Building Early Money Management Skills

Carrie Auer

Walden University

Dr. Desiree DePriest

Advanced Instructional Design
October 19, 2014

EIDT 6110 WK3AssgnAuerC

I.

Implementation Plan

Module Overview and Description

Many children get excited about money and are willing to learn about what it can do, how they can
earn, spend and save money (Folger, 2014). The purpose of this unit is to introduce important money
management concepts to children 7 to 10 years of age through interactive use of multimedia materials
and tangibles. Learners will be introduced to two basic concepts: (1) the concept of money what it is,
how it is used, and how it is earned; and (2) budgeting how to make a plan for using money (Wells
Fargo Bank, 2012). The instructional unit examines financial concepts and decision-making through the
presentation of real-life problems, illustrations, and mathematical computation.


Learner Analysis

In order to ensure that this module is appropriately designed for the target audience of learners, it is
important to understand the relevant characteristics of our learners and how those characteristics
provide either opportunities or constraints in our designs (Morrison, Ross, Kalman, & Kemp, 2013, p.
50). The learner analysis provides insights into the characteristics, abilities, and experiences of the
learners. Below is a summary of the learners characteristics that will be participating in the learning
event.

In general, this module is designed for children between 7 and 10 years of age. There will be a mix of
about 6 boys and girls, from various countries. All children are students at the local international school.
The module will be presented in English, which may present some challenges to those learners who are
multi-lingual and for whom English may not be a primary language. The module will be designed and
implemented to ensure that all the students are given support to understand the concepts being
presented as part of the unit. In addition, some of the students have learning challenges, such as
Attention Deficit Disorder and Auditory Processing Disorder, and require information to be presented in
a variety of modalities. The learning activities will be presented using auditory, visual, and kinesthetic
modalities to cater to the diverse needs of the learners (reference). A pre-assessment of basic math
skills will be done to determine which learners will need support in completing basic math
computations.

Instructional Context
Research has found that if instruction is embedded in a familiar context, it enhances both student
achievement and student attitudes (Morrison, et al., 2013). It is important that three types of contexts
be analyzed for instruction: (1) the orienting context, (2) instructional context, and (3) transfer context
(Morrison, et al., 2013). The analyses for these three context are explored in detail in this section.

Orienting context: The learners are primarily elementary school students between 7 to 10 years of age.
In this instructional unit we will examine the learners level of knowledge and skills regarding money
management and introduce them to simple concepts on spending and saving. The long-term goal is to
build on this foundation of smart money management developed at an early age. Children in this age
group should be able to divide their money into several categories including spend and save. In
addition, they should be able to keep a record of what they have earned, spent, and saved. The overall
objective of the learning unit is to build learners confidence in making decisions about how they will
spend money by developing a spending plan, and learning how to balance income and expenses.
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Instructional context: The instructional unit will be conducted in a classroom like setting and will last for
one hour of class time. The instruction will be delivered with a combination of visual instruction and
hands-on work, group discussions, and some lectures. The multi-media materials will be delivered via a
monitor and computer, iPads, and flip charts. Tables, chairs, calculators, and writing materials will be
provided. The students will make spending plans and spending diaries to take home with them to share
with their families.

Transfer context: To create an environment that promotes the application of the newly learned
knowledge and skills to a diverse range of situations, learners will be provided opportunities to explore
several websites that they can continue to use at home to practice making a budget. Information flyers
will be shared with the parents that will explain what has been taught in the unit and how they can help
their children in applying the concepts learned.

Unit Goals and Instructional Objectives

Unit Goals

The overall goal of the learning unit is to teach children ages 7 to 10 years about the basics of good
money management and to the lay the foundation for skills needed to plan for a good financial future.

The unit goals are
Learners will be able to explain what money is, why it is important, and how you can earn it.
Learners will be able to explain why it is important to plan how they will use their money.
Learners will be able to demonstrate how to make a decision between saving and spending money.

Learning Objectives
1. Given a list or set of cards with pictures of items for sale, the learner will identify the items that can
be purchased within a $100.00 budget without going over the $100.00.
2. The learner will explain the difference between a need and a want when asked.
3. When given a blank budget sheet, the learner will write the amount of money they earn, how much
they can spend, how much they will save, and how much they will share in the correct section.
4. The learner will identify a savings goal and explain how much money s/he will have to save and for
how long in order to achieve the savings goal.

