Financial education for students at brendon primary school

HANOI METROPOLITAN UNIVERSITY FACULTY OF EDUCATION HOANG MINH CHAU FINANCIAL EDUCATION FOR STUDENTS AT BRENDON PRIMARY SCHOOL GRADUATION THESIS Specialization: Primary Education Ha Noi, 2023 HANOI METROPOLITAN UNIVERSITY FACULTY OF EDUCATION HOANG MINH CHAU FINANCIAL EDUCATION FOR STUDENTS AT BRENDON PRIMARY SCHOOL GRADUATION THESIS Specialization: Primary Education Supervisor 1: MA Tran Thi Thao Supervisor 2: DR Pham Minh Hoa (Teachers sign to confirm) Ha Noi, 2023 DECLARATION OF AUTHORSHIP I hereby declare that the project "Financial education for students at Brendon Primary School" is my research work and is supported by the instructors, MA Tran Thi Thao and DR Pham Minh Hoa The data and research results stated in the thesis are honest and have never been published in any other works If it has any fraud, I take full responsibility Ha Noi, May, 2023 Student Hoang Minh Chau ACKNOWLEDGEMENTS First of all, I would like to express my sincere thanks to the instructors, MA Tran Thi Thao and DR Pham Minh Hoa has enthusiastically guided, instructed and always had meticulous feedback during the past time so that I could complete this thesis I would also like to thank the entire Faculty of Pedagogy – Ha Noi Metropolitan University, especially the teachers in the Primary Education group for their enthusiastic teaching, dedication, and support over the past four years Finally, I would like to thank the administration, teachers and students of Brendon Primary School for creating favorable conditions for me to conduct the survey for the thesis The first time doing a thesis, mistakes are inevitable Therefore, valuable contributions from you will help me overcome those errors and be able to complete my research better Thank you Ha Noi, May, 2023 Student Hoang Minh Chau LIST OF ABBREVIATION Sign Abbreviated content FE Financial education S Student T Teacher LIST OF TABLES Table Student survey results about daily pocket money 36 Table Survey results on the use of money by students 37 Table Survey results on how students save money 38 Table Survey results on students' future money plans 38 Table Teacher survey results on the need for financial education for primary school students 39 Table Difficulties in implementing FE for students 40 Table Level of influence of school leaders on financial education for students at Brendon primary school 41 Table Level of influence of teachers on financial education for students at Brendon Primary School 41 Table The level of influence of the educational environment on the financial education of students at Brendon primary school 42 LIST OF PICTURES Financial concepts 17 The game "I have, who has"helps students learn about money units 27 "Saving-book" made by students 29 Book series "Educating financial management skills" 51 Activity 1-Topic "What is Money" 52 Activity 2-Topic "What is Money" 53 Activity of role-playing buyer-seller and story-telling with pictures 53 Activity to identify Vietnamese currency 54 Exercise on practicing currency exchange 55 Activity 1-Topic "Buy and Sell" 57 Activity of sorting Want and Need 58 Activity 1- Topic "My family income" 59 Activity 2- Topic "My family income" 60 Activity 3- Topic "My family income" 61 Student questionnaire about factors affecting family income 61 Activity 1- Topic “choosing and making spending decisions” 62 Activity 2- Topic “choosing and making spending decisions” 63 Activity 1- Topic "Savings and Bank interest rate" 64 Savings deposit option activity 65 Activity 2- Topic "Savings and Bank interest rate" 65 "Job application" form for students in class 66 DIY products that students can make to sell in fairs 67 Student's sales plan at the fair 68 The book series "Helping children manage their finances intelligently" 72 Financial education story template 73 Activities in the book that parents can with their children 74 TABLE OF CONTENTS INTRODUCTION Reason for choosing the topic Research purpose 11 Research object and subjects 11 Scientific hypothesis 11 Research mission 11 Research scope 11 Research Methods 12 Structure of the research 12 CHAPTER 1: THEORETICAL BASIS OF FINANCIAL EDUCATION FOR PRIMARY STUDENTS 13 1.1 Literature overview 13 1.1.1 Research over the world 13 1.1.2 Research in Vietnam 14 1.2 Primary definitions 15 1.2.1 Education 15 1.2.2 Finance 16 1.2.3 Financial education 17 1.3 Theory of