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Essay: Designing an enlightenment course on Financial Quotient development for grade 3 students

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  • Published: 22 March 2023*
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ABSTRACT

Financial Quotient (FQ) or Financial intelligence (FI), is the ability to obtain and manage one’s wealth by understanding how money works1. It is becoming increasingly important due to the fast development of society and economy. In recent years, increase FQ development courses are set for adults, especially the business workers. Children and teenagers, however, is ignored to educate this ability.

References:

1. Wikipedia.(13 April 2020).Financial quotient. Available from: https://en.wikipedia.org/wiki/

INTRODUCTION

Compared with foreign countries, Chinese education for FQ is limit. An analysis of the current development of teenagers indicates the three main ways used by foreign countries to develop FQ, family, school and society. School should take responsibility and provide a complete course to students.2 The famous investor, Sharon Lechter(2002), indicates: ‘Whatever happens, we have two fundamental choices: play it safe or play it smart by preparing, getting educated and awakening your own and your children’s financial genius.’3. I study accounting and economics in A-Level, and I interested in finance, which supports me to design an enlightenment course for grade 3 school students in order to help them improve the financial ability. This course has 4 chapters with two 45 minute lessons in each, 6 hours in total.

METHODOLOGY

Before implementations, I designed my plan in order to divide the whole process into different sections, then I decide and applied each research. I used both primary research and secondary research in my project.

Secondary researches I did involve relatively academic dissertations, reports and periodicals, websites, and a book. Relatively reference provide the data did for 90s generation students and analyse about past and current FQ development in China directly, which can support the importance of this course. Websites include lots of information and suggestions. Wikipedia, for instance, is used to give clear definitions about some professional phrases, such as Financial Quotient. Other educational websites provide professional suggestions about the suitable contents about FQ development should be taught for different age group children, and the information related to the forms of teaching plans and syllabus. I read rich dad poor dad4 in order to have a direct and deeper understanding of FQ since the whole book talking about Financial Quotient, which is also firstly mentioned by the writer of this book, Robert.T.Kiyosaki. I read some A-Level courses’ syllabus in order to find the important elements that should be involved. And I searched a precessional teaching plan may be used by teachers in the teaching qualification test in China.

Primary research used most in my project is online questionnaires. I did questionnaires to teenagers and grade 3 and 4 students and teachers from a Beijing international primary school. Questionnaires will be shown in the appendixes. For teenagers and primary school students, I used similar multiple choice in order to collect quantitative results and compare the trends of FQ development, and these questions relate to the different aspects of money. I compare the data and analyse how students develop their FQ with current education situation. Therefore, the results will show what should be involved in this course. For teachers, I used both multiple choices and short answer questions so that teachers can show their opinions easily. I did four times questionnaires for teachers after the design of each chapter in order to gain feedback for each lesson. All questionnaires did with the online system, which can cover a wider range of teenagers and which is feasible underlying the situation of COVID-19. I compare the data and analyse how students develop their FQ with current education situation.

RESULT

According to an investigation about FQ development for the post 90s Chinese university students, 80% of university students express their insufficient money, and only 15% of students have the willingnesses to record money.5 The similar habits were also found in teenagers. A questionnaire was used to find the current development of teenagers. I gained 125 samples in total, and there are 60.8% of people who often realise their available money cannot afford their wants. I also gained 122 samples and 101 samples from grade 3 and 4 students respectively, and compare the results showed in figure 1.

References:

2. Sun Han(2009) Analysis of current financial quotient eduction for teenagers Technology information available form DOI:10.3969/j.issn.1001-9960.2009.28.035 (Chinese)

3. Robert.T.Kiyosaki and Sharon Lechter(2002) Rich dad, poor dad V0.1(9-9-2002) available from: http://cdn1.media.zp-cdn.com/21275/RichDadPoorDad.pdf_bf8-342da9.pdf

4. Robert.T.Kiyosaki and Sharon Lechter(2000) Rich dad, poor dad

5. Gao Cuitian(2013) Research of 90 after College Students’ Consumption View Eduaction

When I saw these outcomes, I predict most students had not any financial development courses in the past years. However, Figure 2 provides interesting outcomes that only nine per cent of students never attended the related courses, and 44% of teenagers have acquired the related knowledge and developments in school. Evaluating these results, the unexpected development of teenagers’ FQ can reflect the FQ course in school was not designed and treated seriously.

On the basis of Kolhberg’s theory, to a skilled and intelligent child should start from an early age. Between age 6-12, children do not have random and ambiguous thinking. Furthermore, this theory indicates the importance of bright colours. Attentions can be attracted by a stimulus of bright colours that will also help students to remember knowledge, and this visual sensitively is important for children to develop their brain nerve in order to have batter thinking power and creatively.6

I decided to design this enlightenment course for grade 3 students, age 9 or 10 students, based on the results from questionnaires. In figure 3, students will spend more money in daily life rather than saving as before. If grade 3 students can acquire related financial knowledge, they may manage their money better. This course will teach students about money, which can be earned, spent and saved by students in daily transactions. Thus, this course involves four chapters, the definition of money, the ways to earn money, the ways to spend money, and the ways to record and save money with two 45 minutes lessons in each chapter respectively, and 6 hours in total. The whole course aims to improve students’ financial intelligence and develop the ability to manage money,

Drawn on the feedbacks form primary school teachers and the help of my foreign teacher who studied international education in UCL for postgraduate before, I adjust some details in order to ensure the contents are suitable for primary school students, and that can be used and understood by teachers.

