The development of Kwartalino Financial Education Program for kindergarten learners
DOI:
https://doi.org/10.37134/saecj.vol9.no2.2.2020Keywords:
financial literacy, financial education, financial education program, financial education program development, kindergarten learners, Kwartalino Financial Education ProgramAbstract
Teaching basic personal financial concepts and principles even among young learners is beneficial not only for the child, but also for the family and the entire society. This study aimed to develop an integrated financial education program for kindergarten learners. The study employed developmental research following three stages (analysis, design, and development) which include document analysis and curriculum mapping of three international financial education standards to the Philippine Kindergarten Curriculum, expert consultations, and teacher interviews. The developed financial education program is entitled “Kwartalino (kwarta meaning money and talino which means intelligent) Financial Education Program”. It has five essential components; (i) Program Overview; (ii) Matrix of Kwartalino Lessons, Kinder Learning Domains and Competencies for Three International Financial Education Standards; (iii) Teacher’s Instructional Plan; (iv) Learner’s Workbook; and (v) Kwartalino Financial Education Stories. Result show that experts rated the program with high content validity (4.79 out of 5) with high content validity coefficient of 0.95. Expert raters also show moderate agreement on the financial lessons and workbook indicative that the developed financial education program can be utilized for classroom instruction to teach financial literacy among kindergarten learners.
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References
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Ci Research. (2012). impact review of financial education for young people: A summary report for the money advice service.
Collins, J. M., & Odders-White, E. (2015). A framework for developing and testing financial capability education programs targeted to elementary schools. Journal of Economic Education, 46(1), 105–120. https://doi.org/10.1080/00220485.2014.976325
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Fabris, N., & Luburić, R. (2016). Financial education of children and youth. Journal of Central Banking Theory and Practice, 5(2), 65–79. https://doi.org/10.1515/jcbtp-2016-0011
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Aprea, E. Wuttke, & P.D.B. Greimel-Fuhrmann. (2016). International Handbook of Financial Literacy. Springer. https://doi.org/10.1007/978-981-10-0360-8
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Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial literacy among the young. Journal of Consumer Affairs, 44(2), 358–380. https://doi.org/10.1111/j.1745-6606.2010.01173.x
Mandell, L. (2008). The financial literacy of young American adults: Results of the 2008 National Jump$tart Coalition Survey of High School Seniors and College Students.
McCormick, M. H. (2009). The effectiveness of youth financial education: A review of the literature. Journal of Financial Counseling and Planning, 20, 70–84. https://doi.org/10.177/0013124506286942
Meszaros, B., Suiter, M.S., & Yetter, E.A. (2015) Kiddynomics: An economics curriculum for young learners. https://www.stlouisfed.org/~/media/Education/Curriculum/pdf/Kiddynomics-Curriculum-Unit. pdf?la=en
Morris, R. C. (2003). A guide to curricular integration. Kappa Delta Pi Record, 39(4), 164–167. https://doi.org/10.1080/00228958.2003.10516399
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Organization for Economic Cooperation and Development (OECD). (2014). PISA 2012 results: Students and money: Financial literacy skills for the 21st Century (6). https://doi.org/http://dx.doi.org/10.1787/9789264208094-en
Organization for Economic Cooperation and Development (OECD). (2012). Financial education in schools, 1–8.
Organization for Economic Cooperation and Development (OECD). (2008). OECD-US Treasury International Conference on Financial Education. In Taking Financial Literacy to the Next Level: Important Challenges and Promising Solutions, 1, 216.
Organization for Economic Cooperation and Development (OECD). (2005). Recommendation on principles and good practices for financial education and awareness. http://www.oecd.org/finance/financial-ducation/35108560.pdf
Organization for Economic Cooperation and Development (OECD). (n.d.). Financial education and youth - OECD. http://www.oecd.org/daf/fin/financial-education/financial-education-and-youth.htm
Pang, M. (2016). Enhancing the financial literacy of young people: A conceptual approach based on the variation theory of learning. Chapter 37. In C. Aprea, E. Wuttke, & P.D.B. Greimel-Fuhrmann. (2016). International
Handbook of Financial Literacy.. Springer. https://doi.org/10.1007/978-981-10-0360-8
Pantig, R. (2013). The effect of ranking tasks on students’ understanding of electric circuits. (Unpublished Masteral Thesis). Philippine Normal University. Manila, Philippines.
Pineda, M. D. (2014). Supplementary Instructional Materials (SIM) for kindergarten. (Unpublished Masteral Thesis). Philippine Normal University. Manila, Philippines.
