870053

research-article2019
CSE0010.1177/2047173419870053Citizenship, Social and Economics EducationAmagir et al.

Original Article

Citizenship, Social and

SaveWise: The design of a Economics Education

2019, Vol. 18(2) 100­–120
© The Author(s) 2019
financial education program Article reuse guidelines:
sagepub.com/journals-permissions

in the Netherlands
DOI: 10.1177/2047173419870053
https://doi.org/10.1177/2047173419870053
journals.sagepub.com/home/cse

Aisa Amagir
Amsterdam University of Applied Sciences, the Netherlands

Wim Groot
Maastricht University, the Netherlands

Henriëtte Maassen van den Brink

University of Amsterdam, the Netherlands

Arie Wilschut
Amsterdam University of Applied Sciences, the Netherlands

Abstract
Using a framework for educational design research, this article reports and evaluates the (process of
the) design of a financial education program. The program is designed for high school students in the
prevocational track in the Netherlands. The aim of the program is to improve students’ financial knowledge,
attitudes, self-efficacy, and (savings) behavior. The main outcome of this study is the identification of design
principles that can be used by others for the design of financial education programs: setting a personal
savings goal, commitment with and reflection on this goal, discussing money issues with peers and family,
hands-on activities with autonomy, and explicit instruction through animated video clips. The results show
that our program, called “SaveWise,” improves high school students’ financial knowledge and skills, financial
awareness, attitudes towards money, self-efficacy, and financial behavior.

Keywords
educational design research, school-based financial education, financial literacy, adolescents

Introduction
Financial literacy is increasingly seen as an essential skill for participation in society (Organization
for Economic Co-operation and Development (OECD), 2014). Young people grow up in a

Corresponding author:
Aisa Amagir, Centre for Applied Research in Education (CARE), Amsterdam University of Applied Sciences, Postbus
1025, 1000 BA Amsterdam, the Netherlands.
Email: a.amagir@hva.nl
Amagir et al. 101

society in which the financial landscape is complex (Amagir et al., 2018a) and governments are
shifting financial responsibilities (e.g. student loans) to citizens. This increases the need to
improve the level of financial literacy among the population at large. National strategies for
financial education are being developed to provide lifelong learning opportunities. The number
of countries in which financial education is being implemented in schools is increasing (OECD,
2017). In the Netherlands, however, it is currently not a mandatory part of the curriculum
(Amagir et al., 2017). In high schools, some limited attention is being paid to financial education
topics, such as budgeting and purchasing goods and services, depending on priorities set by
schools or individual teachers (Money Wise, 2014). Fifty-eight percent of the lowest track high
school students in the Netherlands find it important that school teaches them how to manage
money (Money Wise, 2016).
Financial education ultimately aims to empower and motivate people to change their financial
behavior, for example, for making well-considered financial decisions (Amagir et al., 2018a).
Saving regularly is one of the most widely recognized money management principles. Although
one in five households in the Netherlands does not have any form of savings, and one in three
households indicates that it is unable to absorb unforeseen expenses (National Institute for Family
Finance Information (NIBUD), 2017), the vast majority of adults recognizes the importance of
saving. However, one in three young adults does not have sufficient savings to absorb unforeseen
expenses (Rabobank, 2018).
Although there is evidence to suggest that school-based financial education may promote finan-
cial knowledge and attitudes toward money, studies that assess the effects of financial education on
children’s and adolescent’s actual financial behavior are scarce and show hardly any effect (Amagir
et al., 2018a; Kaiser and Menkhoff, 2018). Moreover, most effect studies on school-based financial
education programs do not explicitly describe the teaching methods and the design principles of
the program concerned, nor do they provide information on what could be improved or changed
(Amagir et al., 2018a).
To fill this gap, this study addresses the following question: what are the characteristics of a
financial education program that is relevant for high school students of the prevocational track in
the Netherlands – that is, the lower track in secondary education – with the aim of improving stu-
dents’ financial knowledge, attitudes, self-efficacy, and (savings) behavior?

Method and research questions

We used an adapted version of a generic model (Figure 1) for conducting educational design
research (EDR) by McKenney and Reeves (2012), who describe EDR as “a genre of research in
which the iterative development of solutions to practical and complex educational problems also
provides the context for empirical investigation, which yields theoretical understanding that can
inform the work of others” (p. 9). Barab and Squire (2004) argued that “design-based research that
advances theory but does not demonstrate the value of the design in creating an impact on learning
in the local context of study has not adequately justified the value of the theory” (p. 6).
An iterative process is employed in order to make an intervention design “mature” through
multiple cycles of design, development, testing, and evaluating, involving collaboration between
researchers and practitioners from different disciplines (Plomp and Nieveen, 2013). The generic
model distinguishes three phases; the first and second entail a literature review and context analy-
sis, leading toward initial design principles. So the central research question during these two
phases was:
102 Citizenship, Social and Economics Education 18(2)

Figure 1.  Generic model for educational design research (McKenney and Reeves, 2014).

1. Which design principles can be derived from theory and context and which initial design
results from this?

In the third phase, the design characteristics and educational materials applied are optimized
through a cycle of design, evaluation, and revision. In this context, we addressed the following
research questions:

2. What is the practical feasibility of the design according to teachers and students and what
changes have to be made to the initial design?
3. Were the learning objectives clear enough for students?