Instructional Strategies and Learner Assessment Strategies

The overall goal of the learning unit is to provide learners with a basic understanding of how money
works how to make decisions around what to spend and what to save. The training has two
components, each component will focus on specific topics, as follows: (1) what is money, how is it used,
and how is it earned, and (2) how to make a plan for spending and saving money. The specific topics
and instructional tasks/events that will be addressed in the learning unit are presented in the Table 1.

Along with the instructional tasks/events, an outline of the learner assessment strategies also is
provided in Table 1. As stated by Morrison, Ross, Kalman and Kemp (2013) the main purpose of
evaluation is to determine whether or not the objectives of instruction are being met. For training and
education the overall purpose of evaluation is to determine student success in learning (Morrison, et al.,
2013). There are basically three types of evaluations: formative, summative, and confirmative.
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Formative evaluations are used to strengthen or improve the program of instruction during
development and piloting (Trochim, 2006), and summative evaluations measure how well the learning
outcomes were achieved by the end of the course (Morrison, et al., 2013). As this module will be
piloted with a specific group of learners, it is important to determine if the learning unit has been
pitched at the right developmental level, includes learning activities that are engaging and motivating
for the learner as well as will deliver the overall learning objectives.

Table 1: Instructional and Learner Assessment Strategies
Sequence
Task/Event
Description
Assessment Strategies Learning
Time (in
Objective minutes)
Pre-
Introduction The facilitator will explain to
instructional to unit.
learners that during the next
strategy
90 minutes they will be
learning about how to
manage their money. They


5
will decide on a savings goal
and develop a plan of how
they will spend and save their
money to reach that goal.
Instruction
Learners will The facilitator will ask the
Pre-testing learners
explore what learners the following
concepts and
money is and questions:
understanding of
that it can be What is money? (have real
money.
used to buy
money available for the
things or it
learners to look at and
can be saved. handle)

What is money used to do?

Why is it important?

1
10
The facilitator will write down
what the learners say on a
flip chart and then review
with the group.

Watch the video A Penny
Saved is a Penny Earned.
Money Tips for Kids.


Earning
The facilitator will ask the

money
learners how they get or earn
money. After brainstorming

some ideas, the learners will
be asked to draw a picture of
1
10
how they would like to earn
money.

Learners will be given
different scenarios in which
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Needs vs.
Wants

they will need to earn a

specific amount of money in
order to buy something or to
do something. They will need
to select ways of earning
money from a set of jobs
presented.

The facilitator asks the
learners to think about things
that they need, for example,
food, clothes, medicine, etc.
The facilitator asks the
learners to describe things
that they would like to have,
for example toys, iPods, X-
box, Wii, go to the movies,
etc. Each learner is given four
post-it notes and asked to
write two things they need
and two things they want on
them. The facilitator draws a
t-chart and labels one side
needs and the other side
wants. The learners are
asked to put their post-it
notes on the side they think
they belong and to let the
group know why.

The learners are given a set of
cards. On some cards are
pictures of things they need
and on others are pictures of
things they may want. The
learners are told they have a
budget of $100.00 that they
can spend but they first have
to buy the things they need,
and then if they have money
left over they can buy the
things they want. As they
make choices, the learners
will record the cost of each
item on the record sheet,
adding the amounts as they
go through the cards.

Formative assessment
can the learners
complete the task
within the time limit
allotted for the
activity? Is the
activity at the
appropriate
developmental level
for the learners
abilities? What
adjustments are
needed?

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Budgeting:
Making a
plan for my
money

Savings Goal:
How to get
what I want

The facilitator asks the

learners to describe a time
when they wrote down a plan
to do something. How did
this help them? How do you
think it would help you?
What are some reasons you
might want to have a written
plan for how you will spend
your money?

Describe the basic
components of a budget
income, spending, saving, and
sharing. Explain that based on
their income, they need to
decide how much they can
spend, save and share.

Learners are directed to the
following website
(pbskids.org) to practice
making a budget.


