Home / Regular Issue / JSSH Vol. 30 (3) Sep. 2022 / JSSH-8657-2022


The Effect of a Smart Money Kit on the Financial Interest, Financial Management Behavior, and Prosocial Level of Preschoolers

Nurhayatul Nira Ramli, Samsilah Roslan, Tajularipin Sulaiman, Suhaida Abdul Kadir and Zeinab Zaremohzzabieh

Pertanika Journal of Social Science and Humanities, Volume 30, Issue 3, September 2022

DOI: https://doi.org/10.47836/pjssh.30.3.19

Keywords: Interest, financial management behavior, preschoolers, prosocial behavior, Smart money kit

Published on: 6 September 2022

Financial literacy is among the most significant components of daily life. Due to the current economic problems, the need and use for financial literacy and planning become more prevalent as one grows older. Children grow up in an infinitely uncertain world, where they are forced to take responsibility for their financial future. Since the financial intellect can be cultivated, increasing the proclivity of financial management and fostering money-related knowledge at a young age has a significant impact on promoting future financial behavior. This study was conducted in response to the need to broaden the current understanding of financial socialization among the young generation. This research aimed to ascertain whether a Smart Money Kit (SMK) can be utilized as an alternative financial education tool to increase preschoolers’ financial interest, management behavior, and prosocial levels. The sample of the research included 50 preschoolers from Selangor, Malaysia. They were randomized into an experimental or control group with 25 preschoolers. A one-way MANOVA was used. The findings of within-subject multivariate tests demonstrated statistically significant differences between the control and experimental groups. In addition, the results showed a significant effect on the experimental group’s level of interest score, a significant effect on the experimental group’s level of financial management behavior, and a statistically significant difference in the experimental group’s level of prosocial score. The study showed that SMK effectively improves children’s interests in financial education, management, and prosocial behavior.

  • Agnew, S., & Harrison, N. (2015). Financial literacy and student attitudes to debt: A cross national study examining the influence of gender on personal finance concepts. Journal of Retailing and Consumer Services, 25, 122-129. https://doi.org/10.1016/j.jretconser.2015.04.006

  • Al Kholilah, N., & Iramani, R. (2013). Studi financial management behavior pada masyarakat Surabaya [Study of financial management behavior in Surabaya community]. Journal of Business and Banking, 3(1), 69-80. https://doi.org/10.14414/jbb.v3i1.255

  • Al-Thani, T., & Semmar, Y. (2017). An exploratory study of teachers’ perceptions of prosocial behaviors in preschool children. International Journal of Educational Development, 53, 145-150. https://doi.org/10.1016/j.ijedudev.2017.01.005

  • Anthony, M., Sabri, M. F., Wijekoon, R., Abdul, H., Rahim, H. A., Othman, M. A., & Yusoff, I. S. M. (2021). The influence of financial socialization, financial behavior, locus of control and financial stress on young adults’ financial vulnerability. Social Sciences, 11(19), 289-309. https://doi.org/10.6007/IJARBSS/v11-i19/11738

  • Aprea, C., Schultheis, J., & Stolle, K. (2017). Designing game-based learning arrangements in financial literacy education. ECER. https://madoc.bib.uni-mannheim.de/48008/

  • Baranovich, D.-L., Fong, P.-C., & Hutagalung, F. (2019). Parental scaffolding in mathematics homework among Malaysian private preschoolers: A case study. International Journal of Science and Mathematics Education, 17(1), 173-196. https://doi.org/10.1007/s10763-017-9850-2

  • Berti, A. E., Bombi, A. S., & Duveen, G. T. (1988). The child’s construction of economics (G. Duveen, Trans.). Cambridge University Press.

  • Blackwell, C. K., Lauricella, A. R., & Wartella, E. (2016). The influence of TPACK contextual factors on early childhood educators’ tablet computer use. Computers & Education, 98, 57-69. https://doi.org/10.1016/j.compedu.2016.02.010

  • Bodrova, E., & Leong, D. J. (2010). Revisiting Vygotskian perspectives on play and pedagogy. In S. Rogers (Ed.), Rethinking play and pedagogy in early childhood education (pp. 68-80). Routledge.

  • Brock, L. L., Rimm-Kaufman, S. E., Nathanson, L., & Grimm, K. J. (2009). The contributions of ‘hot’ and ‘cool’ executive function to children’s academic achievement, learning-related behaviors, and engagement in kindergarten. Early Childhood Research Quarterly, 24(3), 337-349. https://doi.org/10.1016/j.ecresq.2009.06.001

  • Bucciol, A., & Veronesi, M. (2014). Teaching children to save: What is the best strategy for lifetime savings? Journal of Economic Psychology, 45, 1-17. https://doi.org/10.1016/j.joep.2014.07.003

  • Bybee, R. W. (2013). The case for STEM education: Challenges and opportunities. NSTA Press.

