. A total of 2,098 first-year college students (61.9% females) participated in the survey, representing a diverse ethnic group (32.6% minority participation: Hispanic 14.9%, Asian/Asian American 9%, Black 3.4%, Native American 1.8% and other 3.5%). Structural equation modeling indicated that parents, work, and high school financial education during adolescence predicted young adults' current financial learning, attitude and behavior, with the role played by parents substantially greater than the role played by work experience and high school financial education combined. Data also supported the proposed hierarchical financial socialization four-level model, indicating that early financial socialization is related to financial learning, which in turn is related to financial attitudes and subsequently to financial behavior. The study presents a discussion of how the theories of consumer socialization and planned behavior were combined effectively to depict the financial development of young adults. Several practical implications are also provided for parents, educators and students.
This review of financial literacy programs for preschool-age children finds they tend to concentrate on concrete lessons without consideration of underlying concepts to be taught. They also do not consider the cognitive ability of children to grasp the concepts, nor the behavior and timing of behaviors that financial literacy educators seek to improve.
We argue that the efficacy of early childhood financial education requires understanding of children’s cognitive abilities to grasp complex relationships and reason about the several dimensions of objects and situations. We review the implications of three major theories of cognitive development (Piaget, theory-theory, and brain/executive function) for financial literacy programs targeted to young (K-2) children.
Since very young children are financially dependent on their parents and have few resources (monetary or otherwise) that they independently control, they are not typically the target of financial literacy efforts. At the same time, it is generally recognized that very young children can be taught the basic benefits and tools of sharing, savings, and purchases that will support good financial habits and practices as they grow, leading to better managed financial lives as independent adult spenders and savers.
During childhood and youth we build the foundations for financial well-being later in life, acquiring the knowledge, skills, attitudes, and personality traits that enable us to manage our finances as adults. This article reviews literature from consumer science, developmental psychology, and allied fields to gain insight into moments during youthful development when interventions are likely to have greatest impact. We find promising avenues for influence during each developmental life stage. Many present truly novel approaches to financial education—such as focusing on improving executive function in young children (critical despite lacking apparent “financial content”), emphasizing financial attitude development through dual-generation financial modeling for elementary and middle school students and their parents, or intentionally teaching financial heuristics and other practical skills to later adolescents and young adults. Overall, this article proposes a range of innovative strategies to improve financial education, from early childhood through young adulthood.
Understanding children's development is critical in the midst of efforts that teach children about money and open savings accounts for them early in life. These efforts are delivered at a time of extensive developmental change, yet with limited attention to this context. Through a review of research, this study unveils the ages at which children may be able to save and to use savings accounts—specific aspects of economic knowledge and behavior—based on cognitive, social, and linguistic development. Children are developmentally capable of saving by age five or six. Children's developmental gains at this age may prepare them for the gains they make in economic knowledge and behavior. Implications are discussed with regard to policy efforts like Child Development Accounts (CDAs) that open savings accounts for young children and encourage saving behaviors. CDAs should take development into consideration if children are to use their accounts for their benefit.
As the financial landscape for consumers becomes increasingly complex, the importance of facilitating financial capability increases. Although most financial decisions are made by adults, there is a burgeoning interest in providing financial education to children in the hope that they will develop the skills needed to successfully manage their finances in adulthood. This study uses an experimental design to evaluate a set of standardized financial education lessons delivered to fourth and fifth graders in two different school districts. We find that even a relatively brief program results in knowledge gains that persist one year later. While measuring financial behaviors in this age group is challenging, students exposed to financial education have more positive attitudes about personal finance and appear more likely to save. These results show that younger students can learn financial topics and that learning is associated with improved attitudes and behaviors which, if sustained, may result in increased financial capability later in life.
This study evaluates the effects of a traditional DEEP project, K–12, over a three-year period. The authors use the results of the tests given during each year of the program and from this estimate test results for a control group. The study concludes that the DEEP process of in-service training and curriculum change can be extremely effective, but that in implementing such a program increased understanding may not always occur during the first or second year.
This article develops a theoretical framework for the analysis of consumer socialization, summarizes relevant empirical research, and gives a critical overview of theories that are actually used or could be used for the description and explanation of consumer socialization processes.
The dependent variable “effects of consumer learning” is frequently defined in a casual manner in spite of the availability of various methods and criteria for a more systematic determination. The learning process, as the most important independent variable, is usually explained by theories of S-R learning and cognitive development, thus neglecting the advantages of S-O-R theories (especially attitude theories). The results of many investigations suggest that age and social class explain some differences in consumer dispositions. Family, peers, mass media, and school are the most relevant agents in consumer socialization, the first three profiting from learning situations which usually enhance their effectiveness.
Through this literature review, the authors explore financial education’s relevance to urban society. They consider research measuring children’s financial development by observing environmental influences that affect both financial learning and personal judgments. These conditions necessitate financial curricula addressing associated challenges. The authors recommend a cooperative rather than competitive financial education curriculum. Such a framework would employ student-centered instruction to create awareness of the societal consequences for financially based personal judgments related to financial differences.
Is it possible to explain the information-gathering behaviour of consumers with the help of microeconomic models, consciously ignoring psychological and sociological findings? Is a borderline between "economic" and "non-economic" theory meaningful in this case? Do microeconomic theories contain substantial and empirical assertions about the meaningful extent of information-seeking activity, given that the utility gained from the information, i.e., a possible improvement of the result of a decision, is positively correlated with information costs? Lamouroux (1979, p. 13) gives an affirmative answer to these questions, and tries to prove it using various approaches and models of microeconomics. Since Lamouroux presents all these approaches in detail, they need not be summarized here. Instead, the questions posed at the beginning will be discussed with regard to four different aspects: 1. Possible uses of microeconomic models. 2. Operationalization of central constructs. 3. Relations between market transparency and market behaviour. 4. Consumer-oriented versus observer-oriented approaches to model building.
In today's schools, the additional time demanded by administrators and parents for literacy instruction of school beginners has almost eliminated content area instruction in science and social studies and has reduced instruction in math. This paper shows how to present such instruction in content areas to emergent readers without sacrificing literature through a selection of books recommended in "Best Books for Children." Each book title in the paper relates to content standards recently and professionally established for the lower grades by national organizations and/or a state department of education. Each of the 13 titles may be read aloud to the class and followed by the developmentally appropriate activity described in the paper. Also included are synopses of the books as well as the individual concepts in science, social studies, or math found in those books. (NKA)
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