The facilitator asks the
learners if they have ever
wanted something that they
didnt have enough money to
buy. What did they do?
Write the learners responses
on a flip chart.

The facilitator asks the
learners to identify
something that they are or
would like to buy but need to
save money to do so. Once
they have made a choice, the
learners are directed to
pbskids.org to use the savings
calculator to help them
determine how much and
how long they will need to
save to reach their savings
goal. They will then
complete the savings plan
template.

Formative assessment
Do the learners
need prior experience
with plans in order to
complete this
activity? Is the activity
at the right
developmental level?
Was the website
helpful for the
students? Were the
learners able to
complete the task
accurately? What
adjustments are
necessary? Did the
learners like the
activity?

Formative assessment
Were the learners
able to identify
something they would
like to save money to
buy? Were the
learners able to
develop a savings
plan accurately? Was
the developmental
level of the activity
right? Did the learners
like the activity?

15

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Post Test

Written Test

The facilitator will ask each
learner to develop a budget
that incorporates the savings
goal they have identified.
The facilitator will hand each
learner a template that they
will complete.

Summative
assessment To
determine what
concepts and learning
objectives the
learners have
achieved. Learners
are asked to develop
a budget that
incorporates the
savings goal.

1 - 4

20

Summary of modifications

It is important that the learner assessment inform certain elements in planning, such as the entry point,
the selection of topics (and the level at which topic are introduced), the choice and sequencing of
objectives, the depth of topic treatment, and the variety of learning activities (Morrison, et al., 2013 p.
52). Based on the learner assessment, I made three main modifications to the original instructional
module. The first was in the pace of the instruction and the number and types of activities for each
learning task. The main reason for doing this was due to the diverse characteristics and abilities of the
learners in the group. Given that some learners will have limited ability to pay attention, understand
English, and/or process information, the learners will need a variety of learning strategies to grasp the
concepts. They may need repetition and concepts presented in different ways. By using multiple
learning activities, and presenting them in as concrete a way as possible, learners will be provided with
opportunities to build their knowledge about money management. The second modification was to
start the learning unit with a quick review/assessment of the learners understanding of money what is
it, what do we use it for, and why its important. Again, due the diverse backgrounds of the learners, I
wanted to make sure that everyone understood the basic concept of money which is the starting point
for the learning unit. And the third major modification made from the original module was in the unit
and learning objectives. I felt that having both focus on the expected learning outcomes would help to
focus the sequencing and learning strategies to better suit the learner audience I had identified. The
main function of objectives is to guide the selection and organization of instructional activities and
resources that facilitate effective learning (Morrison, et al., 2013). I wanted to make sure that I would
be able to track how each learner was doing throughout the learning unit and the objectives will help
me do that as they are directly linked to the assessment and evaluation of the learning unit (Morrison,
et al., 2013).


Reference List

Calaway, A., Smith, E., Agboka, J., Wery, K. & Melton, M. (2014). Daring Designs: Instructional Plan.
[Course Project]. Retrieved from https://eidt6110.waldenu.edu

Folger, J. (2014). Teaching Financial Literacy to Kids. Retrieved on September 21, 2014 from
http://www.investopedia.com/university/teaching-financial-literacy-kids

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Instructional Design Central (2012). Instructional Designs Models and Methods. Retrieved on August 13,
2014 from http://www.instructionaldesigncentral.com/htm/IDC_instructinaldesignmodels.htm

Morrison, G. R., Ross, S. M., Kalman, H. K., and Kemp, J. E. (2013). Designing Effective Instruction
(Seventh Edition). Hoboken, NJ: John Wiley & Sons.

National Financial Educators Council. (2011). Financial Capability Curriculum: Pre-Kindergarten 2nd
Grade Instructors Guide. Retrieved from www.financialeducatorscouncil.org/financial-literacy-
for-kids/

Pbskids.org. (n.d.). Its My Life. Retrieved from
http://pbskids.org/itsmylife/money/managing/index.html

Schiel, C. [Screen Name]. A Penny Saved is a Penny Earned. Money Tips for Kids. [Video file]. Retrieved
from http://youtube.come/watch?v=nPvjyC4TSuE

Schiel, C. [Screen Name]. Prioritzing & Budgeting for Kids. [Video file]. Retrieved from

Trochim, W. M. K. (2006). Introduction to evaluation. Retrieved from Research Methods Knowledge
Base http://www.socialresearchmethods.net/kb/intreval.php

Wells Fargo Bank, N.A. (2012). Hands On Banking: Teachers Guide. Retrieved from
http://www.handsonbanking.org.

