SaveWise: The design of a financial education program in the Netherlands

Abstract

Using a framework for educational design research, this article reports and evaluates the (process of the) design of a financial education program. The program is designed for high school students in the prevocational track in the Netherlands. The aim of the program is to improve students’ financial knowledge, attitudes, self-efficacy, and (savings) behavior. The main outcome of this study is the identification of design principles that can be used by others for the design of financial education programs: setting a personal savings goal, commitment with and reflection on this goal, discussing money issues with peers and family, hands-on activities with autonomy, and explicit instruction through animated video clips. The results show that our program, called “SaveWise,” improves high school students’ financial knowledge and skills, financial awareness, attitudes towards money, self-efficacy, and financial behavior.

The Efficacy of Promoting Financial Literacy with MOOC among Economics Pre-Service Teachers

“…This mindset should benefit them in both their behaviour and in their future teaching. This finding is consistent with the research of Amagir et al (2019).…”

“…Furthermore, previous research has found that ICT benefits learners (Gaboy et al, 2020), particularly in financial literacy (Amagir et al, 2019), which is consistent with the results of this study. Both types of research addressed visual aids, as well as videos that can help people to learn more about money.…”

Financial Elements in Teaching and Learning of Mathematics: A Systematic Review

“…Besides that, financial education has become a cognitive approach to facilitate the students' learning process and provide more practical experience in supporting influential learning theories (Berková & Krpálek, 2017). The financial literacy program may promote positive changes to the students in terms of financial literacy, economic behavior, and financial competency (Kalwij et al, 2019;Amagir, Groot, Maassen van den Brink, & Wilschut, 2018;Amagir et al, 2019;Zakaria, Sabri, & Rahim, 2017;Bhattacharya et al, 2016;Supanantaroek et al, 2017). However, the studies measure mainly short-term effects.…”

“…Generally, most quantitative studies measure financial education initiatives' impact using quasi-experimental designs and randomized controlled trial (RCT) experiments. Amagir et al (2019) conduct a financial education program named "SaveWise" to enhance high school students' financial knowledge and skills, attitudes, self -effectiveness, and economic behavior. It consists of 8 lessons of 50 minutes that focus on learning.…”

Integrating financial literacy into economics courses through digital tools: the Finlite app

“…The literature on financial literacy indicates that digital tools such as videos, games, cartoons, movies and others could enhance financial literacy effectively (Ferreira and Bisognin, 2020; Popovich et al , 2020; Amagir et al , 2019; Kuntze et al , 2019; Angel, 2018; Kalmi, 2017; Lusardi et al , 2015). Of these tools, video is the most effective in promoting financial literacy among students.…”