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

27 Pages Posted: 26 Sep 2013

See all articles by J. Michael Collins

J. Michael Collins

University of Wisconsin - Madison

Elizabeth R. Odders-White

University of Wisconsin - Madison - Department of Finance, Investment and Banking

Date Written: July 1, 2013

Abstract

Concerns about consumers’ ability to manage personal finances have triggered proposals for a range of solutions, including some aimed at elementary school–aged learners (ages 5–11). The goal of these approaches is to improve lifelong financial decision making, but the evidence supporting their efficacy is thin. This paper discusses the trend towards elementary financial education and proposes a framework for developing and testing evidence-based programs. We emphasize an understanding of the underlying mechanisms that facilitate the translation of student knowledge into the ability to make sound financial decisions over the life course. As educational evaluations need both outcome and impact measures, both the intended outcomes and intended impacts of a curriculum or program should be clearly and formally articulated during initial design and development. Researchers and policymakers can use this framework to examine both near-term and long-term outcomes.

Keywords: Financial capability, personal finance, elementary education

Suggested Citation

Collins, J. Michael and Odders-White, Elizabeth R., A Framework for Developing and Testing Financial Capability Programs Targeted to Elementary Schools (July 1, 2013). Available at SSRN: https://ssrn.com/abstract=2330754 or http://dx.doi.org/10.2139/ssrn.2330754

J. Michael Collins

University of Wisconsin - Madison ( email )

United States
6086160369 (Phone)

Elizabeth R. Odders-White (Contact Author)

University of Wisconsin - Madison - Department of Finance, Investment and Banking ( email )

975 University Avenue
Madison, WI 53706
United States
608-263-1254 (Phone)
608-265-4195 (Fax)

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