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Annex 1

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Annex 2

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Annex 3

Budgeting Worksheet

http://pbskids.org/itsmylife
Copyright 2005 CastleWorks, Inc. All rights reserved.

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Annex 4

Create your savings goal.

Use the space below to write down and draw your goal.

How much does it cost?

__________

How much money do you

have now?

__________

How much more money

do you need?

Amount you want to

Put aside each month

How long will you need
to save it for

__________

__________

__________

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II.

Evaluation Plan

Evaluation Process

Morrison, Ross, Kalman and Kemp (2103) describe the three types of evaluation that can be used to
determine if the learning unit goals have been achieved: formative evaluation (How are we doing?, p.
257), summative evaluation (How did we do?, p. 257), and confirmative evaluation (How are we still
doing?, p. 257). The evaluation process for this learning unit will include formative, summative, and
confirmative components.

The formative evaluation will take place before the learning unit is finalized through a piloting process
with a small group of learners. The purpose of the pilot is to ensure that the activities within the
learning unit are appropriate in relation to time, meeting the learning objectives, and effectiveness. The
learners will be given a pretest to determine what they already know about money and how to manage
it. The pretest will ask learners a few simple questions appropriate for their age group. Ongoing
assessment of how well the participants are learning the concepts presented will be done through
completion of the activities within the learning unit.

A summative evaluation will be done upon completion of the learning unit in which the learners will be
asked to develop a savings plan and budget. In addition, learners will be given a posttest on basic
concepts of money what is it, why is it important, and how do you earn it? The learners also will be
asked to give feedback on the learning unit. Specifically, learners will be asked what they liked about
the learning unit, what they did not like, and what they think would be good things to do to help them
learn about how to plan to use their money.

A confirmative evaluation will be done one month after the learning unit is completed. Learners will be
asked if they have developed a saving plan and budget and to share it if they have. A survey will be sent
to the parents of the participants asking them about their childs knowledge of basic money concepts
and if they have developed a savings plan and budget.

Alignment to the Five Levels of Evaluation

Kirkpatrick introduced a four-level model in 1959 to evaluate training programs (Clark, 2009). The model
was designed to elicit important information from learners to help in the design and implementation of
training programs. While Kirkpatricks original model has only four levels, a fifth level, Return on
Investment (ROI), has been added to determine if the investment in the training program was
worthwhile (Simonson, 2007). The original four levels were Reaction, Learning, Behavior, and Results.
Some modifications have been suggested over the years to make the model more relevant for todays
training and learning programs. It is suggested that Motivation be assessed instead of Reaction as
learners who see the training as relevant will engage with it; and Performance instead of Behavior as
performance includes the behavior as well as its consequences which is really what should be evaluated
(Clark, 2009).

The following is a description of how the steps in the evaluation process are aligned to Kirkpatricks
levels of evaluation.
Kirkpatricks Level
Evaluation Step
How it aligns
Level 1: Reaction/Motivation
Formative and summative
The learners will be asked to give
did the learners like the training
feedback on the learning unit.
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program? Are they motivated to
learn and perform? The purpose
of this level is to get honest
feedback from the learners
about the instruction. The
assumption is that if learners do
not like the instruction, they will
not learn from it (Dick, 2002).
Level 2: Learning did the
learners learn the content? Did
they learn the needed skills
and/or use the resources they
were given? The purpose of this
level of evaluation is to use an
objective means to determine if
the participants of the
instruction learned what was
intended. A pretest/posttest
design is recommended for this
level (Dick, 2002).

Level 3: Behavior/Performance
did they transfer their skills to
the workplace? Did the learners
deploy the learnings on the job?
The purpose of this level is to
determine if the knowledge and
skills learned are actually used in
the context they were meant. It
is suggested to assess the
learner as well as get inputs from
others to determine the extent
of transfer (Dick, 2002). This
level of evaluation should take
place sometime after the
training is completed.