To assess students’ experiences with the program, we addressed the following research questions:

4. Did students find the program relevant?

5. How did students perceive the learning outcomes of the program?

Phase 1: Analysis and exploration

Context analysis
Dutch secondary education is divided into three tracks: a 4-year prevocational track (voorberei-
dend middelbaar beroepsonderwijs, VMBO), subdivided into a basic (VMBO-BK) and a more
advanced level (VMBO-GT), a 5-year general secondary track (hoger algemeen voortgezet
onderwijs, HAVO), and a 6-year pre-university track (voorbereidend wetenschappelijk onder-
wijs, VWO) (EP-Nuffic, 2015). This study targets at eighth- and ninth-grade VMBO students of
both levels. This age group becomes increasingly independent, taking on its first financial
responsibilities. New opportunities (e.g. a part-time job) allow these adolescents to develop
knowledge and skills for conscious financial decision making, while also developing uncon-
scious financial habits and heuristics that will drive their everyday financial behavior in adult-
hood (Drever et al., 2015: 26).
Amagir et al. 103

In a previous study (Amagir et al., 2017), we found that VMBO students tend to show less
responsible financial behavior and find it less important to think before deciding to purchase some-
thing than students of the two higher secondary education tracks. VMBO students also have far
less financial knowledge (Amagir et al., 2017). These findings are consistent with the Program for
International Student Assessment (PISA) (OECD, 2017) study among 15-year-olds of OECD
countries, which showed that the gaps in knowledge levels between the 90th and 10th percentiles
were largest in the Netherlands and Beijing–Shanghai–Jiangsu–Guangdong (China).
Our review of financial literacy education programs for children and adolescents pointed out
that most financial education programs in secondary schools focus at spending and credit, saving
and investment, and budgeting, with no fundamental differences across countries (Amagir et al.,
2018a).The content of the financial education program whose design is the object of this study is
based on a nonmandatory Dutch framework describing learning outcomes and competencies for
financial education (NIBUD, 2015). We focus on learning outcomes in the context of the compe-
tences “spending money responsibly – making choices” and “taking account of future wishes and
circumstances – saving and planning.” These learning outcomes are akin to those of the PISA sub-
domain “planning and managing finances” (OECD, 2013). Learning objectives describe knowl-
edge and understanding of financial concepts, as well as skills, attitudes, and self-efficacy to apply
this knowledge in daily financial decision making. For example, students can make a budget for
regular spending and saving, plan ahead by setting short-, medium-, or long-term goals, save
money for a large purchase, or search for options to reduce expenses and increase earnings in order
to increase savings.

Input for design characteristics of financial education programs

In a previous study, we defined financial literacy as a combination of financial knowledge, atti-
tudes towards money, financial self-efficacy, and financial behavior supporting application of
financial knowledge in daily financial decision making (Amagir et al., 2018a). We define financial
education as teaching encompassing all of these aspects.
A promising method to teach financial literacy to secondary school students seems to be “expe-
riential learning” (Amagir et al., 2018a; Danes and Haberman, 2007; Harter and Harter, 2010;
Hinojosa et al., 2010). Dewey (1997 [1938]) emphasizes that “there is an intimate and necessary
relation between the processes of actual experience and education.” (p. 7). By focusing on content
only, the teacher suppresses opportunities for students to develop their own opinions about con-
cepts based on interaction with the information. It is, therefore, essential to reflect on what is
experienced by students. Based on this idea, Kolb and Fry (1975) developed the “Experiential
Learning Cycle” involving action (concrete experience), reflection (and observation), conceptual-
ization, and new experience. A key element of experiential learning is that learners analyze their
experience by reflection, evaluation, and reconstruction in order to establish meaning in the con-
text of prior experience, which may lead to further action (Boud et al., 1993).
This experiential approach seems particularly appropriate for financial education, given the
nature of financial decision making (Johnson and Sherraden, 2007). It has the potential of engaging
students in topics of interest to them, as well as providing opportunities to explore how financial
concepts can be applied to real-world situations (Amagir et al., 2018a). Boud et al. (1993) put for-
ward five important assumptions about experiential learning: (1) experience is the foundation of,
and the stimulus for learning; (2) learners actively construct their own experience; (3) learning is a
holistic process, implying that it is an interaction between all the elements involved in learning; (4)
learning is socially and culturally constructed; and (5) learning is influenced by the socio-emo-
tional context in which it takes place. Some of these five aspects have been confirmed by our
104 Citizenship, Social and Economics Education 18(2)

