Exploring Personal Finance Concepts Through Simulation Role Play

Abstract

Given the current economic crisis, the question is not if we should educate students in matters of personal finance but rather where such teaching should occur and what instructional methods should be used. This paper discusses the status of secondary financial education programs in the U.S., the lack of financial knowledge among teens, and the learning preferences of today’s ‘millennial’ students. Using an interview protocol, a teacher-created curriculum using a group simulation role-play employed at a New Jersey independent high school is described, integrating basic personal financial education in a driver’s education course. Post-test results reveal students (n=45) learned basic personal finance concepts through this instructional method.

Keywords: integrated curriculum, pre-college students, personal finance, group simulation role-play

JEL Classification: A12, A21, D14, I21