Level 4: Results is the desired
impact being felt? Did the
implementation of the training
program impact business
results? The purpose of this level
is to determine the extent that
the training might have on
improving the organization.

Level 5: Return on Investment
(ROI) did the training

Specifically they will be asked

what they liked about it; what
they did not like about it; and
what they think would be good
things to do to help them learn
about how to plan to use their
money?
Formative and summative

The learners will be given

pre/posttests to determine what
new knowledge and skills the
learners gained due to the
learning unit. The learners will
be asked to develop a savings
plan and budget and will be
given a posttest on basic
concepts of money what is it,
why is it important, and how do
you earn it?

Confirmative

One month after the learning

unit is completed, a survey will
be sent to the parents of the
children who participated asking
them if their child has developed
a savings plan and budget. In
addition, the survey will ask
parents if their childs knowledge
and attitudes towards money
have changed.

Summative

Number of and enrollment in

future courses on money
management for children.

Summative

Cost benefit analysis

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investment pay off? This level of
assessment refers to converting
training results from e-learning
activities into monetary values
and comparing these costs to the
cost of the training program to
determine a return on
investment (Simonson, 2007, p.
viii).


Alignment of Unit Goals to the evaluation process

The learning unit on managing money is designed to teach children ages 7 to 10 years about the basics
of good money management and to the lay the foundation for skills needed to plan for a good financial
future. The overall unit goals are:

Learners will be able to explain what money is, why it is important, and how you can earn it.
Learners will be able to explain why it is important to plan how they will use their money.
Learners will be able to demonstrate how to make a decision between saving and spending money.

It is important that the assessments used in the evaluation of the unit goals are directly related to the
goals (Morrison, et al., 2013). In order to ensure that the appropriate assessment measures are used,
there are two key ideas to keep in mind. The first is to make sure that you obtain a good match between
the assessment instruments and the types of objectives (Morrison, et al., 2013). This means that
cognitive objectives are developed for knowledge outcomes, psychomotor objectives for skill-based
outcomes, and affective objectives for attitudinal outcomes (Morrison, et al., 2013).

The table below outlines the measures that will be used to assess the learning unit goals according to
the type of goal and how it aligns with the evaluation process.

Knowledge
Evaluation Goal
Goal
Skills Outcome
Attitudinal Outcome
Outcome
Alignment
Learners will be Objective tests

Attitude Surveys and This goal is a mix of
able to explain
to measure level
interviews:
knowledge and attitudes
what money is, of learning:
Why do you think and will be assessed during
why it is
formative and summative
money is
What is
important, and
evaluations. Given that we
money?
important?
how you can
Why is money
What information want to know if the
earn it.
important?
was found to be of learners can explain what

money is, why it is
value to the
How can you
important, and how to
learners?
earn it?
What information earn it we will conduct a
did learners find to formative evaluation as we
pilot the program. During
be applicable to
the pilot the activities and
understanding
materials will be assessed
what money is,
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Learners will be
able to explain
why it is
important to
plan how they
will use their
money.

Objective tests
to measure level
of learning:
Can learners
develop a
budget or
savings plan
for their
money?

Learners will be
able to
demonstrate
how to make a
decision
between saving
and spending
money.

why it is
important, and
how to earn it?
What were the
most important
knowledge and
skills learners feel
will help them
understand what
money is, why it is
important, and
how to earn it?
Has your comfort
level with money
changed?

Direct testing of
performance
outcomes:
What practices
do learners think
will help them
enhance planning
how to use their
money in the
future?
Analysis of
naturally occurring
results:
Budgets and
savings plans
learners develop
after the training
Direct testing of

performance
outcomes:
How did the skills
learned in the
money
management unit
help learners
make decision
about how to
save or spend
their money?
Analysis of naturally
occurring results:
Savings plans and

to ensure they are

appropriate in relation to
time, meeting objectives,
and effectiveness. After
the program has been
conducted, a summative
evaluation will be
implemented to ascertain
how the learners reacted
to the material and identify
its impact on the learners
and if their needs are truly
being met. (Morrison,
Ross, Kalman, & Kemp, p.
252).
This goal is both
knowledge and skills
focused, and as with the
first goal, will be assessed
in the formative and
summative evaluation. In
addition, the impact the
training has on the
learners abilities to plan
how they will use their
money will be assessed in
the confirmative
evaluation to see what
impact if any the course
had on learners ability to
develop a savings plan and
budget.
This goal is a skills outcome
and will be assessed in a
summative and
confirmative evaluation.
The summative evaluation
will be conducted at the
end of the learning unit.
The confirmative
evaluation will be carried
out one month after the
completion of the learning
unit to determine if it is
making an impact on the
learners skills to plan the
use of their money.