previous research. In line with the second aspect, we found that hands-on activities seem to be an
effective pedagogy for financial education (Amagir et al., 2018a). We also found that financial
education programs should have a holistic approach and should address not only knowledge, but
also the other aspects of financial literacy, if a change in financial behavior is their aim (Amagir
et al., 2018b).
Experiential learning involves students’ own appropriation of something that is personally sig-
nificant or meaningful to them (Boud et al., 1993). To achieve this, students must be personally
engaged with the realities being studied. Relevance of the topic by adding real-world experiences
(Bruhn et al., 2016; Varcoe et al., 2005), and taking into account the students’ perceptions of goals
for their future seem to be effective in improving financial literacy levels (Butt et al., 2008; Harter
and Harter, 2009; Mandell and Klein, 2007; Smith et al., 2011). Evidence shows that in order to
save, adolescents must be future-oriented (Otto, 2013). Focusing on the short term only, due to a
lack of self-control or the need for immediate gratification, increases the risk of getting into finan-
cial problems (Madern and Van Der Schors, 2012; Webley and Nyhus, 2001). But saving seems to
be pointless for adolescents lacking belief in their ability to be successful at it (self-efficacy) (Otto,
2013). Saving and budgeting also require practice, implying that children need to have sufficient
money to save and make budgeting decisions, including mistakes from which they can learn
(Webley and Nyhus, 2013).
To increase the likelihood of behavioral change, financial education should be linked to concrete
actions as much as possible (Yoong, 2013). This is in line with the goal setting theory entailing that
behavioral change is being promoted if there is a conscious and specific, sufficiently difficult goal
towards which behavior should be directed (Locke and Latham, 2002, 2006). This theory is sup-
ported by a meta-analysis by Epton et al. (2017), who add that goal setting is most effective if the
goal is set face-to-face and publicly as a group goal, and combined with monitoring of behaviors by
others without feedback. Carpena et al. (2017) have shown positive effects on (low-income) indi-
viduals’ savings behavior of a financial education program incorporating short-term noncompulsory
financial goals. No long-term effects were found in this study. Setting a single savings goal seems
to be more effective than setting multiple goals (Soman and Zhao, 2011). Riitsalu (2018) showed in
a case study that a combination of goal setting, commitment through regular reminders of sub-goals
with advice from peers, may be effective in improving the financial behavior of college students.
Furthermore, setting promotional goals (e.g. saving for a certain purchase) seems to be more moti-
vating than prevention-oriented goals (e.g. falling into debt) (Riitsalu, 2018).
Embedding behavioral economics into the design of financial literacy education programs may
also foster behavioral change (Yoong, 2013). Shefrin and Thaler (1988), in their behavioral life
cycle theory, state that people tend to categorize income hierarchically into three mental accounts:
current assets, current wealth, and future income. The current assets account (cash or the balance
of one’s bank account) has the largest influence on the propensity to consume, while the future
income account (e.g. retirement savings accounts) has the smallest influence, with the current
wealth account (e.g. savings account and home equity) in between. Small expenses, such as for a
coffee or a bottle of water, are often overlooked and not booked in the appropriate mental account
(Thaler, 1999). Identifying these small expenses and avoiding them in order to save, also known as
the Latte Factor (Bach, 2003), is a tool to make people understand how small savings could gener-
ate a substantial amount through compound interest.
Involving parents in the financial literacy education of their children also seems to be effective
(Amagir et al., 2018a; Bruhn et al., 2016; Butt et al., 2008; Harter and Harter, 2009; Smith et al.,
2011), particularly in the formation of attitudes (Lusardi et al., 2010; Money Wise, 2014). Finally,
it is important to train teachers in working with a financial education program (Bruhn et al., 2016;
Compen et al., 2018; De Beckker et al., 2019).
Amagir et al. 105

Phase 2: Design and construction

In this section, we present the design principles that were derived from the theory and context
described in the previous section, thus answering research question 1. We drew up our primary
design principles by combining the main aspects of the goal setting theory, experiential learning,
and behavioral economics. The middle column in Figure 2 shows which principles we arrived at in
this way. Based on these principles as well as the context analysis, the primary researcher drafted
the first version of a financial education program (prototype I), consisting of a global description
of the pedagogy, learning objectives, and contents of five lessons. During the first lesson, students
set a savings goal for something they would like to do or buy. They also watch a video clip (“Stack
your Money”) in order to learn about savings motives and to form positive attitudes towards sav-
ing. During the second lesson, students set up a budget to meet their goals. The third lesson is
devoted to a savings plan for a particular purchase. The fourth lesson introduces students to the
Latte Factor; they calculate their own Latte Factor and how they can employ it to save money. In
the fifth lesson, students compose a video about ways to earn and save money, and about influences
exerted on their financial behavior. All lessons are accompanied with take-home assignments that
students have to discuss with their families. We decided to call the program SaveWise.

Phase 3: Evaluation and reflection

Iterative (re)design process of prototypes
As shown in Figure 3, phase 3 involved multiple iterations of design, development, testing, and
evaluating. Phase 3a comprised the revision of the first prototype based on the evaluations by two
teachers, and the development of prototype II which has been used for the first classroom tryout.
Lessons learnt from the first and second classroom tryout guided the development of prototypes III
and IV (phases 3b and 3c). During and after each tryout, we assessed whether the program design
actually worked, and which improvements had to be applied. During the last stage, prototype IV
was discussed in a “walk through” with an expert of Moneywise, which resulted in prototype V.
Throughout all phases, the primary researcher systematically explored how students and teachers
responded to the program activities, noting what to adjust in the next stage.

