International Journal of Social Science & Economic Research
Submit Paper

Title:
EFFECT OF KWARTALINO FINANCIAL EDUCATION PROGRAM ON KINDERGARTEN LEARNERS' FINANCIAL KNOWLEDGE

Authors:
April Ann M. Curugan , Abdul Halim Masnan , Norlia Binti Mat Norwani

|| ||

April Ann M. Curugan1 , Abdul Halim Masnan2 , Norlia Binti Mat Norwani3
1. Faculty of Education Sciences, Philippine Normal University, Philippines 1000
2. Faculty of Human Development, Universiti Pendidikan Sultan Idris, 35900 Tanjong Malim, Perak, Malaysia
3. Faculty of Management and Economics, Universiti Pendidikan Sultan Idris, 35900 Tanjong Malim, Perak, Malaysia

MLA 8
Curugan, April Ann M., et al. "EFFECT OF KWARTALINO FINANCIAL EDUCATION PROGRAM ON KINDERGARTEN LEARNERS' FINANCIAL KNOWLEDGE." Int. j. of Social Science and Economic Research, vol. 4, no. 4, Apr. 2019, pp. 3144-3164, ijsser.org/more2019.php?id=235. Accessed Apr. 2019.
APA
Curugan, A., Masnan, A., & Norwani, N. (2019, April). EFFECT OF KWARTALINO FINANCIAL EDUCATION PROGRAM ON KINDERGARTEN LEARNERS' FINANCIAL KNOWLEDGE. Int. j. of Social Science and Economic Research, 4(4), 3144-3164. Retrieved from ijsser.org/more2019.php?id=235
Chicago
Curugan, April Ann M., Abdul Halim Masnan, and Norlia Binti Mat Norwani. "EFFECT OF KWARTALINO FINANCIAL EDUCATION PROGRAM ON KINDERGARTEN LEARNERS' FINANCIAL KNOWLEDGE." Int. j. of Social Science and Economic Research 4, no. 4 (April 2019), 3144-3164. Accessed April, 2019. ijsser.org/more2019.php?id=235.

