A Framework for Developing and Testing Financial Capability Programs Targeted to Elementary Schools
27 Pages Posted: 26 Sep 2013
Date Written: July 1, 2013
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: Suggested Citation