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Experiential financial education: A field study of my classroom economy in elementary schools

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  • Batty, Michael
  • Collins, J. Michael
  • O’Rourke, Collin
  • Odders-White, Elizabeth

Abstract

My Classroom Economy is a simulated economy where students have the opportunity to engage in financial decisions on a daily basis. It provides financial literacy instruction without requiring significant classroom time, and is relatively simple for teachers to implement. Compared to schools where My Classroom Economy was delayed or never implemented, students showed strong improvements in financial knowledge. Compared to a traditional lecture-based curriculum, students showed similar gains in learning. Based on standardized math test scores, there was no substitution away from core school curriculum after the program began. Experiential financial education appears to be an effective strategy to teach financial literacy, even at lower grade levels. It is also a relatively low-cost approach that does not require extensive teacher preparation.

Suggested Citation

  • Batty, Michael & Collins, J. Michael & O’Rourke, Collin & Odders-White, Elizabeth, 2020. "Experiential financial education: A field study of my classroom economy in elementary schools," Economics of Education Review, Elsevier, vol. 78(C).
    • Handle: RePEc:eee:ecoedu:v:78:y:2020:i:c:s0272775718303054
    DOI: 10.1016/j.econedurev.2020.102014
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    References listed on IDEAS

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    Cited by:

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    3. Ginevra Buratti & Alessio D'Ignazio, 2024. "Improving the effectiveness of financial education programs. A targeting approach," Journal of Consumer Affairs, Wiley Blackwell, vol. 58(2), pages 451-485, June.
    4. Tornino, Janelee & Ferdinez, Emil, 2025. "Financial Literacy, Behavior, and Challenges in Teaching: An Insight for a Literacy Program," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(7), pages 2932-2965, July.
    5. Zhu, Alex Yue Feng, 2025. "Unlocking financial literacy with machine learning: A critical step to advance personal finance research and practice," Technology in Society, Elsevier, vol. 81(C).
    6. Cannistrà, Marta & De Beckker, Kenneth & Agasisti, Tommaso & Amagir, Aisa & Põder, Kaire & Vartiak, Lukáš & De Witte, Kristof, 2024. "The impact of an online game-based financial education course: Multi-country experimental evidence," Journal of Comparative Economics, Elsevier, vol. 52(4), pages 825-847.
    7. Gabriele Iannotta & Marta Cannistrà & Tommaso Agasisti, 2024. "It's never too late to be financially literate: Evaluating a financial education intervention for adults in Italy," Journal of Consumer Affairs, Wiley Blackwell, vol. 58(2), pages 397-431, June.
    8. Man Yao & Tori I. Rehr & Erica P. Regan, 2023. "Gender Differences in Financial Knowledge among College Students: Evidence from a Recent Multi-institutional Survey," Journal of Family and Economic Issues, Springer, vol. 44(3), pages 693-713, September.
    9. Corsini, Lorenzo & Giannelli, Gianna Claudia, 2021. "Economics education and financial literacy acquisition: Evidence from a field experiment," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).
    10. Oberrauch, Luis & Kaiser, Tim, 2024. "Digital Interventions to Increase Financial Knowledge: Evidence from a Pilot RCT," IZA Discussion Papers 16811, Institute of Labor Economics (IZA).
    11. Joana Elisa Maldonado & Kristof De Witte & Koen Declercq, 2022. "The effects of parental involvement in homework: two randomised controlled trials in financial education," Empirical Economics, Springer, vol. 62(3), pages 1439-1464, March.
    12. Valentina Maria Andreucci & Alessio D'Ignazio & Francesca Festa & Marialucia Longo & Francesco Rossetti, 2025. "Experiential financial education. Assessing the effectiveness of a Banca d'Italia museum exhibition," Questioni di Economia e Finanza (Occasional Papers) 943, Bank of Italy, Economic Research and International Relations Area.
    13. Oberrauch, Luis & Kaiser, Tim, 2024. "Financial Education or Incentivizing Learning-By-Doing? Evidence from an RCT with Undergraduate Students," Journal of Behavioral and Experimental Finance, Elsevier, vol. 43(C).
    14. Frisancho, Veronica & Herrera, Alejandro & Prina, Silvia, 2023. "Can a mobile-app-based behavioral intervention teach financial skills to youth? Experimental evidence from a financial diaries study," Journal of Economic Behavior & Organization, Elsevier, vol. 214(C), pages 595-614.
    15. Luis Oberrauch & Tim Kaiser, 2024. "Financial Education or Incentivizing Learning-by-Doing? Evidence from an RCT with Undergraduate Students," CESifo Working Paper Series 11187, CESifo.
    16. Piza, Caio & Furtado,Isabela & Amorim, Vivian De Fatima, 2023. "Experimental Evaluation of a Financial Education Program in Elementary and Middle School Grades," Policy Research Working Paper Series 10511, The World Bank.
    17. Sconti, Alessia, 2022. "Digital vs. in-person financial education: What works best for Generation Z?," Journal of Economic Behavior & Organization, Elsevier, vol. 194(C), pages 300-318.
    18. Kaiser, Tim & Oberrauch, Luis, 2021. "Economic education at the expense of indoctrination? Evidence from Germany," EconStor Preprints 245801, ZBW - Leibniz Information Centre for Economics.
    19. Sconti, Alessia & Caserta, Maurizio & Ferrante, Livio, 2024. "Gen Z and financial education: Evidence from a randomized control trial in the South of Italy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 112(C).

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    JEL classification:

    • A21 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Pre-college
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • I28 - Health, Education, and Welfare - - Education - - - Government Policy

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