Republic Act 10922 - Economic and Financial Literacy Act. (2015). Philippines.
Richey, R. C., & Klein, J. D. (2005). Developmental research methods: Creating knowledge from instructional design and development practice. Journal of Computing in Higher Education, 16(2), 23-38.
Richey, R. C., & Klein, J. D., & Nelson, W. A. (2004). Developmental research. https://www.researchgate.net/publication/263963734_Developmental_research/citation/download
Sherraden, M. S., Johnson, L., Guo, B., & Elliott, W. (2011). Financial capability in children: Effects of participation in a school-based financial education and savings program. Journal of Family and Economic Issues, 32(3), 385–399. https://doi.org/10.1007/s10834-010-9220-5
Suiter, M., & Meszaros, B. T. (2005). Teaching about saving and investing in the elementary and middle school grades. Social Education, 69(2), 92–95. http://search.ebscohost.com/login.aspx?direct=true&db=eric&AN=EJ711377&site=ehost-live
Tezel, Z. (2015). Financial education for children and youth. In A. DeMarco (Ed.), Handbook of research on behavioral finance and investment strategies: Decision making in the financial industry (pp. 69–92). Business Science Reference. https://doi.org/10.4018/978-1-4666-7484-4
Tisdell, E. J., Taylor, E. W., & Forté, K. S. (2013). Community-Based financial literacy education in a cultural context: A study of teacher beliefs and pedagogical practice. Adult Education Quarterly, 63(4), 338–356. https://doi.org/10.1177/0741713613477186
Totenhagen, C. J., Casper, D. M., Faber, K. M., Bosch, L. A., Wiggs, C. B., & Borden, L. M. (2015). Youth financial literacy: A review of key considerations and promising delivery methods. Journal of Family and Economic Issues, 36(2), 167–191. https://doi.org/10.1007/s10834-014-9397-0
Van Campenhout, G. (2015). Revaluing the role of parents as financial socialization agents in youth financial literacy programs. Journal of Consumer Affairs, 49(1), 186–222. https://doi.org/10.1111/joca.12064
Van Fossen, P. J. (2011). Best economic education practices for children. In, M. Schug and W. Wood (Eds.), Teaching economics in troubled times. Routledge.
Viera, A. J., & Garrett, J. M. (2005). Understanding interobserver agreement: The Kappa Statistic. Family Medicine, 37(5), 360–363. https://doi.org/Vol. 37, No. 5
Walstad, W., Urban, C., J. Asarta, C., Breitbach, E., Bosshardt, W., Heath, J., … Xiao, J. J. (2017). Perspectives on evaluation in financial education: Landscape, issues, and studies. Journal of Economic Education, 48(2), 93–112. https://doi.org/10.1080/00220485.2017.1285738
Williams, S. (2010). Parental influence on the financial literacy of their school-aged children: An exploratory study. Exceptional Children, Journal of Special Education, I, 23–33.
Yoshino, N., Morgan, P. J., & Wignaraja. G. (2015). Financial education in Asia: Assessment and recommendations. (No. 543). Asian Development Bank Institute.
Ali, P., Anderson, M., McRae, C., & Ramsay, I. (2016). The financial literacy of young people: Socio-economic status, language background, and the rural-urban chasm. Australian and International Journal of Rural Education, 26(1), 54–66.
Asia-Pacific Economic Cooperation (APEC). (2014). APEC guidebook on financial and economic literacy in basic education. (p.162).
Birbili, M., & Kontopoulou, M. (2015). Financial education for preschoolers: Preparing young children for the 21st century. Childhood Education, 91(1), 46–53. https://doi.org/10.1080/00094056.2015.1001670
Child and Youth Finance International (CYFI). (2016). Training course on: Fostering National Financial Education Strategies. CYFI and GIZ.
Child and Youth Finance International (CYFI) (2012). Children and youth as economic citizens: Review of research on financial capability, financial inclusion, and financial education. Research Working Group Report. CYFI. https://csd.wustl.edu/Publications/Documents/RR13-02.pdf
Ci Research. (2012). impact review of financial education for young people: A summary report for the money advice service.
Collins, J. M., & Odders-White, E. (2015). A framework for developing and testing financial capability education programs targeted to elementary schools. Journal of Economic Education, 46(1), 105–120. https://doi.org/10.1080/00220485.2014.976325
Council for Economic Education (CEE). (n.d.). Financial fitness for life: Personal finance lessons for grades K-12. http://fffl.councilforeconed.org/
Department for Education and Employment (DfEE). (2000). Financial capability through personal financial education.