financial education for primary students 18 1.3.1 Characteristics of primary students 18 1.3.2 Financial education goals for primary students 19 1.3.3 Financial education content for primary students 20 1.3.4 Methods of financial education for primary students 24 1.3.5 Form of organization of financial education for primary students 29 1.3.6 Principles of financial education for primary students 30 1.3.7 Factors affecting financial education for primary school students 32 SUB-CONCLUSION OF CHAPTER 34 CHAPTER 2: THE SITUATION OF FINANCIAL EDUCATION FOR BRENDON PRIMARY STUDENTS 35 2.1 Survey purpose 35 2.2 Sample and survey area 35 2.3 Survey contents 35 2.4 Survey methods 36 2.5 Survey result 36 2.5.1 The reality of students’s money usage at Brendon primary school 36 2.5.2 Current status of financial education for students at Brendon Primary School 39 2.5.3 The influence factors on financial education for students at Brendon primary school 40 SUB-CONCLUSION OF CHAPTER 43 CHAPTER 3: SOME MEASURES OF FINANCIAL EDUCATION FOR BRENDON PRIMARY STUDENTS 44 3.1 Some principles of building financial education measures for students at Brendon primary school 44 3.2 Financial education measures for students at Brendon Primary School 47 3.2.1 Organizing financial education class 47 3.2.2 Intergrating financial education on classroom management: 66 3.2.3 Organizing extra activities to promote the financial education 67 3.2.4 Collaborating with families in financial education for students 69 3.3 The relationship between measures 75 SUB-CONCLUSION OF CHAPTER 76 CONCLUSION AND RECOMMENDATIONS 77 REFERENCES 79 APPENDIX 1: SURVEY ON THE BRENDON PRIMARY STUDENTS’S MONEY USAGE 81 APPENDIX 2: SURVEY ON THE FINANCIAL EDUCATION FOR BRENDON PRIMARY STUDENTS 82 INTRODUCTION Reason for choosing the topic Financial education is becoming more and more popular around the world Assessments around the world have shown that financial education for students is necessary and has great benefits for them in the future Many countries have started to implement financial education programs for primary school students with positive results According to a study by the Organization for Economic Cooperation and Development (OECD) in 2014 (OECD, PISA 2012 Results: Students and Money - Financial Literacy Skills for the 21st Century, 2014), most students globally not have basic financial literacy Teaching financial education from an early age has been suggested by experts as a way to help students form positive financial habits and achieve financial independence as adults Research has also shown that financial education for primary school students helps avoid future financial mistakes Early financial education also helps students improve their money management, savings and investment skills, thereby enhancing personal and family financial stability Therefore, it should be emphasized that financial education for primary school students is necessary to help them have a better financial future and avoid development mistakes Recognizing the need for financial education for students, Vietnam has also begun to include financial education in the new general education curriculum In response to the requirements of reality, the 2018 general education program was born, paying attention to financial education for students, especially primary students, which is reflected in the general goals and objectives of the subjects Specifically, at the general goal level, the 2018 General Education Program sets out the goal of "Developing life skills for students", including the sub-goal "Developing financial management skills" This goal is to help students gain basic financial knowledge, know how to manage and use money effectively, thereby helping students develop life skills and become responsible citizens in personal financial management In addition, at the level of subjects, the 2018 General Education Program is also interested in financial education in a number of subjects such as Mathematics, Science, Citizenship For example, in Mathematics, students will be taught the concepts of money, how to calculate money In Science, students will learn about the production and consumption of goods, and how to manage finances in businesses In Citizenship Education, students will learn about the laws of finance, and how to manage and use money in everyday life It can be said that the 2018 General Education Program deals