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LIFE SKILLS AND FINANCIAL EDUCATION
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LIFE SKILLS AND FINANCIAL EDUCATION


IRN Start Date: April 1, 2017


The International Research Network (IRN) will cover a broad range of research activities around the effectiveness of Financial Education and Life Skills Education. As there is currently a lack of systematic research on the effectiveness of Financial Education and Life Skills Education on a global level, this IRN will synthesize research to understand in which contexts which types of education are effective, for which target groups, and how programs and education systems can be improved.

 

The IRN will cover research in both non-formal and formal education settings. The latter are programs implemented by NGOs, and implementation on a national scale by ministries. The focus of the research will be on education provided to children between 3 and 18, in lower-and middle income countries.

 

The IRN will draw upon expertise of researchers from different regional backgrounds and thematic expertise, covering Latin-America and North America, (Central, South and South-East) Asia, Africa, and Europe, as well as experts in the field of education, evaluation and training, data analysis and policy research and advise. The participants in the proposed list will actively contribute to the deliverables of this IRN, and will serve as a quality mechanism. The participants have in common that they have all contributed to the debate on life skills education, financial literacy, and/or quality education. Some of them have extensive experience in the specific area of Life Skills and Financial Education research. Their multi-cultural origins enhance a shared cross-cultural understanding of the topic which will benefit the research undertaken within the framework of the IRN and beyond. As most of the participants have conducted research in several countries, and are experienced in teamwork in virtual spaces, we are confident that communication will be effective. Communication channels will mainly be email, conference calls, more informal skype calls, and meetings in person where possible, e.g. at conferences. Sharing content will be done in virtual clouds as well, e.g. Dropbox.

 

The primary objective is to determine where, how, and for whom Life Skills and Financial Education should be included in children’s education. Given the limited space and competing needs of educational programs and curricula, different combinations of life skills education, financial education, other elements, or none of these may be recommended. We plan to contribute by producing a synthesis State of the Art report in 2017 that elaborates on this topic. We aim to enhance dissemination of our products to a broad audience (i.e. practitioners, policy makers, and of course researchers) and identify clear research directions for the future.

 

Next to producing a State of the Art report, we aim to fill research gaps. Summarized, the Life Skills and Financial Education IRN is hoping to address the following areas:

  • The effectiveness of Life Skills and Financial Education at scale, e.g. when integrated in national education curricula and implemented by national bodies;

  • The effectiveness of Life Skills and Financial Education for the most vulnerable children, e.g. in non-formal education settings;

  • The influence of Life Skills and Financial Education and active learning methods on other subjects in school;

  • The long term impact of Life Skills and Financial Education.

 

At least for some of these areas, additional data collection is necessary. Based on opportunities available, we are hoping to address these key gaps in the next years. Regarding longitudinal research more specifically, which is strongly subject to funding opportunities, the IRN needs at least 3 years.

 

Organizer:

Aukje te Kaat

Research Manager

Aflatoun International

aukje@aflatoun.org

 

List of Participants 

  • Prof Matthew Bird Professor, Graduate School, Universidad del Pacífico

  • Dr. Anne Ellersiek Research, Senior Researcher German Foundation for Science and Politics and Senior Fellow, UNRISD

  • Prof. Andreas Hein, Researcher and Deputy Director of Research @ Pontificia Catholic University Chile

  • Alejandra Hidalgo, Research Assistant, Centro de Investigación, Universidad del Pacífico

  • Aukje te Kaat, Research Manager, Aflatoun International

  • Dr. Leyla Karimli, Postdoctoral Scholar, McSilver Institute for Poverty Policy and Research, NYU

  • Breki Karlsson, Founder and Director General of the Institute for Financial Literacy in Iceland

  • Prof. Dr. Robert Lensink, Research Director, CIBIF

  • Andrew Magunda, Research Consultant Sub Sahara Africa, Results Co. and Director, Careerpath

  • Lachhrindra Maharjan, Social and Financial Research Coordinator for Asia, and Chairperson, Network for Social Work Management, Nepal Chapter, Kathmandu

  • Dr. Johannes Meuer, Sr. Researcher at ETH, Zurich

  • Maria Claudia Peñaranda, Research Assistant, Graduate School, Universidad del Pacífico

  • Daniel Shepherd, Director, IS-CS Group

  • Suthinee Supanantaroek, PhD candidate, University of Groningen, the Netherlands

  • Dr. Joanne Yoong, Associate Professor National University of Singapore & Director USC Center for Economic and Social Research-East

 

Based on experience and regional balance, interested and emerging scholars are welcome to join this IRN, as long as this is in accordance with WERA’s policy. We believe we need to be relatively flexible and accept enthusiastic members and emerging scholars to engage. In terms of leadership, Aukje te Kaat will act as a convener and will coordinate efforts and activities around this IRN.