Department of Education. (2016). Philippine Kindergarten Curriculum.
Fabris, N., & Luburić, R. (2016). Financial education of children and youth. Journal of Central Banking Theory and Practice, 5(2), 65–79. https://doi.org/10.1515/jcbtp-2016-0011
Federal Deposit Insurance Corporation (FDIC). (n.d.) FDIC money smart. https://www.fdic.gov/consumers/education/torc/curriculumtools.html
Financial Literacy & Education Commission (FLEC). (2006). Taking ownership of the future. https://www.treasury.gov/about/organizational-structure/offices/Domestic-
Finance/Documents/Strategyeng.pdf
Gold, L. A. (2016). Teachers’ perceptions regarding financial literacy in kindergarten through grade 2. Ohio University (Unpublished Doctorate Thesis). https://etd.ohiolink.edu/!etd.send_file?accession=ohiou1470600168&disposition=inline
Hilgert M., & Hogarth, J. (2003) Household financial management: The connection between knowledge and behavior. Federal Reserve Bulletin. (309-322).
Johnson, R. B., & Christensen, L. (2014). Educational research: Quantitative, qualitative, and mixed method. (5th ed.). Sage Publication.
Johnston, D. (2005). Importance of financial literacy in the global economy. Financial Education Summit.
Jump$tart. (2015). National Standards in K–12 Personal Finance Education. Personal Finance (4th Edition).
Jump$tart Coalition for Personal Financial Literacy. http://www.jumpstart.org/
Jump$tart. (2010). Best practices for personal finance education materials.
Junior Achievement USA. (2015). JA Ourselves Program Brief. https://www.juniorachievement.org/documents/20009/4537608/JA+Ourselves+Program+Brief.pdf/2ad143d6-873b-437d-b152-852a8011df6b
Knoote, F. L., Partington, G., & Penner, J. (2016). Children and youth as economic citizens: Working towards an integrated financial education approach. Chapter 14. In C. Aprea, E. Wuttke, & P.D.B. Greimel-Fuhrmann. (2016).
International Handbook of Financial Literacy. Springer. https://doi.org/10.1007/978-981-10-0360-8
Koh, N. (2016). Approaches to teaching financial literacy: Evidence-based practices. Chapter 32. pp. 498-513. In C.
Aprea, E. Wuttke, & P.D.B. Greimel-Fuhrmann. (2016). International Handbook of Financial Literacy. Springer. https://doi.org/10.1007/978-981-10-0360-8
Kolodziej, S., Lato, K., & Szymańska, M. (2014). The role of parental influences on the economic socialization of children, 58. http://oaji.net/articles/2014/457-1420361444.pdf
Lau, S. B.-Y., Lee, C., Balakrishnan, B., Song, H. S.-Y., Ling, S. W., & Ooi, C.-P. (2010). Financial education for Urban youth: The first step to poverty eradication.
Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial literacy among the young. Journal of Consumer Affairs, 44(2), 358–380. https://doi.org/10.1111/j.1745-6606.2010.01173.x
Mandell, L. (2008). The financial literacy of young American adults: Results of the 2008 National Jump$tart Coalition Survey of High School Seniors and College Students.
McCormick, M. H. (2009). The effectiveness of youth financial education: A review of the literature. Journal of Financial Counseling and Planning, 20, 70–84. https://doi.org/10.177/0013124506286942
Meszaros, B., Suiter, M.S., & Yetter, E.A. (2015) Kiddynomics: An economics curriculum for young learners. https://www.stlouisfed.org/~/media/Education/Curriculum/pdf/Kiddynomics-Curriculum-Unit. pdf?la=en
Morris, R. C. (2003). A guide to curricular integration. Kappa Delta Pi Record, 39(4), 164–167. https://doi.org/10.1080/00228958.2003.10516399
National Financial Educator’s Council. (n.d.). PK to 2nd Grade: Big ideas, essential questions, & content standards for ages 3 to 7. https://www.financialeducatorscouncil.org/financial-literacy-framework-standards/pk-2nd/
Organization for Economic Cooperation and Development (OECD). (2014). PISA 2012 results: Students and money: Financial literacy skills for the 21st Century (6). https://doi.org/http://dx.doi.org/10.1787/9789264208094-en
Organization for Economic Cooperation and Development (OECD). (2012). Financial education in schools, 1–8.
Organization for Economic Cooperation and Development (OECD). (2008). OECD-US Treasury International Conference on Financial Education. In Taking Financial Literacy to the Next Level: Important Challenges and Promising Solutions, 1, 216.