References

[1]. Alvarez, A.B.V. & Gonzalez, J.R.V. (2017). Financial Literacy: Gaps Found Between Mexican Public and Private, Middle, and High-School Students. (Chapter 5) In M.S. Ramirez-Montoya, Handbook of Research on Driving STEM Learning with Educational Technologies, (pp.590). doi: 10.4018/978-1-5225-2026-9
[2]. APEC. (2014). APEC Guidebook on Financial and Economic Literacy in Basic Education. (p.162).
[3]. Aron, A., Coups, E.J., Aron, E.N. (2011). Statistics for the Behavioral and Social Sciences: A Brief Course (5th Ed). New Jersey: Pearson Education, Inc.
[4]. 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
[5]. Chowa, G. A. N., Despard, M., & Osei-Akoto, I. (2012). Financial knowledge and attitudes of youth in Ghana (YouthSave Research Brief 12-37). St. Louis, MO: Washington University, Center for Social Development.
[6]. Ci Research. (2012). Impact Review of Financial Education for Young People A Summary Report for the Money Advice Service.
[7]. 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
[8]. Department of Education. DepEd Memorandum No. 110, s. 2017. Technical Working Group on the Financial Literacy Program in Basic Education. Retrieved from: http://www.deped.gov.ph/2017/06/19/june-19-2017-dm-110-s-2017-technical-working-group-on-the-financial-literacy-program-in-basic-education/
[9]. Dones, P. (2016). DepEd initiates financial literacy lessons in senior high - Kicker Daily News. Retrieved from http://kickerdaily.com/posts/2016/06/deped-initiates-financial-literacy-lessons-in-senior-high/
[10]. Fox, J., Bartholomae, S., & Lee, J. (2005). Building the case for financial education. Journal of Consumer Affairs, 39(1), 195-214. https://doi.org/10.1111/j.1745-6606.2005.00009.x
[11]. Grody, A. D., Grody, D., Kromann, E., & Sutliff, J. (2008). A Financial Literacy and Financial Services Program for Elementary School Grades - Results of a Pilot Study. Erin and Sutliff, Jim, A Financial Literacy and Financial Services Program for Elementary School Grades-Results of a Pilot Study, 1-31. https://doi.org/dx.doi.org/10.2139/ssrn.1132388
[12]. Hilgert M., & Hogarth, J. (2003) Household Financial Management: The Connection Between Knowledge and Behavior. Federal Reserve Bulletin. (309-322).
[13]. Huston, S. (2010). Measuring Financial Literacy. The Journal of Consumer Affairs. (296-316)
[14]. Kalwij, A. S., Alessie, R., Dinkova, M., Schonewille, G., Van Der Schors, A., & Van DerWerf, M. (2017). The effects of financial education on financial literacy and savings behavior Evidence from a controlled field experiment in Dutch primary schools. Discussion Paper Series 17-05.
[15]. Kefela, G. (2011). Implications of financial literacy in developing countries. African Journal of Business Management, 5(9), 3699-3705. https://doi.org/10.5897/AJBM09.297
[16]. Kezar, A., & Yang, H. (2010). The importance of financial literacy. About Campus, 14(6), 15-21. https://doi.org/10.1002/abc.20004
[17]. 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. International Handbook of Financial Literacy. Springer https://doi.org/10.1007/978-981-10-0360-8
[18]. Kourilsky, M. (1977). The Kinder-Economy: A case study of kindergarten pupils' acquisition of economic concepts. The Elementary School Journal, 77(3), 182-191. https://doi.org/10.1086/461045
[19]. Lusardi A. 2011. Survey of the States: economic and personal finance education in our nation's schools. Rep., Council Econ. Educ., New York
[20]. Mason, C. L. J., & Wilson, R. M. S. (2000). Conceptualising financial literacy. Occasional Paper Loughborough: Business School. Retrieved from https://dspace.lboro.ac.uk/2134/2016
[21]. 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
[22]. Messy, F., & C. Monticone (2016), "Financial Education Policies in Asia and the Pacific", OECD Working Papers on Finance, Insurance and Private Pensions, No. 40, OECD Publishing, Paris. http://dx.doi.org/10.1787/5jm5b32v5vvc-en
[23]. OECD. (2012). Financial Education in Schools, 1-8.
[24]. OECD. (2008). OECD-US Treasury International Conference on Financial Education OECD-US Treasury International Conference on Financial Education. In Taking Financial Literacy to the Next Level: Important Challenges and Promising Solutions (Vol. I, p. 216).
[25]. OECD/INFE. (2012). High-Level Principles on National Strategies for Financial Education. Organization for Economic Co-operation and Development. OECD. Retrieved from http://www.oecd.org/finance/financial-education/OECD_INFE_High_Level_Principles_ a. National_Strategies_Financial_Education_APEC.pdf
[26]. Philippine Economic Update - April 2016. (2016). Retrieved from The World Bank Website: http://www.worldbank.org/en/country/philippines/publication/philippine-economic-update---april-2016
[27]. Privitera, G.J. (2016). Essential Statistics for the Behavioral Sciences. California: Sage Publications.
[28]. Republic Act No. 10679 - Youth Entrepreneurship Act (2015). Philippines.
[29]. Republic Act No. 10922 - Economic and Financial Literacy Act. (2015). Philippines.
[30]. Sari, R. C., Fatimah, P. L. R., & Suyanto. (2017). Bringing Voluntary Financial Education in Emerging Economy: Role of Financial Socialization During Elementary Years. Asia-Pacific Education Researcher, 26(3-4), 183-192. https://doi.org/10.1007/s40299-017-0339-0
[31]. Sharma, B. (2016). A focus on reliability in developmental research through Cronbach's Alpha among medical, dental and paramedical professionals. Asian Pacific Journal of Health Sciences, 3(4), 271-278. https://doi.org/10.21276/apjhs.2016.3.4.43
[32]. 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
[33]. Shier, R. (2004). Paired t-test. Mathematics Learning Support Centre.
[34]. Silang, K. (2016). 8 Reasons Why Filipinos Fail to Manage Their Finances. MoneyMax.ph. Retrieved from https://www.moneymax.ph/blog/8-major-reasons-filipinos-fail-manage-finances
[35]. Tisdell, E. J., Taylor, E. W., & Forte, 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
[36]. 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
[37]. 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
[38]. Van Fossen, P.J. (2011). Best economic education practices for children. In, M. Schug and W. Wood (Eds.), Teaching economics in troubled times. Oxford, UK: Routledge.
[39]. 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
[40]. Walstad, W. B., Rebeck, K., & MacDonald, R. A. (2010). The effects of financial education on the financial knowledge of high school students. Journal of Consumer Affairs, 44(2), 336-357. https://doi.org/10.1111/j.1745-6606.2010.01172.x
[41]. Yoshino, N., Morgan, P. J., & Wignaraja. G. (2015). Financial Education in Asia: Assessment and Recommendations. (No. 543). Asian Development Bank Institute. Tokyo.

Abstract:
Over the past few years, there is an increasing demand to include financial education in schools and to start even among the youngest learners. This study examines the effect of Kwartalino Financial Education Program on the financial knowledge of kindergarten learners. The Kwartalino Financial Education Program was specifically designed for kindergarten learners. It has a number of special features such as 1) internationally benchmarked financial lessons and contents; 2) developmentally appropriate instructional materials; 3) varied hands-on and experiential learning activities; and 4) parent involvement. Using a quasi-experimental with preand post-test design with control and experimental group, the study examines quantitative data to analyze the effect of the program on learners' financial knowledge. The researcher developed a 40-item financial knowledge test which was used for pre-and post-test of kindergarten learners. The financial education program was implemented during the second quarter of the school year 2017 -2018 from August to October. Kindergarten learners who participated in the Kwartalino financial education program scored significantly higher than the control group in the financial knowledge test. Results of the study supports the idea that young children can learn money lessons when they are exposed to developmentally appropriate financial education program. Thus, the use of Kwartalino financial education program in the kinder level is recommended to integrate financial lessons which can help young learners develop their financial literacy.