  • Casbergue, R. M., & Kieff, J. (1998). Marbles, anyone?: Traditional games in the classroom. Childhood Education, 74(3), 143-147. https://doi.org/10.1080/00094056.1998.10522691

  • Chan, S. F., Chau, A. W.-L., & Chan, K. Y.-K. (2012). Financial knowledge and aptitudes: Impacts on college students’ financial well-being. College Student Journal, 46(1), 114-133.

  • Chen, Z., Lu, C., Chou, C., Chen, L., Chiang, C.-W., & Wan, C.-F. (2013). My-investment: Using digital games to help children learn financial management. Research & Practice in Technology Enhanced Learning, 8(2), 277-290.

  • Cohen, J. (1992). Statistical power analysis. Current Directions in Psychological Science, 1(3), 98-101.

  • DeVries, R., & Kohlberg, L. (1987). Constructivist early education: Overview and comparison with other programs. Longman.

  • Dew, J. P., & Xiao, J. J. (2011). The financial management behavior scale: Development and validation. Journal of Financial Counseling and Planning, 22(1), 19-35.

  • Gentile, D. A., Anderson, C. A., Yukawa, S., Ihori, N., Saleem, M., Ming, L. K., Shibuya, A., Liau, A. K., Khoo, A., & Bushman, B. J. (2009). The effects of prosocial video games on prosocial behaviors: International evidence from correlational, longitudinal, and experimental studies. Personality and Social Psychology Bulletin, 35(6), 752-763. https://doi.org/10.1177/0146167209333045

  • Hair, J. F., Money, A. H., Samouel, P., & Page, M. (2007). Research methods for business. Education +Training, 49(4), 336-337. https://doi.org/10.1108/et.2007.49.4.336.2

  • House, B. R., Kanngiesser, P., Barrett, H. C., Broesch, T., Cebioglu, S., Crittenden, A. N., Erut, A., Lew-Levy, S., Sebastian-Enesco, C., & Smith, A. M. (2020). Universal norm psychology leads to societal diversity in prosocial behaviour and development. Nature Human Behaviour, 4(1), 36-44. https://doi.org/10.1038/s41562-019-0734-z

  • Huizinga, J. (1950). Homo Ludens: An essay on the social function of play. Beacon Press.

  • Johan, I., Rowlingson, K., & Appleyard, L. (2021). The effect of personal finance education on the financial knowledge, attitudes and behaviour of university students in Indonesia. Journal of Family and Economic Issues, 42(2), 351-367. https://doi.org/10.1007/s10834-020-09721-9

  • Kaiser, T., & Menkhoff, L. (2020). Financial education in schools: A meta-analysis of experimental studies. Economics of Education Review, 78, 101930. https://doi.org/10.1016/j.econedurev.2019.101930

  • Kalmi, P., & Sihvonen, T. (2021). On the potential of games in financial education. In G. Nicolini & B. J. Cude (Eds.), The Routledge handbook of financial literacy. Routledge.

  • Kaskens, J., Segers, E., Goei, S. L., van Luit, J. E., & Verhoeven, L. (2020). Impact of children’s math self-concept, math self-efficacy, math anxiety, and teacher competencies on math development. Teaching and Teacher Education, 94, 103096. https://doi.org/10.1016/j.tate.2020.103096

  • Kavussanu, M. (2006). Motivational predictors of prosocial and antisocial behaviour in football. Journal of Sports Sciences, 24(6), 575-588. https://doi.org/10.1080/02640410500190825

  • Kim, J. (2020). Learning and teaching online during Covid-19: Experiences of student teachers in an early childhood education practicum. International Journal of Early Childhood, 52(2), 145-158. https://doi.org/10.1007/s13158-020-00272-6

  • Kim, J., & Chatterjee, S. (2013). Childhood financial socialization and young adults’ financial management. Journal of Financial Counseling & Planning, 24(1), 61-79.

  • La Guardia, D., Gentile, M., Dal Grande, V., Ottaviano, S., & Allegra, M. (2014). A game based learning model for entrepreneurship education. Procedia-Social and Behavioral Sciences, 141, 195-199. https://doi.org/10.1016/j.sbspro.2014.05.034

  • Lee, S. T., Wong, J. E., Chan, G. K., & Poh, B. K. (2021). Association between compliance with movement behavior guidelines and obesity among Malaysian preschoolers. International Journal of Environmental Research and Public Health, 18(9), 4611. https://doi.org/10.3390/ijerph18094611

  • Levine, S. C., & Pantoja, N. (2021). Development of children’s math attitudes: Gender differences, key socializers, and intervention approaches. Developmental Review, 62, 1-44. https://doi.org/10.1016/j.dr.2021.100997

  • Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial literacy among the young. Journal of Consumer Affairs, 44(2), 358-380.