Data collection
The classroom tryouts were undertaken sequentially at two schools in the Netherlands. The first
involved one class with 28 ninth-grade students at a large high school in Haarlem in the urban
western part of the Netherlands. The school offers different educational tracks. The school popula-
tion consists mainly of middle class native Dutch without a migrant background. The second
involved two different classes with a total of 43 eighth and ninth graders, mainly Dutch students
with a non-Western background, at a small Rotterdam school offering VMBO only. Eighty-nine
percent of the students live in relatively poor neighborhoods (Gemeente Rotterdam, 2012) and
have parents with low literacy skills (Gemeente Rotterdam, 2016).
Because of the explorative character of this study, we relied on a qualitative approach. Data col-
lection methods included teachers’ evaluations, teachers’ log books, observations of classroom
tryouts by the primary researcher, in-depth interviews with students, and student evaluations
(learner reports). The main purpose of the teachers’ evaluations and teachers’ log books was gen-
erating feedback about the practical feasibility of the program in a classroom setting. Teachers
were asked to note difficulties with the implementation of the program, suggestions for
106 Citizenship, Social and Economics Education 18(2)
Goal setting theory
Setting a goal as a group (Epton
et al., 2017).
Setting a single goal (Soman &
Zhao, 2011).
Goal is specific and challenging
(Epton et al., 2017; Locke and
Latham, 2002;2006).
Link financial education to
concrete actions as far as possible
(Yoong, 2013).
Students perceptions of future
goals (Butt et al., 2008; Harter and
Harter, 2009; Mandell and Klein,
2007; Otto, 2013; Smith et al.,
2011).
Goal is monitored by others (Epton Students discuss take-home
et al., 2017). assignments with their parents.
Figure 2.  The design principles generated from theory.
Design principles Experiential learning
SaveWise
Class goal = to save Stimulate personal engagement
with the experience/realities
being studied (i.e. relevance)
(Amagir et al., 2018a; Bruhn
Individual goal = students set a
et al., 2016; Varcoe et al., 2005).
personal savings goal
Students set a personal middle
or long term goal that is
challenging enough.
Hands-on activities with a Students actively construct their
variety of teaching methods. own experience (Boud et al.,
1993).
Learning is socially and
culturally constructed (Boud
et al., 1993).
Students reflect on their savings
Stimulate students to reflect on
goal with their peers, teacher
what is experienced (Boud et al.,
and their parents.
1993; Dewey, 1997 [1938];
Students reflect on Kolb & Fry, 1975).
assignments by comparing
their behavior outcomes
with the average behavioral
outcomes of peers.
A holistic approach (i.e. Learning is an interaction
knowledge, attitude, self- between the cognitive, affective
efficacy and behavior). and conative aspects of learning
(Amagir et al., 2018b).
Latte factor: Identifying small
expenses and eliminate
them in order to save.
Behavioral economics
(Bach, 2003; Thaler, 1999).
Amagir et al. 107

Figure 3.  The development process of prototypes (based on Mafumiko, 2006).

improvement, and observations on the strengths of the program in a logbook. Observations of these
classroom tryouts were intended to track down problems teachers and students experienced while
working with the material. The primary researcher conducted eight semi-structured interviews
(40–60 minutes each) with students to gauge their experiences with the program and their perspec-
tives about what and how they learned. The students volunteering to participate were representa-
tive of the school populations with a representative distribution by gender and ethnicity.
Each lesson was concluded by filling in learner reports by students. This research method ena-
bles students to report their impressions about what they have and have not learned in a particular
educational situation (Van Kesteren, 1993). We asked students to describe what they learned by
finishing the following sentences: “I have learned that/how . . . ” and “I have learned that/how
I . . .” (Wagenaar et al., 2003). In addition, we asked students whether they had discovered a mis-
conception about themselves and whether they were surprised about anything they learned by
finishing the following sentences: “I have learned that/how it is not true that I . . . ” and “after this
lesson I am surprised that . . .” Finally, we asked the students which assignments they found
unnecessary or unclear.

Data analysis
Student interviews and evaluations by teachers were recorded and transcribed literally. Deductive
and inductive analyses of the transcripts, teachers’ logs, observation reports, and learner reports
have been applied iteratively, utilizing thematic analysis, a “method for identifying, analyzing,
and reporting patterns (themes) within data” (Braun and Clarke, 2008: 79). We first analyzed the
data by means of the concepts derived from our research questions (Miles and Huberman, 1984).
This resulted into the main categories. Second, we applied inductive analysis because the con-
tents of the data suggested elaboration of subcategories which could explicate the dominant
themes on a more detailed level. In order to identify the changes that should be applied in various
phases of the design process, we categorized themes in a SWOT format (Bosschaart et al., 2016).
Figure 4 shows how the resulting categories and subcategories were used in connection with our
five data sources.
108 Citizenship, Social and Economics Education 18(2)

Categories Subcategories Teachers Log book Observation Students Learner

evaluations notes of the notes of the interviews reports
teachers researcher
Practical Savings goal X X X X
Feasibility Mood board X X X X
Animated videos X X
Commitment X X X
Discussing Money Issues X X X
Structure of the lessons X X X X
Take-home X X X
Learning Objectives X X
Relevance Real-life X X
Savings goal X X
Structure of the lessons X X
Learning Knowledge and skills X X
Outcomes Awareness X X
Attitudes towards Money X X
Self-Efficacy X X
Behavior X X

Figure 4.  Categories and subcategories of the data.

Results
The results are presented in two sections. First, we present the results of the four phases of the iterative
(re)design process of prototypes (Figure 3). We explain the changes that have been made to the initial
design, based on the practical feasibility of the program (research questions 2 and 3). Second, we discuss
students’ perceptions of the relevance and learning outcomes of the program (research questions 4 and 5).

The (re)design process of prototypes

Phase 3a: Evaluation by teachers
Savings goal and mood board.  Teachers’ general impressions of the first prototype were very
useful to fine-tune the program. Both teachers indicated that while working with a savings goal
could be relevant for students, there was a risk that students might not be able to think of a suitable
savings goal. One teacher suggested the use of dreams:

How much fun is there in fantasizing about what you want to buy or do? You have to emphasize that
students can make their dreams come true once they have any savings. Maybe you should have students
visualize their dreams, by means of picturing them or possibly using a mood board.

