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


  • Cynthia Harter
  • John F.R. Harter


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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    References listed on IDEAS

    1. Grimes, Paul W. & Millea, Meghan J. & Thomas, M. Kathleen, 2008. "District level mandates and high school students' understanding of economics," MPRA Paper 39883, University Library of Munich, Germany.
    2. Charles L. Ballard & Marianne F. Johnson, 2004. "Basic Math Skills and Performance in an Introductory Economics Class," The Journal of Economic Education, Taylor & Francis Journals, vol. 35(1), pages 3-23, January.
    3. William E. Becker, 1997. "Teaching Economics to Undergraduates," Journal of Economic Literature, American Economic Association, vol. 35(3), pages 1347-1373, September.
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    Cited by:

    1. Phillip Saunders, 2011. "A history of economic education," Chapters,in: International Handbook on Teaching and Learning Economics, chapter 1 Edward Elgar Publishing.
    2. 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.
    3. Tim Kaiser & Lukas Menkhoff, 2017. "Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?," World Bank Economic Review, World Bank Group, vol. 31(3), pages 611-630.
    4. 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.

    More about this item


    Stock Market Game; financial literacy; student assessment;

    JEL classification:

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


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