with financial education for primary students in many different aspects, from the level of general goals to the level of subjects, in order to help students have basic knowledge of financial and personal financial management skills Financial education is not only from the school but also from the family side In modern society, students have better life conditions but not yet understand the value of money Many parents still think that “children not need” when it comes to financial education for their children When teaching children about financial management, many parents think that their children not understand anything and have not been able to absorb financial knowledge A part of young people, due to lack of proper financial education from a young age, leads to profligate spending and does not know how to direct spending for important needs This can lead to financial problems in the future and affect their lives Stemming from the above reasons, we have chosen to research on “Financial education for students of Brendon Primary School” This result will be a premise for other studies to be carried out at schools in proposing financial education measures for students in general and Brendon primary school students in particular 10 Financial education story template As in the book "Earning money is not difficult" about a little girl Nana wants to buy a new ball, but does not have enough money So Nana decided to earn her own money to buy the ball she wanted There are many ways to earn money that Nana has applied such as: Washing her mother's car, bathing the neighbor's dog, selling bracelets for friends, From those details, students realize the value of labor, to be able to buy things, you need to know how to work yourself Not only that, the story also teaches students to appreciate the hard work of their parents Or the book “Borrowing money- should or not?” The story is about a boy Tom who doesn't have enough money to buy a beautiful stone that he likes at the souvenir shop The boy borrowed some money from his friend, but then was unable to pay it back What happen? Luckily, Dad helped Tom solve his problem And you know, Tom's father often has to borrow money for many household expenses as well It is also thanks to his father that Tom knows when to borrow money and when not to borrow money The next book entitled "Tracking income and expenditure - easy or difficult" tells that: Zin's club is about to go camping, but camping also costs money, so the teacher assigns it to all members in the group The mission club sells candy to generate income Zin needs to find someone to buy all ten boxes of candy for him 73 While making money, Zin always has a notebook to record in detail the situation of income and expenditure The candy sale was quite successful, and thanks to the boy's ability to track income and expenditure, he earned enough money to join the camping trip with his friends In the book "Wants and Needs - a sensible way to spend money" it is said that Sam wants a new bike, in addition she wants to buy a new raincoat and ice cream But how many of these does she really need? Unexpectedly, after walking around town with his father, Sam discovered that "Want" and "Need" are actually very different “Need” is something you absolutely must have, must do, if not, or not doing, it will be harmful And "Want" is when you like or expect something to be equal, In addition, the information in the book also helps children to explain some vocabulary related to financial topics such as expenses, budgets, debt, income, paper money, pocket money, etc distinguish these concepts more clearly Not only that, the book also has activities for parents and children to together, such as making "Special Savings Jars"… Activities in the book that parents can with their children In each book, the author has also been very subtle when integrating simple calculations so that the little ones can learn how to spend wisely and turn math into 74 lovely and no longer dry For example, in the book "Tracking income and expenses - is it easy or not?" The children will ask the question: "Whose picture is printed on Vietnamese coins?" In addition, at the back of this book, there is also a great way to help children learn to count and change change To this activity, children can go to the store to buy toy banknotes or make their own fake money from paper or leaves First put a price tag on the