We decided, therefore, to add creating a mood board to the first lesson. This may serve as an intro-
duction to the series of lessons, while also helping students to think about future goals and to be
personally engaged with the content being studied.
Amagir et al. 109

Animated instructional videos.  Another suggestion concerned the instruction for the assignments:
“It could be motivating for students if the instruction for the assignments would be given through
videos. Most students cannot focus on an explanation by the teacher for too long.” We, therefore,
decided to accompany three of the four lessons with short animated instructional videos (Pow-
Toon), designed by three trainee economics teachers in collaboration with the primary researcher.
As a result of these suggestions, we developed prototype II.

Phases 3b and 3c: Evaluations by teachers and students

Savings goal, mood board, and commitment.  The teacher in charge of the first tryout (T1) noted
that she really got to know her students well through the mood board and savings goals and that
students were very motivated to work on the mood board. However, they needed more time and
wanted to have the freedom to draw their dreams or make a digital mood board. According to the
teacher in charge of the second tryout (T2), working with a savings goal worked very well as a
framework for the program. The mood board provided students with the opportunity to identify
their own personal goals, which was motivating. Students confirmed this during interviews. When
asked what the learning objective of the mood board was, a student answered: “To visualize what
your savings goals really are, and what you want to focus on as a savings goal.” Another student
pointed at the motivating aspect of the mood board: “I really liked making the mood board, I think
this assignment was given to motivate us to achieve our savings goals, or to fulfill our dreams, let’s
put it that way.”
One of the concerns of T1 was that students could not actively participate in the lessons if
they did not have a (realistic) savings goal. T2 noted that there was a risk that students would
not be committed if they did not have a sufficiently challenging, yet realistic savings goal.
This was confirmed by the researcher’s observation notes. Students noted in the interviews
that it is difficult to make a savings plan if you do not know how much you have to save to
achieve your goal.
Based on these evaluations, we revised prototype II as follows:

Students were given the freedom to draw their dreams or make a digital mood board, next to
using images cut out from magazines (as was the case in the previous version).
Students were incited to include a personal short-term, medium–long, and long-term goal in
their mood boards before committing themselves to a medium–long or long-term savings
goal.
Mood boards were given a more prominent role at the start of the second lesson.
Two lessons and animated clips were added to the series: (1) introduction of a five-step deci-
sion-making model and (2) students apply the decision-making model in order to make a choice
for a particular brand or store to achieve their goal.

We revised prototype III with the following additions:

The teacher gives an example of a personal savings goal and savings plan.
Each lesson starts with a reflection of savings goals and students are given the opportunity to
note their savings amount per week on a savings ladder.
110 Citizenship, Social and Economics Education 18(2)

Discussing money issues.  T1 noted that there was insufficient time to discuss money issues due to
the number of assignments per lesson. The observation notes of the researcher confirmed this. T2
observed that the program provided opportunities to discuss the importance of savings and to make
students more aware of their money management. Student interviews indicated that the lessons
differed from regular lessons because of the learning objective: “Of course it differs from other
lessons, because it is . . . with another . . . these lessons have a different purpose, say, to make
students aware of how they deal with money.” T2 also noted that the program enabled her to iden-
tify which students had an aversion to saving.
To provide sufficient time to discuss money issues we revised prototype II as follows:

A number of assignments were integrated into one large assignment.

Addition of a game (in one lesson) to create opportunities for further discussion of topics.

The following revision was added to prototype III:

Teacher identifies students who have an aversion to saving and asks these students’ what with-
holds them from saving.

Lesson structure.  T1 reported that the structure of the lessons was easy to follow, and that the vari-
ety of pedagogical methods motivated students to participate well in most of the assignments. The
coherent line in the lessons, the variety of pedagogical methods, and the animated instruction vid-
eos were judged positively by T2. T1 noted that students were particularly excited about the “Latte-
Factor.” A student commented: “Uh, I don’t remember who it was that bought a can of Red Bull
every day. For young people it should actually be called the Red Bull factor, not the Latte factor.”
T1’s notes as well as observation notes of the researcher revealed three main concerns: (1) students
experienced difficulties in making a savings plan because of the limited instructions (confirmed by
students in learner reports and interviews); (2) students struggled with categorizing their goals into
short, medium, and long terms; and (3) a number of assignments were difficult to carry out by
students who claimed to have no expenses or income. T2’s notes revealed that students claiming to
get everything from their parents, might not be committed enough to work on certain assignments.
She also noted that a few students purported to get a lot of money from their parents, which was
free for them to spend. This was confirmed by students’ statements in the learner reports.
Revisions to prototype II:

Explicit instructions for most of the assignments (categorizing different types of goals, making
a savings plan, and taking decisions according to a decision-making model).
Addition of the example of the “Red Bull Factor” as a suggestion possibly helping students in
calculating their own Latte Factor.
Optional working in pairs for assignments that are difficult to carry out by students claiming to
have no expenses or income.

Revisions to prototype III:

Students claiming to get everything from their parents, do an assignment on the amount of
money they receive from their parents and what they spend it on.
Amagir et al. 111

Take-home assignments.  T1 noted that the take-home assignments motivated students to talk at
home about their savings goal while also confronting students with the many different expenses of
a household. One student mentioned in the interviews that his parents did not want to share their
household spending because this is confidential. According to T2, a few students found it difficult
to talk about money with their parents. However, they did talk about money with their siblings.
Furthermore, some students noted in the interviews that they did not discuss the take-home assign-
ments with their parents due to a lack of time.
Revisions to prototype II:

Addition of a comment that the school is not interested in the amount of household spending,
but in the different types of expenditures made to meet their everyday needs.