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budgets
developed by
learners after the
training.

Evaluation Tools and Materials

The evaluation tools and materials were developed based on the unit goals and learning objectives
keeping in mind the developmental levels of the target audience. Given the different levels of abilities
of the learners and possible learning challenges, the evaluation tools present questions and instructions
in several different ways to support learners ability to read and understand what is being asked.

Summary of modifications:

The modifications I made to the evaluation plan and materials reflects those that were made in the
learning unit. Modifications were made to the original instructional module based on the learner
assessment. Due to the diverse characteristics and abilities of the learners in the group, some learners
will have limited ability to pay attention, understand English, and/or process information, they will need
the evaluation materials presented in a variety of ways as well as be able to demonstrate their
knowledge through different medium such as writing and drawing or telling. The evaluation tools reflect
the modified unit goals and learning objectives.

Reference List:

Clark, D. (2009). Types of evaluation in instructional design. Retrieved from
http://www.nwlink.com/~donclark/hrd/isd/kirkpatrick.html
Dick, Walter, and Johnson, R. B. (2002). Evaluation in instructional design: The impact of Kirkpatricks
four-level model." RA Reiser & JV Dempsey Trends and Issues in Instructional Design and
Technology (2002): 145-153. Retrieved from

http://jhollenbeck.com/courses/hrd480/pdf/handouts/06b_dick_eval.pdf

Morrison, G. R., Ross, S. M., Kalman, H. K., and Kemp, J. E. (2013). Designing Effective Instruction
(Seventh Edition). Hoboken, NJ: John Wiley & Sons.

Simonson, M. "Evaluation and distance education: Five steps." The quarterly review of distance education
8 (2007).

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Annex 1: Pre/Posttest: Learners will be able to explain what money is, why it is important, and how you
can earn it.

Draw a picture of the money you use to buy things in the box below.













Write down why you think it is important to have money in the box below.











Draw a picture of what you do to earn money in the box below.

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Annex 2a: Learners will be able to demonstrate how to make a decision between saving and spending
money by completing a budget and savings plan.

Budgeting Worksheet

http://pbskids.org/itsmylife
Copyright 2005 CastleWorks, Inc. All rights reserved.

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Annex 2b: Create a savings plan. Follow the instructions in the boxes.
Use the space below to write down and draw your goal.

How much does it cost?

__________

How much money do you

have now?

__________

How much more money

do you need?

Amount you want to

Put aside each month

How long will you need
to save it for

__________

__________

__________

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Implementation and Evaluation Report:

Building Early Money Management Skills

Module Overview and Description
Children today are besieged with messages from advertisers to buy, buy, buy! A typical child is exposed
to more than one million advertisements by the time they reach 21 years of age (NFEC, 2014). For
children to be able to deal with the bombardment of messages to spend, they will need to have good
money management knowledge and skills. Financial literacy skills are not generally a standard
component of school curriculum (Folger, 2014), and are left for children to learn at home, or more than
likely, on their own. Understanding the relationships between earning, spending, and saving money are
important for children to develop at an early age, and will foster the ability to make sound decisions on
managing money in the future (Folger, 2014). By doing this, children also begin to understand the value
of money. Focusing on children in the early elementary grades is the target audience for this learning
unit.

Many children get excited about money and are willing to learn about what it can do, how they can
earn, spend and save money (Folger, 2014). The overall goal of the learning unit is to provide learners
with a basic understanding of how money works how to make decisions around what to spend and
what to save. The purpose of this unit is to introduce important money management concepts to
children 7 to 10 years of age through interactive use of multimedia materials and tangibles. Learners
will be introduced to two basic concepts: (1) the concept of money what it is, how it is used, and how
it is earned; and (2) budgeting how to make a plan for spending and saving money (Wells Fargo Bank,
2012). The instructional unit examines financial concepts and decision-making through the presentation
of real-life problems, illustrations, and mathematical computation.