toy, put half of the toy money inside the container Now my shop is ready! Invite a friend or family member to be a customer When customers buy things at the store, you must try to calculate and exchange the change for the customer accurately 3.3 The relationship between measures Financial education measures through classroom activities, through extracurricular activities, and collaboration with families are means that help bring financial literacy to students in a holistic way Classroom financial education activities expose students to basic financial concepts, financial management skills, and practice related exercises At the same time, financial education activities outside of the classroom help students apply financial skills in everyday life and communicate with families about financial concepts Working with families gives teachers and schools access to students outside of the classroom and gives them a better understanding of how to apply financial skills in everyday life By providing instructional materials and assisting students in practicing financial skills at home, working with families also plays an important role in promoting student financial development Therefore, a combination of financial education measures in the classroom, after school hours, and collaboration with families will help provide students with comprehensive financial knowledge and skills, and help them apply these skills into everyday life and become a wise consumer and have good financial management ability in the future 75 SUB-CONCLUSION OF CHAPTER Based on the content presented in chapter 3, I have drawn some conclusions and comments Principles of building financial education measures for primary school students should focus on integrating financial concepts into other subjects, combining theory and practice, appropriate to age and students' understanding ability Financial education for primary school students needs to be included in daily activities in class, outside of class time and in coordination with families to achieve the best results In particular, extracurricular activities can help students gain access to reality and improve their financial skills The relationship between financial education measures for students at Brendon Primary School is relatively interactive and needs to be implemented in a unified, closely linked manner to achieve the highest effectiveness Overall, financial education for primary school students is essential and beneficial for students in developing financial skills Financial education measures need to be built on principles of integration and practice, and implemented in a unified, integrated way to achieve the best effect 76 CONCLUSION AND RECOMMENDATIONS Conclusion To sum up, the topic of financial education for primary school students is a very important topic and is receiving much attention in today's education to help them have basic knowledge of finance, and at the same time develop their financial skills develop personal financial management skills early on However, in the process of implementing this study, there are still certain limitations and difficulties While the demand for financial education is increasing, the resources on this topic are still not abundant This makes the research and implementation of financial education more difficult In addition, financial education also faces difficulties in practical application Although there have been many methods of financial education proposed and applied in the world, their application in practice in Vietnam still faces many difficulties, especially in creating conditions and environment for financial education students practice There is also a lack of support from stakeholders The implementation of financial education for students requires the support of many different parties, including schools, families, communities and social organizations However, the linkage and support between these parties is still limited Above all, to research and evaluate the effectiveness of financial education for students, it also takes a long time and a large investment of resources However, due to limitations of time, resources and research capacity, the topic is limited to the basic level I hope in the future, the topic of financial education for primary school students will be researched more widely and bring many positive results for the comprehensive development of students Recommendations