Revisions to prototype III:

Students may discuss the take-home assignments with their siblings or their grandparents, apart
from with their parents.
Spreading of lessons over a longer period.

Learning objectives. At the end of both tryouts, we asked students in the interviews what the
main objective of the program was. Most of them mentioned “managing money” and “saving and
spending less,” confirming that the main objective of SaveWise was recognized. A student of the
first tryout noted: “Uh, well, that young people know more about how to manage their money, that
they know how to save, and well, that they find out what they spend their money on.” A student of
the second tryout put it slightly differently:

“Well that you know how to manage money in a smart way, and that you know how to easily save for
something that you really want, and that you also start with thinking about whether you are going to save
for something, or yes, that you know how you have to save.”

Students from the second tryout further indicated that the program’s objective also was to prepare
young people for the future. “Uh, preparing us, students, a little bit for what is coming when you
get older, as you get older.”

Phase 3d: Evaluation by expert.  The expert found prototype IV to be very innovating. He noted that
the emphasis on achieving dreams by setting a savings goal could be motivating, not only for high
school students, but also for primary school children. However, he emphasized that teachers should
give students enough time to discuss money issues. Furthermore, he offered some useful comments
about the layout for the teacher and student guide. As a result, we developed prototype V. The
financial education program SaveWise consists of eight consecutive weekly lessons, each lasting
50 minutes. Figure 1 in Appendix 1 lists the learning outcomes targeted at in each lesson.

Student experiences with SaveWise

Relevance.  Students of both tryouts were personally engaged with these “real life” lessons. One
student from tryout 1 (T1) stated: “Uh, I think the lessons were better than the regular lessons.
Because, well, it is a bit more about daily things, more than regular lessons.” A student of tryout 2
(T2) put it slightly different:
112 Citizenship, Social and Economics Education 18(2)

.  .  . especially the way we learned how to save, and make a savings plan and what also stayed with me are
clever ways to save money. But also, for example, how to earn an income. These lessons are more about
what happens in daily life, more than regular lessons.

This student (T2) also thought that the emphasis was more on doing than knowing: “I actually
thought the lessons were quite like regular lessons, the only difference is that you learn something
about the outside world, I do not think you have to know something specifically, actually you have
to do it yourself.” The majority of the students indicated that working with a personal savings goal
helps because it made them think about how to achieve this goal. In both the learner reports and
interviews, students reported that they were very surprised to learn about the mood boards and
dreams of their peers. In addition, students of T2 explicitly mentioned that the mood board was
very useful for identifying savings goals: “I thought it was quite interesting to make the mood
board, because you find out what your saving goals are and you also learn about the savings goals
of others.”
Most students experienced a sense of autonomy in the learning process and found the lessons to
be interesting because of the variety of pedagogical methods:

The lessons were much more free. In other lessons, you have a book, and then you have all the theory in a
book, assignments, and now you get bits of theory in the lessons, and then you have free assignments. For
example, make a video or something else.

Students of T2 explicitly mentioned collaborative learning and discussing money issues as

relevant:

I actually have a nice experience, yes, because of the way we learned things. The lessons were not boring,
because we were able to discuss money issues with other students in class. So I think that’s okay, that I
could hear the opinions of others, and talk to them about it, I liked working on it together.

The majority of the students noted in the learner reports and interviews that they were very sur-
prised about the message in the video clip “Stack your money.” One student noted,

Well the clip of the rapper, rapping about money and saving, you have to keep that in the program. That is
of course just funny. I thought it was funny that you could also convey a serious message in such a way. At
first I thought, how did they come up with that.

Most of the students in the learner reports and interviews were surprised about the
“Latte-Factor”:

Uh, well, that was very interesting. And I think, I mean if you buy one thing in a day then you think, well,
that’s not very much, but if you look at it on an annual basis or a monthly basis or something, you’ll see
that money goes fast.

Overall students were positive about the animated instruction videos. “It was pretty clever,
because kids think with animation, so, that way it’s more in line with how they think.” Students
found it relevant and instructive to learn about managing money in general and about savings in
particular. One student (T2), for example, stated: “I liked the lessons quite a bit, because we mainly
learned how to manage money in different ways, and especially in the short and long term. We
learned to save, and how to make a savings plan.”
Amagir et al. 113

Learning outcomes.  Students reported about five types of learning outcomes: knowledge and skills,
awareness, attitudes towards money, self-efficacy, and behavior. The development of knowledge
and skills was mentioned less often than the other four. Students of both tryouts indicated that they
learned how to set up a personal budget, construct a savings plan, and about different ways to spend
less and earn an income. In the learner reports of the second tryout students mentioned that they
were surprised about how easy it is to make a savings plan and that they learned more general
skills, like discussing and debating. Students of the second tryout were more explicit about the
process of making a savings plan compared with students of the first tryout, in both the learner
reports and interviews. One student (T2) stated,

Actually, we learned different ways of how you can achieve your saving goal. So imagine you save for a
game you really like, then you can make a savings plan and then you can write down how much you can
save per month and how much you save from your pocket money or part time job to achieve your goal.

Another student of T2 explained,

I think it is that you see how much money comes in and how much you spend. And when you want to buy
something, you calculate: I receive so much money, I spend so much, I could spend less to achieve my
savings goal and in how much time do I have the savings to buy something.

