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Is Financial Literacy Improved by Participating in a Stock Market Game?

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Listed:
  • Cynthia Harter
  • John F.R. Harter

Abstract

This study investigates the effectiveness of the Stock Market Game (SMG) in improving student scores on a general multiple-choice test covering basic financial concepts. Teachers in the test group used the Stock Market Game and a complementary curriculum in class while teachers in the control group did not. Students in both groups completed the same online pre- and post-tests, demographic surveys, and math aptitude tests. The results of ordinary least squares regression show that playing SMG along with teaching seven general lessons from the Learning from the Market curriculum improves student performance on the financial literacy assessment.

Suggested Citation

  • Cynthia Harter & John F.R. Harter, 2010. "Is Financial Literacy Improved by Participating in a Stock Market Game?," Journal for Economic Educators, Middle Tennessee State University, Business and Economic Research Center, vol. 10(1), pages 21-32, Summer.
    • Handle: RePEc:mts:jrnlee:v:10:y:2010:i:1:p:21-32
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    File URL: http://frank.mtsu.edu/~jee/2010/3pp21to32MS909.pdf
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    References listed on IDEAS

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    Cited by:

    1. Amagir, Aisa & van den Brink, Henriëtte Maassen & Groot, Wim & Wilschut, Arie, 2022. "SaveWise: The impact of a real-life financial education program for ninth grade students in the Netherlands," Journal of Behavioral and Experimental Finance, Elsevier, vol. 33(C).
    2. Şenol, Doğaç & Onay, Ceylan, 2023. "Impact of gamification on mitigating behavioral biases of investors," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
    3. Alex Yue Feng Zhu, 2020. "Impact of Financial Education on Adolescent Financial Capability: Evidence from a Pilot Randomized Experiment," Child Indicators Research, Springer;The International Society of Child Indicators (ISCI), vol. 13(4), pages 1371-1386, August.
    4. Alexandra Brown & J. Michael Collins & Maximilian D. Schmeiser & Carly Urban, 2014. "State Mandated Financial Education and the Credit Behavior of Young Adults," Finance and Economics Discussion Series 2014-68, Board of Governors of the Federal Reserve System (U.S.).
    5. Cynthia Harter & Diego Mendez-Carbajo, 2024. "Diving into the Gap: Recognizing Gender Differences in an Online Learning Activity," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 50(1), pages 79-102, January.
    6. Tim Kaiser & Lukas Menkhoff, 2017. "Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?," The World Bank Economic Review, World Bank, vol. 31(3), pages 611-630.
    7. Casey Totenhagen & Deborah Casper & Kelsey Faber & Leslie Bosch & Christine Wiggs & Lynne Borden, 2015. "Youth Financial Literacy: A Review of Key Considerations and Promising Delivery Methods," Journal of Family and Economic Issues, Springer, vol. 36(2), pages 167-191, June.
    8. Phillip Saunders, 2011. "A history of economic education," Chapters, in: Gail M. Hoyt & KimMarie McGoldrick (ed.), International Handbook on Teaching and Learning Economics, chapter 1, Edward Elgar Publishing.
    9. Andrew Gill & Radha Bhattacharya, 2015. "Integration of a Financial Literacy Curriculum in a High School Economics Class: Implications of Varying the Input Mix from an Experiment," Journal of Consumer Affairs, Wiley Blackwell, vol. 49(2), pages 472-487, July.

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    More about this item

    Keywords

    Stock Market Game; financial literacy; student assessment;
    All these keywords.

    JEL classification:

    • A21 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Pre-college

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