Based on the content presented above, I would like to make some recommendations to contribute to the development of financial education for primary school students in Vietnam First, educators need to strengthen research and development of financial education programs for primary school students in Vietnam This can be done through facilitating and investing resources for 77 organizations, schools and researchers in the field The Ministry of Education should give positive consideration to include financial education in the official curriculum of primary schools, and at the same time create conditions for teachers to be trained and improve their financial knowledge to be able to apply to teach students Not only that, schools need to work closely with families to enhance the effectiveness of financial education for primary students This can be done through joint activities between schools and families, such as organizing seminars, training parents on financial education so that they can help their students together In FE lessons, teachers should use innovative teaching methods that are appropriate for the age and level of primary school students, such as games, practical activities, images, videos, and media social media to help students understand and be more interested in financial concepts Consideration should be given to the application of information technology in financial education, including the use of financial education software, online applications, online teaching and learning support systems, to enhance the current modern and engaging financial education for primary students In conclusion, for financial education for primary school students to be effective, it is necessary to create conditions for primary school students to access financial knowledge easily, through learning in school and at home 78 REFERENCES ECB (2019) Financial literacy and inclusive growth in the European Union Retrieved from https://www.ecb.europa.eu/pub/pdf/other/financialliteracyandinclusivegrowt hineurope201904.en.pdf Ghettuba, D (n.d.) In-School and Youth Programs (Money and Youth: Teaching Financial Education to Elementary-Age Students) Retrieved from https://www.philadelphiafed.org/-/media/frbp/assets/communitydevelopment/publications/community-scope/2015/cs2015_money-andyouth.pdf L.T.Lan (2018) The Financial Literacy of Primary School Students in Vietnam: An Empirical Study Journal of Asian Finance, Economics, and Business, 27-34 Lê Thị Thùy Trang, Đặng Thị Hồng Phượng (2020) Assess the level of response of primary students to financial education activities Levine, L (n.d.) JumpStart Coalition for Personal Financial Literacy (Survey of the States: Economic and Personal Finance Education in Our Nation's Schools) Retrieved from https://www.jumpstart.org/assets/files/survey_2018/Survey%20of%20the%2 0States%202018.pdf Ministry of Education and training (2018) General Education Program in Citizenship Education In Requirements to be met (pp 11- 12) Ministry of Education and training (2018) General Education Program in Citizenship Education In Educational contents (pp 13-15) Ministry of Education and training (2018) General education program in Experiential activities In Educational contents (pp 13-21) Ministry of Education and training (2018) General Education Program in Mathematics In Requirements to be met (pp 6-9) 79 10.NEFE (2018) Survey of the States: Economic and Personal Finance Education in Our Nation's Schools Retrieved from https://www.nefe.org/Research-and-Data/Research-Library/Survey-of-theStates-2018-Economic-and-Personal-Finance-Education-in-Our-NationsSchools.aspx 11.Nguyễn Thị Thúy Hằng & Đinh Thị Thủy (2018) Survey on the level of mastery of personal finance knowledge of primary students in Hanoi Journal of Education and Training Studies, 179-188 12.Nguyễn Thị Thúy Hằng, Đinh Thị Thủy, Nguyễn Thị Ngọc Ánh Nguyễn Thị Thu Trang (2019) The effectiveness of the financial education program for primary students in Hanoi Hanoi Science and Technology Research Journal, 1-7 13.OECD (2014) PISA 2012 Results: Students and Money - Financial Literacy Skills for the 21st Century Retrieved from https://www.oecd.org/pisa/keyfindings/PISA-2012-results-volume-VI.pdf 14.OECD (n.d.) PISA 2015 Results (Volume IV) Retrieved from https://www.oecd-ilibrary.org/education/pisa-2015-results-volumeiv_9789264270282-en 15.University of Cambridge (n.d.) Spending habits