Students of the second tryout further indicated that they learned to prioritize spending. One student
stated: “Well, I always have my ATM card with me, but since the lessons, I have started to think more
whether that is necessary, do I really need it or not?” Another student put it slightly differently:

It is more that you have to be very careful, because in the past, I always thought you save, then you spend
it, and then you save again. But now I find it better to think, do I really want it, because it’s a waste of
money if you realize after a year that you don’t need it anymore.

Students of both tryouts mentioned that the lessons increased their awareness about their money
management, for example: “Well, you know what surprised me a lot in the lessons? Uhm, because
at first I did not know what I was actually saving for. Or rather, whether or why I save. Now I know
that.” Another student mentioned that one has to be aware of small amounts: “So to really pay
attention to those small amounts, so you can save more.” This student explains that she is more
aware of things becoming a habit: “That you realize you’re unconsciously spending a lot on small
things, which actually becomes ‘normal’.” Compared to students of the first tryout, students of the
second tryout noted in the learner reports that they were more aware of the factors influencing their
purchasing decisions. They also noted to be surprised about their own spending pattern and the
many differences between students when it comes to managing money. One student (T2) men-
tioned in the interview: “Uhm, compared with others, with classmates, I learned I’m more con-
scious of how I manage my money. For example, I replied differently to the assignments, and so I
found out that I do deal with money differently than others.”
A more positive attitude towards saving is another frequently mentioned learning outcome. In
the learner reports and interviews of both tryouts, most students mentioned that they thought it was
important to save, spend less, and earn an income. Students of the second tryout mentioned in the
interviews that saving is important for now and the (near) future. “That saving is important and that
it is very useful for later and your future and that you have to keep doing it.” This student of the
second tryout noted that it is important to think before acting. “Well, I think it is important to save,
because later in life you have to run your own errands. Then you can’t just spend all the money you
114 Citizenship, Social and Economics Education 18(2)

have, you first have to think: do I need this or not.” Compared to the first tryout, students of the
second tryout stated more often in the learner reports that it is important to make a savings plan and
to have a savings goal to be able to succeed. They also stated that it is not true that you can achieve
your dreams without a plan or goal. Furthermore, they said that it is important to keep track of your
income and expenses, also later in life. They explicitly mentioned household spending. They noted
that it is important to compare prices before purchasing a product and that more expensive products
are not always better than cheaper products. Finally, they noted that money will not get you what
you want in life and that money does not buy happiness.
With regard to self-efficacy, most students of both tryouts indicated that they could save or that
they wanted to save more. A few students noted that they found it difficult to save or that while
having the ability to save they were not willing to do so. Students of the second tryout further noted
that in order to save, it is important to have self-control and perseverance.
With regard to behavior, all but one of the interviewed students was committed to meet their
savings goal, even after the program. Most of the students had a medium to long-term goal.
Examples of savings goals were a cat, a camera, driving lessons, a game computer, and a scooter.
One of the students noted that she did not have enough income to save, but was motivated to get a
part-time job to start saving: “I was already planning on taking a job, but I’m more encouraged by
these lessons.” In the learner reports, most students noted that they had to save more or had the
intention to save. In general, students of both tryouts indicated to spend less because of the lessons:
“Yes, that’s going better now, because I’m really saving a lot of money now, just everything I
receive, I leave it on my account.”

Discussion and conclusion

In this section, we answer the following question: what are the characteristics of a financial educa-
tion program relevant for high school students of the prevocational track in the Netherlands with the
aim of improving students’ financial knowledge, attitudes, self-efficacy, and (savings) behavior?

Characteristics
Overall, the results of our EDR confirm that working with a personal savings goal functions well
as a framework for a financial education program. Students experienced the program as relevant.
The emphasis on doing rather than knowing and the real-life issues being studied were judged posi-
tively and provided for personal engagement and commitment (Amagir et al., 2018a; Boud et al.,
1993; Bruhn et al., 2016; Varcoe et al., 2005). Goal commitment seems to be an important design
principle resulting from our EDR. According to Locke and Latham (1990) goal commitment,
defined as someone’s determination to reach a goal, is an essential moderator of the linkage
between goals and behavior. Several tools eliciting a high goal commitment emerged from our
EDR:

Visualizing dreams is a powerful tool to help students stay committed to their goal, also in the
longer term. It also stimulates students to be future-oriented. Future orientation is important for
adolescent saving (Otto, 2013), and is associated with bank saving (Webley and Nyhus, 2006).
The combination of keeping track of savings (e.g. via a savings ladder) and reflection on the
savings goal with peers (Epton et al., 2017) also seems to enhance goal commitment.
Goal commitment seems to be encouraged if the particular purchase and specific savings
amount needed are known.
Amagir et al. 115