References:

6. Dede Suryanto, Hermito Gideon, and Muthia Kartika Dewi, (2018), “Developing Children’s Financial Quotient (FQ) Through the ‘Tangga Uang’ Educational Game” in The 2nd International Conference on Vocational Higher Education (ICVHE) 2017 “The Importance on Advancing Page 1170 Vocational Education to Meet Contemporary Labor Demands”, KnE

DISCUSSION

During this process of design my course, I trailed different abilities, enhanced the understanding of academic knowledge, and I also tried a new field, education.

In my final outcomes, there are eight teaching plans, eight PowerPoints, eight homework and one syllabus. I design these lessons with the knowledge learned in the A-Level course and extra financial knowledge. During the design of these lessons, I faced problems, for instance,
COVID-19, change of original direction, the limit response from primary school teachers, etc, Due to competition in August first to fifth, I behind time, which cause the plan cannot implement as my prediction. I worried whether I can finish this project before the deadline since I had only finished two chapters. Finally, I designed my plan again and finished the outcomes before the deadline.

CONCLUSION

‘Like all learning, financial education is a process that should begin at an early age and continue throughout life.’, said by Alan Greenspan, the economist and former chair of the Federal Reserve of the United States, ‘This cumulative process builds the skills necessary for making critical financial decisions that affect one’s ability to attain the assets, such as education, property, and savings, that improve economic well-being.’7 A systematic and complete course is really important to juveniles. I believe that FQ development course can bring positive effects to students’ future career and future life. That is why I want to develop this course and help students to improve FQ.

EVALUATION

If I have opportunities to continue this project, I want to collect more data on the questionnaire from different primary school instead of only one international school. I will also prepare a vocabulary list in order to help students understand some professional phrases. The trial course also can be set in order to collect true feedbacks and improve the contents of this course.

Furthermore, I really want to design further courses for older grades, and help more students to improve their FQ.

References:

7. Alan Greenspan (2015) A speech at the Federal Reserve System’s Fourth Annual

REFERENCE

  1. Wikipedia.(13 April 2020).Financial quotient. Available from: https://en.wikipedia.org/wiki/ Financial_quotient [30th August 2020]
  2. Sun Han(2009) Analysis of current financial quotient eduction for teenagers Technology information available form DOI:10.3969/j.issn.1001-9960.2009.28.035 (Chinese)
  3. Robert.T.Kiyosaki and Sharon Lechter(2002) Rich dad, poor dad V0.1(9-9-2002) available from: http://cdn1.media.zp-cdn.com/21275/RichDadPoorDad.pdf_bf8-342da9.pdf
  4. Robert.T.Kiyosaki and Sharon Lechter(2000) Rich dad, poor dad.
  5. Gao Cuitian(2013) Research of 90 after College Students’ Consumption View Eduaction from Financial Intelligence Quotient Aspect(P43).(Chinese)
  6. Dede Suryanto, Hermito Gideon, and Muthia Kartika Dewi, (2018), “Developing Children’s Financial Quotient (FQ) Through the ‘Tangga Uang’ Educational Game” in The 2nd International Conference on Vocational Higher Education (ICVHE) 2017 “The Importance on Advancing Page 1170 Vocational Education to Meet Contemporary Labor Demands”, KnE Social Sciences, pages 1170–1182. DOI 10.18502/kss.v3i11.2838
  7. Alan Greenspan (2015) A speech at the Federal Reserve System’s Fourth Annual Community Affairs Research Conference, Washington, D.C..

OTHER REFERENCES READ AND USED IN THE COURSE

References:

  1. Jiang Tuan(2017) ໜֺර਍ࣁᰂᣟ਍ර਍Ӿጱᬩአ ઊӳ١ӱૡᑕ਍ᴺ਍ಸ available from DOI:10.3969/j.issn.1008-7540.2017.04.012 (Chinese)
  2. Shan Bingyuan(2016) ے୩ᶆ੝ଙᨰࠟරᙙڰӧ਻ᖨ FINANCE & ECONOMY available form DOI: CNKI:SUN:JRJJ.0.2016-18-050 (Chinese)
  3. Yu Shengquan and Yang Xiaojuan(2000) चԭୌ຅ԆԎጱර਍ᦡᦇཛྷୗ ኪ۸රᙙᎸᑪ available from DOIғCNKI:SUN:DHJY.0.2000-12-001(Chinese)
  4. Liu Junyan(2017) चԭPTD໛ຝጱੜ਍ScratchJrර਍ available from DOIғ CNKI:CDMD:2.1017.161340 (Chinese)
  5. Wang Deyunҁ2017҂ੜ਍ኞᨰࠟරᙙ୏઀ጱݱໜᎸᑪ available from DOIғ CNKI:CDMD:2.1017.161198 (Chinese)
  6. Qun Wang and Xiaoyu Hu(2018)Research on the Path of Financial Quotient Education in China’s Application-oriented Undergraduate Colleges and Universities available form DOI:https://doi.org/10.12738/estp.2018.5.126 (Chinese)

Websites:

  1. https://www.kidsfinancialeducation.com/age-group/ages-8-10/
  2. https://moneytree.asia
  3. https://www.cdc.gov/ncbddd/childdevelopment/positiveparenting/middle2.html
  4. http://www.pbc.gov.cn
  5. https://www.parentallegacy.com/stories/2017/9/4/why-is-financial-intelligence-so-important
  6. https://www.cnbc.com/2020/02/04/teaching-financial-education-in-schools-finally-catches- on.html

Video used in this course:

  1. Appendix 6 available from http://www.bilibili.com/video/av796225614/? share_source=copy_link&p=1&ts=1600626938&share_medium=ipad&bbid=ZA4352A1EF0374 D042F89352E933199C84C9
  2. Appendix 16 available from https://youtu.be/yjebapspkK4

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