Experience- and Concept-Label-Type Effects on First-Graders’ Learning, Retention of Economic Concepts

Financial Capability in Children: Effects of Participation in a School-Based Financial Education and Savings Program

“…Financial educators and scholars have learned that people, especially young children, are more excited by and may learn more when financial education curricula are experiential, include discovery and other experiential applications, take advantage of teachable moments, and target teaching techniques for diverse learning styles and diverse groups (Ajello et al 1987;Laney 1989;Kourilsky 1977;Kourilsky and Carlson 1996;Fox and Bartholomae 1999;Fry et al 2008;Hilgert, Hogarth and Beverly 2003;Lopez-Fernandini and Murrell 2008;Lucey and Giannangelo 2006;Varcoe et al 2002). Financial education that demonstrates relevance to students may be more effective in motivating learning and improving retention (Mandell and Klein 2007;Russell et al 2006).…”

Experiential Education in the Classroom and Academic Outcomes: For Those Who Want it All

“…However, the study did find some evidence that the number of experiments is a predictor for higher achievement outcomes on a science process measme. Also in a traditional school setting, Laney (1989) taught basic economic principles to first-grade students using either a reallife experience or story-telling approach. A six-week delayed posttest showed a statistically significant greater retention of these concepts for the students taught through real-life experiences.…”

The Effect of Cooperative and Mastery Learning Methods on Primary Grade Students' Learning and Retention of Economic Concepts

“…These factors include (a) exposing students to correct information about economic ideas, (b) having children find discrepancies between predicted and actual outcomes of economic events, (c) giving students the opportunity to talk about economic concepts (Berti et al, 1986), (d) providing children with real-life economic experiences, (e) helping students invent their own concept labels for economic ideas (Laney, 1989), (0 having students engage in two kinds of information processing through the generation of both verbal and imaginal representations of economic ideas (Laney, 1990), and (g) using instructor-led debriefings as a follow-up to reallife experiences with economic concepts (Laney, 1993). The study described in this paper extends this body of research to cooperative and mastery learning methods, exploring the effects of these methods, alone and in combination, on first and second graders' understanding of basic economic concepts.…”

“…Studies by Laney (1989Laney ( , 1993 have demonstrated the power inherent in real-life experiences for enhancing young children's understanding and retention of economic concepts. Based on the results of these studies, real-life experiences seem to be ideally suited for use as initial learning activities, while vicarious experiences used in conjunction with cooperative andor mastery learning methods seem more appropriate as reinforcement or follow-up activities.…”