Approaches to Teaching Financial Literacy: Evidence-Based Practices in Singapore Schools

As financial literacy is quickly becoming one of the most important twenty-first century skills, educators worldwide are striving to develop and implement financial literacy programmes that are targeted at different age groups and education levels. This chapter gives an overview of the Financial Literacy Hub for Teachers that was established in the National Institute of Singapore in 2007 and has become an incubator of innovative financial literacy programmes that have been introduced and effectively implemented at all levels, from preschools to tertiary institutions. The chapter outlines evidence-driven approaches to curriculum development and programme implementation that have been informed by the latest research findings in the field of financial literacy education. The Hub’s approach that emphasizes partnerships with educational institutions, development of scalable programmes through gamification and ICT-enabled learning can serve as a model for financial literacy education worldwide.

[1]  Tahira K. Hira,et al.  Money Management Knowledge of College Students , 1987, Journal of Student Financial Aid.

[2]  W. Mischel,et al.  Delay of gratification in children. , 1989, Science.

[3]  Pamela K Evans,et al.  The Relationship between Hue Discrimination, Design-Related Courses of Study, and Color Education , 1997 .

[4]  Haiyang Chen,et al.  An analysis of personal financial literacy among college students , 1998 .

[5]  M. Lage,et al.  Inverting the Classroom: A Gateway to Creating an Inclusive Learning Environment , 2000 .

[6]  Reasie Henry,et al.  MONEY MANAGEMENT PRACTICES OF COLLEGE STUDENTS , 2001 .

[7]  S. Tennyson,et al.  State Curriculum Mandates and Student Knowledge of Personal Finance , 2001 .

[8]  D. Beal,et al.  FINANCIAL LITERACY AMONG AUSTRALIAN UNIVERSITY STUDENTS , 2003 .

[9]  John E. Grable,et al.  Credit Card Attitudes and Behaviors of College Students. , 2003 .

[10]  Jonathan J. Fox,et al.  Building the Case for Financial Education , 2005 .

[11]  Donald E. English,et al.  The Financial Knowledge of College Freshmen , 2005 .

[12]  Karen P. Varcoe,et al.  Using a Financial Education Curriculum for Teens , 2013 .

[13]  C. Bowen,et al.  Empowering Young Adults to Control Their Financial Future. , 2006 .

[14]  Kristian Kiili,et al.  Foundation for problem-based gaming , 2007, Br. J. Educ. Technol..

[15]  Kursat Cagiltay,et al.  Flow experiences of children in an interactive social game environment , 2007, Br. J. Educ. Technol..

[16]  Florentina Furtuna.  College Students’ Personal Financial Literacy: Economic Impact and Public Policy Implications , 2007 .

[17]  S. Danes,et al.  Teen Financial Knowledge, Self-Efficacy, and Behavior: A Gendered View , 2007 .

[18]  Lewis Mandell,et al.  Motivation and financial literacy , 2007 .

[19]  L. Borden,et al.  Changing College Students’ Financial Knowledge, Attitudes, and Behavior through Seminar Participation , 2008 .

[20]  Ted Beck,et al.  Learning and growing: Lessons learned in financial education , 2009 .

[21]  O. Mitchell,et al.  Financial Literacy Among the Young , 2009 .

[22]  Ken Rebeck,et al.  The Effects of Financial Education on the Financial Knowledge of High School Students , 2010 .

[23]  C. B. Lee,et al.  Teachers' Intention to Teach Financial Literacy in Singapore: A Path Analysis of an Extended Theory of Planned Behaviour (TPB) , 2011 .

[24]  Jan Van Looy,et al.  Digital games in the classroom? A contextual approach to teachers' adoption intention of digital games in formal education , 2012, Comput. Hum. Behav..

[25]  Lisa Xu,et al.  Financial Literacy Around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward , 2012 .

[26]  Jonathan J. Fox,et al.  Evaluating Financial Education Programs , 2012 .

[27]  Sasha A. Barab,et al.  Games, Learning, and Society: Learning And Meaning In The Digital Age , 2012 .

[28]  C. Quek,et al.  Children's use of Meta-Cognition in Solving Everyday Problems: Children'S Monetary Decisionmaking , 2012 .

[29]  N. Koh.  Investigating Attitudes towards Financial Literacy in Schools: An Impact Study , 2012 .

[30]  Mido Chang,et al.  Engagement states and learning from educational games. , 2013, New directions for child and adolescent development.

[31]  Koh Noi Keng,et al.  Determinants of financial attitudes among secondary-school students in Singapore , 2014 .

[32]  Carlos J. Asarta,et al.  The features and effectiveness of the Keys to Financial Success curriculum , 2014 .