  • Malti, T., & Dys, S. P. (2018). From being nice to being kind: Development of prosocial behaviors. Current Opinion in Psychology, 20, 45-49. https://doi.org/10.1016/j.copsyc.2017.07.036

  • Maurer, T. W. (2014). Teaching financial literacy with process-oriented guided-inquiry learning (POGIL). Journal of Financial Education, 40(3/4), 140-163.

  • McDermott, P. A., Leigh, N. M., & Perry, M. A. (2002). Development and validation of the preschool learning behaviors scale. Psychology in the Schools, 39(4), 353-365.

  • McLachlan, C., Fleer, M., & Edwards, S. (2018). Early childhood curriculum: Planning, assessment and implementation (3rd ed.). Cambridge University Press.

  • Merrell, K. W. (1994). Preschool and kindergarten behavior scales. Test manual. Clinical Psychology Publishing Company.

  • Mishra, P., & Koehler, M. J. (2006). Technological pedagogical content knowledge: A framework for teacher knowledge. Teachers College Record, 108(6), 1017-1054.

  • Mulia, A. (2017, October 20). Pendidikan karakter anak usia dini melalui metode Role Playing (main peran) [Early childhood character education through Role Playing method]. Seminar Nasional Tahunan Pendidikan Ilmu-Ilmu Sosial, Medan, Indonesia.

  • Murtagh, F., & Heck, A. (2012). Multivariate data analysis (Vol. 131). Springer Science & Business Media.

  • Organization of Economic Co-operation and Development. (2014). Focus on inequality and growth (Directorate for employment, labour and social affairs). https://www.oecd.org/social/Focus-Inequality-and-Growth-2014.pdf

  • Opletalova, A. (2015). Financial education and financial literacy in the Czech education system. Procedia-Social and Behavioral Sciences, 171, 1176-1184. https://doi.org/10.1016/j.sbspro.2015.01.229

  • Padmavathi, M. (2017). Preparing teachers for technology based teaching-learning using TPACK. Journal on School Educational Technology, 12(3), 1-9.

  • Piaget, J. (1964). Part I: Cognitive development in children: Piaget development and learning. Journal of Research in Science Teaching, 2(3), 176-186. https://doi.org/10.1002/tea.3660020306

  • Rao, N., Richards, B., Sun, J., Weber, A., & Sincovich, A. (2019). Early childhood education and child development in four countries in East Asia and the Pacific. Early Childhood Research Quarterly, 47, 169-181. https://doi.org/10.1016/j.ecresq.2018.08.011

  • Robb, C. A., & Woodyard, A. (2011). Financial knowledge and best practice behavior. Journal of Financial Counseling and Planning, 22(1), 60-70.

  • Roopnarine, J. L., & Johnson, J. E. (2005). Approach to early childhood education (4th ed.). Pearson Merril Prentice Hall.

  • Sabri, M. F., Wijekoon, R., Ramli, N. N., & Dass, T. M. (2019). The impact of Smart Money Kit on children’s financial knowledge, attitude and behavior. ESTEEM Journal of Social Sciences and Humanities, 3, 48-59.

  • Sherraden, M. S., Johnson, L., Guo, B., & Elliott, W. (2011). Financial capability in children: Effects of participation in a school-based financial education and savings program. Journal of Family and Economic Issues, 32(3), 385-399. https://doi.org/10.1007/s10834-010-9220-5

  • Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2010). Financial socialization of first-year college students: The roles of parents, work, and education. Journal of Youth and Adolescence, 39(12), 1457-1470. https://doi.org/10.1007/s10964-009-9432-x

  • Slaoui, C. B., Boulahoual, A., & Dinia, M. (2020). Institution financière et promotion de l’éducation financière au Maroc: Entre objectifs et réalisations [Financial institution and promotion of financial education in Morocco: Between objectives and achievements]. International Journal of Economics and Management Research, 1(2), 124-153.

  • Te’eni-Harari, T. (2016). Financial literacy among children: The role of involvement in saving money. Young Consumers, 17(2), 197-208. https://doi.org/10.1108/YC-01-2016-00579

  • Vygotsky, L. S. (2012). Thought and language (revised and expanded). MIT Press.

  • Walsh, B. A., & Petty, K. (2007). Frequency of six early childhood education approaches: A 10-year content analysis of early childhood education journal. Early Childhood Education Journal, 34(5), 301-305. https://doi.org/10.1007/s10643-006-0080-4

  • Webley, P., & Nyhus, E. K. (2013). Economic socialization, saving and assets in European young adults. Economics of Education Review, 33, 19-30. https://doi.org/10.1016/j.econedurev.2012.09.001

  • Zosh, J. M., Hirsh-Pasek, K., Hopkins, E. J., Jensen, H., Liu, C., Neale, D., Solis, S. L., & Whitebread, D. (2018). Accessing the inaccessible: Redefining play as a spectrum. Frontiers in Psychology, 9, 1124. https://doi.org/10.3389/fpsyg.2018.01124

ISSN 0128-7702

e-ISSN 2231-8534

Article ID


Download Full Article PDF

Share this article

Recent Articles