Organization for Economic Cooperation and Development (OECD). (2005). Recommendation on principles and good practices for financial education and awareness. http://www.oecd.org/finance/financial-ducation/35108560.pdf
Organization for Economic Cooperation and Development (OECD). (n.d.). Financial education and youth - OECD. http://www.oecd.org/daf/fin/financial-education/financial-education-and-youth.htm
Pang, M. (2016). Enhancing the financial literacy of young people: A conceptual approach based on the variation theory of learning. Chapter 37. In C. Aprea, E. Wuttke, & P.D.B. Greimel-Fuhrmann. (2016). International
Handbook of Financial Literacy.. Springer. https://doi.org/10.1007/978-981-10-0360-8
Pantig, R. (2013). The effect of ranking tasks on students’ understanding of electric circuits. (Unpublished Masteral Thesis). Philippine Normal University. Manila, Philippines.
Pineda, M. D. (2014). Supplementary Instructional Materials (SIM) for kindergarten. (Unpublished Masteral Thesis). Philippine Normal University. Manila, Philippines.
Republic Act 10922 - Economic and Financial Literacy Act. (2015). Philippines.
Richey, R. C., & Klein, J. D. (2005). Developmental research methods: Creating knowledge from instructional design and development practice. Journal of Computing in Higher Education, 16(2), 23-38.
Richey, R. C., & Klein, J. D., & Nelson, W. A. (2004). Developmental research. https://www.researchgate.net/publication/263963734_Developmental_research/citation/download
Sherraden, M. S., Johnson, L., Guo, B., & Elliott, W. (2011). Financial capability in children: Effects of participation in a school-based financial education and savings program. Journal of Family and Economic Issues, 32(3), 385–399. https://doi.org/10.1007/s10834-010-9220-5
Suiter, M., & Meszaros, B. T. (2005). Teaching about saving and investing in the elementary and middle school grades. Social Education, 69(2), 92–95. http://search.ebscohost.com/login.aspx?direct=true&db=eric&AN=EJ711377&site=ehost-live
Tezel, Z. (2015). Financial education for children and youth. In A. DeMarco (Ed.), Handbook of research on behavioral finance and investment strategies: Decision making in the financial industry (pp. 69–92). Business Science Reference. https://doi.org/10.4018/978-1-4666-7484-4
Tisdell, E. J., Taylor, E. W., & Forté, K. S. (2013). Community-Based financial literacy education in a cultural context: A study of teacher beliefs and pedagogical practice. Adult Education Quarterly, 63(4), 338–356. https://doi.org/10.1177/0741713613477186
Totenhagen, C. J., Casper, D. M., Faber, K. M., Bosch, L. A., Wiggs, C. B., & Borden, L. M. (2015). Youth financial literacy: A review of key considerations and promising delivery methods. Journal of Family and Economic Issues, 36(2), 167–191. https://doi.org/10.1007/s10834-014-9397-0
Van Campenhout, G. (2015). Revaluing the role of parents as financial socialization agents in youth financial literacy programs. Journal of Consumer Affairs, 49(1), 186–222. https://doi.org/10.1111/joca.12064
Van Fossen, P. J. (2011). Best economic education practices for children. In, M. Schug and W. Wood (Eds.), Teaching economics in troubled times. Routledge.
Viera, A. J., & Garrett, J. M. (2005). Understanding interobserver agreement: The Kappa Statistic. Family Medicine, 37(5), 360–363. https://doi.org/Vol. 37, No. 5
Walstad, W., Urban, C., J. Asarta, C., Breitbach, E., Bosshardt, W., Heath, J., … Xiao, J. J. (2017). Perspectives on evaluation in financial education: Landscape, issues, and studies. Journal of Economic Education, 48(2), 93–112. https://doi.org/10.1080/00220485.2017.1285738
Williams, S. (2010). Parental influence on the financial literacy of their school-aged children: An exploratory study. Exceptional Children, Journal of Special Education, I, 23–33.
Yoshino, N., Morgan, P. J., & Wignaraja. G. (2015). Financial education in Asia: Assessment and recommendations. (No. 543). Asian Development Bank Institute.
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Published
2020-07-30
How to Cite
Curugan, A. A. M., Masnan, A. H., & Norwani, N. (2020). The development of Kwartalino Financial Education Program for kindergarten learners. Southeast Asia Early Childhood Journal, 9(2), 11–38. https://doi.org/10.37134/saecj.vol9.no2.2.2020
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