Development of basic financial knowledge in primary school children

Abstract

This article examines the pedagogical conditions and methods for developing basic financial literacy in primary school children. Elementary school has been shown to be a sensitive period for developing economic thinking, a responsible attitude toward money, and planning skills. Developing financial literacy in primary school students is becoming increasingly important in the digital economy, as today's children already know how to pay with both cards and cash from an early age. To thoroughly explore the methods and techniques that promote financial literacy, we analyzed the experience of educators and psychologists in the Russian Federation and the Republic of Sakha (Yakutia) working in this field and also examined the specifics of financial education for children. Our initial assessment reflects the level of financial literacy development in primary school students. The results showed that this level is low for most children. After analyzing the data, it became clear that further work is required to successfully develop financial competencies. In this regard, we developed and tested a teaching program for the optional course «A Penny Saves a Ruble», which includes game-based, hands-on, visual, and verbal methods, as well as art therapy and the use of information and communication technologies (educational cartoons). A final assessment using the Wilcoxon t-test confirmed statistically significant positive results. This conclusion confirms the effectiveness of systemic financial education in elementary schools.