Experiences of Middle School Students Following a Financial Literacy Simulation

Abstract

The need for today's youth to acquire financial literacy skills cannot be taken lightly as this knowledge leads to better financial decisions. However, there is a shortage of qualified teachers to teach financial skills. When teachers are not available, one way to provide students with such skills is through simulations. This article describes the experiences of middle school students’ following the Reality Store®, a financial simulation. The activity, divided into 15 different stations, provided hands-on experiences and opportunities for students to think about their futures and career choices in relation to their economic well-being. One hundred fifty-six (156) eighth grade students participated in the simulation activity. Results from the activity indicated students: 1) overwhelmingly enjoyed the experience; 2) lacked knowledge of careers and the educational requirements necessary to achieve their desired life choices; and 3) liked the opportunity to make “life” decisions. Suggestions for teaching financial literacy and career awareness using simulations are provided.

Keywords: Career awareness, Experiential education, Financial literacy, Simulation, Middle school

DOI: 10.7176/JEP/10-15-06

Publication date:May 31^st 2019