Description of Implementation
The learning module was implemented with three children 7 to 9 years of age. The learning group
consisted of two girls and one boy of which two were native English speakers and one for which English
is another language. Two of the children have ADHD and other learning challenges. A lesson plan was
developed based on the implementation plan with detailed descriptions of the objectives of the learning
activity, instructions on how to implement the learning activity, and materials needed for the learning
activity. The learning module began with an introduction and pre-test of the learners knowledge of
money what it is, how it is used, why it is important, and how they earn it. They actively engaged in
the discussion and took turns writing their responses on the flip chart to the questions posed during the
discussion. They enjoyed watching a short video and one of the children requested that we watch
another video on the topic which they found interesting and funny.

A variety of activities and games were used to help the learners understand the concepts being
addressed throughout the learning module. Once the learners demonstrated an understanding of the
concept being addressed, we moved on to the next concept. In some instances completing the activity
or game was not needed. For example, the learners demonstrated a clear understanding of how they
could earn money so we skipped the activity planned for this concept. One child had difficulties
understanding the difference between needs and wants due to her English as well as cultural
differences in how these concepts are used. In India, a need and a want for a child are generally the
same thing. In order to help this child understand the concepts we played an impromptu game with the
other two children explaining the difference using picture cards. Another challenge was the level of
math skills required for several activities. In one game on helping the learners distinguish between
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needs and wants, they were given a specific amount of money to spend on a variety of items. The
idea was for them to buy the things they needed before the things they wanted. They had to keep track
of how much they were spending, and this was difficult for the younger learners. A decision was made
to abandon keeping track of what the learners were spending with paper and pencil and have the
learners use the play money to pay for their purchases as they went through the game so they could
actually see how much money they had left to spend at any time. This worked well and the learners
completed the spending game selecting items that they needed before the items that they wanted.

Given the diverse learning characteristics of the learners it was challenging to keep them all on task for
the duration of the module. Although they were all very interested in the topic and were actively
engaged throughout the learning activities, at times quick adjustments were needed to the learning
activities, materials and pacing of the instruction. For instance, the learners understood that a budget
was a plan that they made to help them manage their money. The template that had been developed
proved to be too complicated for the learners to complete. A simplified version of the budget template
was created with the help of the learners, and they were able to complete the template.

By the end of the instructional module, the children did decide on a savings goal and used the online
calculator to figure out how much they would have to save and the time it would take. They completed
their saving goals worksheet as well as the simplified budget for how they would spend, save, and share
their money.

Analysis of Evaluation Data
The learning unit on managing money is designed to teach children ages 7 to 10 years about the basics
of good money management and to the lay the foundation for skills needed to plan for a good financial
future. The overall unit goals are:

Learners will be able to explain what money is, why it is important, and how you can earn it.
Learners will be able to explain why it is important to plan how they will use their money.
Learners will be able to demonstrate how to make a decision between saving and spending money.

The learning module was piloted with three learners as described above. Learner assessment and
evaluation data was collected before, during, and after the implementation of the pilot based on the
implementation and evaluation plans. The table in Annex 1 outlines the measures that were used to
assess the learning unit goals according to the type of goal and indicates the data collected, the analysis,
and the implications.

The learner assessment and evaluation data consisted of a pre-test, post-test, completion of learning
tasks, and interviews. The data from the pre/post tests indicate that all three learners had a basic
understanding of money concepts and this remained the same after the training. In the pre/post-tests
and in the discussions, the learners were able to accurately explain what money is, why it is important,
and how you can earn it. The introduction session and activities were found to be designed in a way to
encourage the learners to share their understanding of basic money concepts with the instructor and
the other learners. The time allotted for this activity was appropriate. Given that the learners were all
familiar with the three basic concepts, not all of the learning materials and activities were needed. The
pre-test should be given well in advance and if all learners are familiar with the basic concepts then
adjustments can be made in the lesson plan.