form by age https://www.cam.ac.uk/research/news/spending-habits-form-by-age-7-saysstudy 80 APPENDIX 1: SURVEY ON THE BRENDON PRIMARY STUDENTS’S MONEY USAGE (For students) I THÔNG TIN CÁ NHÂN: Họ tên: ………………………………………………………………………… Lớp: ……………………………………………………………………………… II THƠNG TIN KHẢO SÁT: (Học sinh khoanh trịn vào chữ trước phương án mà lựa chọn) Câu Bố mẹ có cho tiền tiêu vặt khơng? a Có b Khơng Câu Con thường sử dụng tiền vào việc gì? (có thể khoanh nhiều lựa chọn) a Mua đồ dùng học tập b Mua đồ chơi c Mua đồ ăn d Mua quần áo e Quyên góp cho quỹ từ thiện Câu Con để dành tiền cách nào? a Nhờ bố mẹ giữ b Nhờ bố mẹ gửi tiền tiết kiệm ngân hàng b Bỏ vào heo đất c Làm việc nhà Câu Con có muốn mua tương lai khơng? a Khơng b Có (Ghi cụ thể thứ muốn mua tương lai vào dòng dưới.) 81 ……………………………………………………………………………………… …………………………………………………………………………………… APPENDIX 2: SURVEY ON THE FINANCIAL EDUCATION FOR BRENDON PRIMARY STUDENTS (For teachers) Các thầy kính mến! Với mong muốn đánh giá thực trạng giáo dục tài cho học sinh tiểu học phục vụ cho khóa luận tốt nghiệp với đề tài “Giáo dục tài cho học sinh trường tiểu học Brendon”, tơi xây dựng phiếu khảo sát Phiếu sử dụng với mục đích nghiên cứu I THƠNG TIN CÁ NHÂN: Họ tên người tham gia khảo sát: ……………………………………………… Đơn vị công tác: …………………………………………………………………… Quận: ……………………………………………………………………………… Thành Phố: ………………………………………………………………………… II THƠNG TIN KHẢO SÁT: (Thầy (cơ) vui lịng đánh dấu X vào phương án mà lựa chọn) Câu Thầy (cô) đánh giá mức độ cần thiết việc GDTC cho học sinh tiểu học Mức độ Đánh giá Rất cần thiết Cần thiết Không cần thiết 82 Câu Theo thầy (cô), khó khăn thực GDTC là: Những khó khăn Đánh giá Tài liệu, phương tiện dạy học hỗ trợ GV cịn ít, kiến thức sách giáo khoa Khi dạy học nội dung chưa có tính hệ thống Nội dung học chưa thật sinh động thu hút HS Chưa tập huấn kĩ nội dung Không đủ thời gian để giảng dạy HS cịn q nhỏ để hiểu Câu Thầy (cơ) đánh giá mức độ ảnh hưởng yếu tố đến trình GDTC cho học sinh Rất Quan Không Mức độ quan trọng trọng quan trọng Yếu tố ảnh hưởng Lãnh đạo nhà trường Đội ngũ giáo viên Mơi trường giáo dục 83 TRƯỜNG ĐH THỦ ĐƠ HÀ NỘI CỘNG HÒA XÃ HỘI CHỦ NGHĨA VIỆT NAM Độc lập - Tự - Hạnh phúc BẢN XÁC NHẬN CHỈNH SỬA KHÓA LUẬN TỐT NGHIỆP Họ tên sinh viên: Hoàng Minh Châu Lớp: GDTH D2019TA Mã sinh viên: 219202106 Khoa: Sư phạm Khóa học: 2019-2023 Số điện thoại liên hệ: 0904356777 Tên đề tài KLTN: Financial education for students at Brendon primary school (Giáo dục tài cho học sinh trường tiểu học Brendon) Chuyên ngành: Giáo dục tiểu học Tác giả chỉnh sửa sau góp ý Hội đồng đánh giá Khóa luận Tốt nghiệp sau: STT Góp ý sửa Hội đồng I Phản biện Bổ sung khái niệm giáo dục tài cho học sinh tiểu học Chỉnh sửa tên phương pháp dạy học theo chương trình giáo dục II III Chỉnh sửa tác giả - Tiếp thu (Sửa cụ thể nào) - Bảo lưu (khơng sửa, lí cụ thể) Tiếp thu (Đã bổ sung khái niệm giáo dục tài cho học sinh tiểu học.) Tiếp thu (Đã chỉnh sửa tên phương pháp dạy học “Practical learning method” thành “Practical method”) Phản biện Chỉnh sửa nội dung mục 2.5.3 The Tiếp thu (Đã chỉnh sửa nhận xét thực influence factors on financial education trạng yếu tố ảnh hưởng đến giáo for students at Brendon primary school dục tài cho học sinh trường tiểu học Brendon thông qua bảng số liệu khảo sát.) Chỉnh sửa tiểu kết chương Tiếp thu (Đã chỉnh sửa, bổ sung nội dung tiểu kết chương 1, tiểu kết chương 2, tiểu kết chương 3.) Các ý kiến khác Hội đồng Bổ sung bối cảnh trường tiểu học Tiếp thu (Đã bổ sung bối cảnh Brendon trường tiểu học Brendon.) Chỉnh sửa mục đích khảo sát Chỉnh sửa giả thuyết khoa học Tiếp thu (Đã chỉnh sửa mục đích khảo sát.) Tiếp thu (Đã chỉnh sửa giả thuyết khoa học.) 84 IV Bổ sung nội dung mục 1.3.1 Characteristics of primary students Tiếp thu (Đã bổ sung nội dung đặc điểm tâm sinh lý học sinh tiểu học giáo dục tài chính.) Bổ sung phần giới thiệu sách giáo khoa Tiếp thu (Đã bổ sung phần giới thiệu “Giáo dục kĩ quản lí tài chính” sách giáo khoa “Giáo dục kĩ quản lí tài chính” bao gồm: tác giả, mục tiêu sách, chủ đề học sách.) Bổ sung danh mục ảnh Tiếp thu (Đã bổ sung danh mục ảnh bao gồm: thích ảnh, số trang.) Tác giả tự hồn thiện thêm: (1) Chỉnh sửa lỗi đánh máy (2) Chỉnh sửa biểu bảng (3) Chỉnh sửa tài liệu tham khảo Hà Nội, ngày 29 tháng 05 năm 2023 HỘI ĐỒNG KHOA SƯ PHẠM Xác nhận GVHD Xác nhận GVHD Sinh viên (Kí, ghi rõ họ tên) (Kí, ghi rõ họ tên) (Kí, ghi rõ họ tên) TS Trần Thị Hà Giang 85 86 87