Students' Reflections on the Benefits of a Financial Simulation Through "Thank You Notes"

As an instructional strategy, simulations have become common in the field of education. While they have been effective at imparting knowledge and skills, not all simulation experiences meet their objectives. This study determined the effectiveness of a financial simulation, the Reality Store®, aimed...

Full description

Saved in:
Bibliographic Details
Published in:The Clearing house 2019-11, Vol.92 (6), p.202-209
Main Authors: Mupinga, Davison M., Caniglia, Joanne
Format: Article
Language:English
Subjects:
Adults
Budgeting
Business education
Daily Living Skills
Early Adolescents
Educational Benefits
Evaluation
Financial literacy
Grade 8
Instructional Effectiveness
Letters (Correspondence)
Mathematics Instruction
Middle School Students
Money Management
Role of Education
Simulation
simulations
Skill Development
Student Attitudes
Teaching methods
thank you notes
Citations: Items that this one cites
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:As an instructional strategy, simulations have become common in the field of education. While they have been effective at imparting knowledge and skills, not all simulation experiences meet their objectives. This study determined the effectiveness of a financial simulation, the Reality Store®, aimed at teaching financial literacy and life skills to youth. Data were collected from Thank You notes written by middle school students who had participated in the simulation. These notes were combined with data from post-simulation surveys to ensure trustworthy results. Overall, students were satisfied with the simulation experience and learned that: adult life is hard; children are expensive; and the need for budgeting and saving money is essential. Recommendations for teaching financial literacy and life skills using simulations are provided.
ISSN:0009-8655
1939-912X
DOI:10.1080/00098655.2019.1653251