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The session on needs vs wants was important to help learners understand the difference between
things that needed versus things that they would like to have. This understanding would help them
make decisions on how to use their money. As described in the implementation section above, this is
where cultural differences and English language ability made a difference in the learners ability to grasp
the difference between needs and wants. The learning activities and materials needed to be adjusted
and used in unplanned ways to help the learner better understand the difference between the two
concepts. Language and culture will need to be taken into consideration in the revisions if the module is
to be used in multicultural settings.

The learners demonstrated their ability to explain why it is important to plan how they use their money
in the discussions and through the activities in the learning module. They were able to develop a
simplified budget indicating how much they earned, how much they would spend, save, and share. They
identified savings goals and were able to explain how they would get the money they needed for the
savings goal. The original budget template had components that were not able to be covered in the
learning module as it was originally planned given some of the learning challenges that were faced by
the learners such as language, culture, ADHD, and other learning disabilities. The length of the learning
module also may have contributed to this as it was too long for the learners and they showed signs of
fatigue by the time they were asked to complete the budget template. The density of the learning
module and timing will need to be reviewed and redesigned to have fewer topics covered over more
sessions and the sessions should be of shorter duration.

Proposed Revisions and Key Points: Embedded Audio File
Based on your experience with the implementation and the learner assessment and evaluation
data you gathered, what revisions would you propose to the instructional module? What
specific changes or modifications would you recommend for the implementation and evaluation
plans, and to the instructional and evaluation materials before the client moves forward with
another implementation? Provide a rationale for your recommendations.

*Note: For this section, your written response should be a simple bulleted list of Key Points.
Your full response including your full explanation of revisions and supporting rationale should be
submitted in the form of an audio file that you will embed in your final pdf document. Using
Adobe Acrobat Professional, convert your final report to a pdf document. Then, using Adobe
Soundbooth, record your responses to the questions in this section and embed the sound file in
your final document.

The following table summarizes the revisions that are proposed to the instructional module and the
rationale for each.


Revision
Rationale
Conduct pre-test before
Determine what learners already understand about basic
implementation on basic money
money concepts what money is, why it is important,
concepts and math skills.
and how it is earned. Introduction can be adapted based
on learners understanding and they can be grouped
1
accordingly. By assessing learners math skills, learning
activities and materials can be adjusted. Also knowing
how competent the learners are at math skills will help to
inform the kind of teaching support that will be needed
and if tools such as calculators would be useful.
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Divide module into smaller learning
sessions of 30 minutes each as follows:
how to earn money; needs vs wants;
how to plan/budget including what the
2
different components a budget should
include; and savings goal/plan.

3
4

The learning module was dense with information that

was difficult for learners to fully grasp given the time
constraints. The time needed was too long for young
learners and they were fatigued after 60 minutes. By
breaking the learning module into smaller learning
sessions and for less time, the learning sessions can be
designed to provide opportunities for learners to explore
the topics covered in a variety of ways.
Include strategies such as the Three Jar This will provide concrete way for learners to start
System to help learners translate what implementing their plan/budget for managing their
they learned into action.
money.
Include more multi-media resources
The learners were excited by the multi-media resources
and tools for each topic.
and tools that they used during the training.
Differentiated learning activities and
The context in which the learning module will be
materials will be needed to address
implemented is multicultural and it is important to
cultural and language differences
understand how different cultures view money
amongst learners. Investigate possible management and what knowledge and skills are expected
cultural differences of basic money
of children at different ages.
concepts, especially what children are
expected to know about money, and
how they are expected to manage
money and at what age.
Parent toolkit to be shared with
In order to support the learners during and after the
parents of learners.
learning module has been implemented it is important to
make sure that the basic concepts that are introduced
during the learning sessions are reinforced at home.
Parent may want/need support to do this.

Reference List

Folger, J. (2014). Teaching Financial Literacy to Kids. Retrieved on September 21, 2014 from
http://www.investopedia.com/university/teaching-financial-literacy-kids

National Financial Educators Council (2014). Financial Literacy for Kids. Retrieved from
www.financialeducatorscouncil.org/financial-literacy-for-kids/

Wells Fargo Bank, N.A. (2012). Hands On Banking: Teachers Guide. Retrieved from
http://www.handsonbanking.org.

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