 

References

Bernheim, D. B., Garrett, D. M., & Maki, D. M. (2001). Education and saving: The long-term effects of high school financial curriculum mandates. Journal of Public Economics, 80, 435–465.

 

Bird, M (2016). SMART Goals, Gender, and Savings among Youth: Pilot Evidence from a Randomized Evaluation in Peru (submitted for publication).

 

Berry, J., Karlan, D., and Pradhan, M. (2015). The Impact of Financial Education for Youth in Ghana. Tinbergen Institute Discussion Paper TI 2015-043/V.

 

Child & Youth Finance International (2016). Economic citizenship education for children and youth.

 

Dijkman, M.A, Kabir, M.M., Reza, M.H. & te Kaat, A. (2016). Social and Financial Education in Bangladesh.

 

Aflatoun International Research Brief, Amsterdam.

 

Fernandes, D., Lynch, J. & Netemeyer, R. (2014). Financial Literacy, Financial Education, and Downstream Financial Behaviors.

 

Heaner et al. (2016) Financial Education and Life Skills in Brazil. (Forthcoming).

 

Hofman, M. Rodrigues, M. Shephard, D. & te Kaat, A. (2015). The best of me – in Brazil. Aflatoun’s programme effect analyses (2013-2015). Aflatoun Working paper.

 

Holden, K., Kalish, C., Scheinholtz, L., Dietrich, D. & Novak, B. (2009). Financial Literacy Programs Targeted on Pre-School Children: Development and Evaluation. La Follette School Working Paper No. 2009-009, the University of Wisconsin.

 

Karimli, L., McKay M.M., Shephard, D., Kurtz, J., Komilzoda, S., Te Kaat, A. (2015) Aflateen+ Impact Evaluation, New York, NY: MercyCorps, Aflatoun International (in press).

 

Locke, E. & Latham, G. (2006). New Directions in Goal-Setting Theory. Current Directions in Pscyhological Science 15, 265-268.

 

Masten A. & Gewirtz, A. (2005). Resilience in development: The importance of early childhood. In: Tremblay, R., Barr, R. & Peters R., eds. Encyclopedia on Early Childhood Development. Montreal, Quebec: Centre of Excellence for Early Childhood Development; 2006:1-6.

 

Miller, M., Reichelstein, J., Salas, C. & Zia, B. (2014). Can You Help Someone Become Financially Capable? A Meta-Analysis of the Literature. The World Bank Policy Research Working Paper 6745.

 

Morcos, C. & Sebstad, J. (2011). Financial Education for Adolescent Girls. Women’s World Banking.

 

Financial Education for Adolescent Girls. Women’s World Banking. Accessible here.

Morrison, A. & Sabharwal, S. PRMGE (2008). The Economic Participation of Adolescent Girls and Young Women: Why Does It Matter?

 

O'Prey, L. & Shephard, D. (2014). Financial Education for Children and Youth: A Systematic Review and Meta-analysis. Aflatoun Working Paper. Accessible here.

 

Shephard, D., Kaneza, Y. & Moclair, P. (2015). “Financial Education for Children: What Curriculum? Which Methods? A Cluster Randomized Controlled Trial of Social and Financial Education in Rwanda.” WERA Working paper.

 

Singh & Schneider (2016) Singh, J. & Schneider, M. (2016). A Global Desk Review of Financial Education’s Contribution to Girls’ Economic Empowerment. Aflatoun International Working Paper (in press).

 

Supanantaroek, S., Lensink, R., & Hansen, N. (2016). The impact of social and financial education on savings attitudes and behavior among primary school children in Uganda. Evaluation Review, pp. 1-31.

 

The Brookings Institution, Center for Universal Education (2016). Aflatoun International - Scaling social and financial education through a global franchise. 2016 The Brookings Institution.

 

UNDP (2015). Progress on Development Goals. Accessible here.

 

UNESCO (2015). A growing number of children and adolescents are out of school as aid fails to meet the mark.

 

UNICEF (2012). Global Evaluation of life skills education programmes. United Nations Children’s Fund, New York.

 

Whitebread, D. & Bingham, S. (2013). Habit formation and learning in young children, Money.

 

Advice Service, London.
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