Financial Education Program for Early Childhood Education

Abstract

Educators, school reformers, and others even consider financial education as one of the 21 st century skills that should be taught and instilled among students. Learning theories such as cognitive learning theory by Jean Piaget, discovery learning of Jerome Bruner, and social learning theory of Albert Bandura can all be utilized to promote financial education in early childhood. Teaching financial education in schools starts the process of preparing children to become competent consumers and managers of household wealth. Moreover, the school system provides an effective way to reach children and teach them about personal finance. Children need more specific skills, attitudes, and fundamental knowledge about financial literacy now more than ever, because of changes in employment patterns, retrenchments, and the high unemployment rate in several countries. Still others point to the need for developing a feasible, efficient, and effective financial education program that could arrest the pressing need to raise the financial education of children. Introduction Developing the financial education among children is becoming an area of growing interest and concern both for first world and developing countries. Many believe that in today's world, financial education is an essential life skill. Educators, school reformers, and others even consider financial education as one of the 21 st century skills that should be taught and instilled among students. In connection to this, the present study is being conducted to join in the international discussion on financial education. Theories of Financial Education Human capital theory holds that the well-being of a society is a function not only of the traditional stocks of financial capital, labor and natural resources but also of the knowledge and skills of individuals. This theory predicts that increased knowledge and skill will yield improved economic outcomes for both individuals and societies, especially in modern societies, where it is widely held that knowledge and skill convey a greater economic and social premium than in the past. Education is a key element of human capital theory because it is viewed as the primary means of developing knowledge and skill (Crocker, 2006). Sahlberg cites the general