Our findings confirm that students were encouraged to actively participate in the lessons because
of the variety in hands-on activities and their autonomy in the learning process. This is in line with
our previous findings suggesting that to achieve commitment and meaning in learning and to
achieve intrinsic motivation, it is important to fulfill the need for autonomy in learning processes.
Autonomy is also one of the three basic needs in Deci and Ryan’s (1991) self-determination theory
of motivation.
Another tool resulting from our EDR is the animated instructional videos. They were designed
for purposes of instruction and also promoted students’ positive attitudes towards money. The vid-
eos provided opportunities for students to interact with each other and their teachers and may have
enhanced students’ motivation to actively participate in the learning process. The animated instruc-
tional videos were seen as relevant by students, because they fitted well with how students prefer
to receive information. This is in line with Gurvitch and Lund (2014), who suggest that students’
attention is limited and that they prefer an interactive instructional process fitting with the way in
which they typically receive information. As a result of our EDR, explicit instruction for hands-on
activities was developed. Kirschner et al. (2006) suggest that unguided or minimally guided
instructional approaches are less effective and efficient for novices than guided instructional
approaches.
Another design principle emerging from our EDR is the importance of creating an environment
in which students are stimulated to discuss money issues in order to enhance (self)-awareness and
stimulate the development of positive attitudes towards money.
Discussing money issues with family through take-home assignments also seems a strong tool
to foster positive attitudes and healthy financial behavior (Bruhn et al., 2016; Butt et al., 2008;
Harter and Harter, 2009; Smith et al., 2011). In a previous study (Amagir et al., 2017), we found
that financial socialization through peers and parents and participating in financial family decisions
positively relates with attitudes towards financial planning and thinking before acting, as well as
financial behavior (Jorgensen and Savla, 2010). However, the results of our EDR show that some
students find it difficult to talk about money with their parents. An explanation may be that money
is seen as a confidential subject and parents do not like to share private financial issues with their
children (Romo, 2011).

Learning outcomes
Findings show that, in the perception of students, “SaveWise” may improve high school students’
financial knowledge and skills, awareness, attitudes, self-efficacy, and behavior. With regard to
knowledge and skills, students reported to have learned skills to save and budget their money, and
ways to earn an income. In addition, they reported to have learned more general skills, like discuss-
ing money issues. We found that, in the perception of students, the program increased (self)-aware-
ness regarding managing money in general, particularly in saving, purchasing, and spending
decisions. The results also show that students developed a more positive attitude towards financial
planning issues, such as saving for a particular purchase and for the future, spending less, and
budgeting. In addition, students learned to think before acting, for instance, by means of comparing
prices before buying a product. Our own previous research indicates that responsible financial
behavior is most strongly related to attitudes towards financial planning and thinking before acting
(Amagir et al., 2018b).
With regard to self-efficacy, our findings show that students developed belief in their ability to
be successful at saving and budgeting. According to Otto (2013), saving is pointless for adoles-
cents lacking belief in their ability to be successful at it. However, our results also show that a few
students claim to be able to save but indicate that they are not willing to do so (Otto, 2013). Our
116 Citizenship, Social and Economics Education 18(2)

results further indicate that some students are capable of delaying gratification and displaying self-
control. According to Webley and Nyhus (2006), self-control is an important determinant of indi-
vidual saving and spending.
Concerning behavior, our findings show that as a result of the program, students have become
more committed to meeting their savings goal, budgeting, and spending less. Saving and budgeting
require practice and making mistakes from which one can learn (Webley and Nyhus, 2013). Thus,
a financial education program embedded in real life may not be effective for students claiming to
get everything from their parents or not to have sufficient money to save and to make budgeting
decisions (Webley and Nyhus, 2001).
Our outcomes may be of interest to other researchers and practitioners involved in designing
and teaching school-based financial education. Our findings have several implications for the field
and for further research. The sample size of this study is small, because our goal was to design,
develop, and evaluate a financial education program in collaboration with teachers and students in
a more in-depth way. Future research is needed to investigate to what extent these findings are
representative for a different context. An experimental study with a larger sample size should pro-
vide more evidence for the effects of “SaveWise.”

Declaration of conflicting interests

The author(s) declared no potential conflicts of interest with respect to the research, authorship, and/or publi-
cation of this article.

Ethical Approval
All procedures performed in studies involving human participants were in accordance with the ethical stand-
ards of the institutional and/or national research committee and with the 1964 Helsinki declaration and its
later amendments or comparable ethical standards.

Funding
The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publica-
tion of this article: This study was supported in part by Money Wise Platform (In Dutch: Wijzer in geldzaken).

ORCID iDs
Aisa Amagir https://orcid.org/0000-0001-9009-0991
Arie Wilschut https://orcid.org/0000-0001-9864-651X

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Appendix 1
Lesson Description Learning objectives/outcomes

1 How can you
achieve your
dreams?
2 What comes in and
what goes out?
3 Stack Your Money!
4 The Latte Factor!
5 How to earn (more)
money?
Students are able to visualize their dreams on a mood board in the
long-term, medium-term, and short-term.
Students are able to describe three savings motives.
Students recognize the importance of setting goals.
Students recognize the importance of saving for large purchases.
Students are able to set personal short-term, medium-term, and long-
term goals.
Students can draw up a personal budget.
Students can distinguish between fixed, variable, planned and
unplanned expenses.
Students can describe the consequences of not saving money.
Students can construct a savings plan by calculating how long and
how much they have to save in order to achieve their savings goal.
Students are able to save money when they suddenly have less to
spend.
Students can prioritize spending.
Students are able to save money in order to achieve their goal.
Students are able to calculate their latte factor.
Students can describe and compare four ways to earn money.
Students are able to make a video with two messages:
1. What are smart ways to earn and save money?
2. Where do young people spend their money on and by whom
are they influenced?
120 Citizenship, Social and Economics Education 18(2)

6 How do you make a Students can explain by whom or what they are influenced when
financial decision? making financial choices
Students can describe why they choose a particular brand or store.
Students can describe the five-step decision-making model.
7 Make a decision, Students are able to use the decision-making model in making a
achieve your dream! choice, in order to achieve their dream.
Students can adjust their savings plan, based on the new information.
8 Achieve your dream! Students are able to give arguments about whether they agree or
disagree to a given statement.

Figure 1.  Learning outcomes of SaveWise (prototype V).