What we take from it: Cambridge report: by about age seven most basic concepts behind later money behaviour have developed, while 4–5-year-olds often don't understand that coins have different values. Hence a shop with prices from age 7 by default, and a gift box without numbers for younger children.
What we take from it: US Consumer Financial Protection Bureau report: at 3–5 the main building block of later financial capability is executive function (self-control, planning); habits and norms form mostly at 6–12; children learn through experience.
What we take from it: “Money as You Grow”: 3–5-year-olds learn that choices involve trade-offs (time, belongings), and 6–12-year-olds learn to plan ahead and save for what they want. Hence “for a goal” with a finish line.
GuidelinesEuropean Union / OECD (2023).
Financial competence framework for children and youth in the European Union. OECD Publishing. ISBN 978-92-64-33158-7.
https://doi.org/10.1787/bf059471-en What we take from it: EU/OECD financial competence framework for ages 6–10: among others, telling needs from wants, the benefits of saving towards goals and the habit of saving part of one's pocket money.
What we take from it: The OECD's proposal for a National Financial Education Strategy for Poland — the Polish context for children's financial education.
What we take from it: Sesame Workshop's “For Me, For You, For Later” teaches young children three parts — spending, sharing and saving — including with “three jars”. Hence splitting sparks three ways.
MaterialsNarodowy Bank Polski.
Otwarte zasoby edukacyjne (open educational resources: brochures, lesson plans, games, comics, films) and Czekierda, A. (2016).
Co się zdarzyło w Manko? Detektywistyczna bajka ekonomiczna. Warszawa: NBP. ISBN 978-83-941054-4-0.
https://nbp.pl/edukacja/zasoby-edukacyjne/ What we take from it: Polish materials from Narodowy Bank Polski on economics for children, including an economics picture-story for ages 6–13. Good for reading and talking together (in Polish).
ReviewDrever, A. I., Odders-White, E., Kalish, C. W., Else-Quest, N. M., Hoagland, E. M., & Nelms, E. N. (2015). Foundations of Financial Well-Being: Insights into the Role of Executive Function, Financial Socialization, and Experience-Based Learning in Childhood and Youth.
Journal of Consumer Affairs,
49(1), 13–38.
https://doi.org/10.1111/joca.12068 What we take from it: Review: the foundations of financial well-being are built in childhood, and for young children executive functions matter even without “financial” content. Hence waiting, choosing and planning in the fox's world.
StudySoman, D., & Cheema, A. (2011). Earmarking and Partitioning: Increasing Saving by Low-Income Households.
Journal of Marketing Research,
48(SPL), S14–S22.
https://doi.org/10.1509/jmkr.48.SPL.S14 What we take from it: Money earmarked for a goal, split into two parts and paired with a visible reminder of the goal increased saving (adults). Hence separate spark parts and a goal you can see in the room.
StudyKivetz, R., Urminsky, O., & Zheng, Y. (2006). The Goal-Gradient Hypothesis Resurrected: Purchase Acceleration, Illusionary Goal Progress, and Customer Retention.
Journal of Marketing Research,
43(1), 39–58.
https://doi.org/10.1509/jmkr.43.1.39 What we take from it: The closer the reward, the greater the effort (the goal-gradient effect) — in adult customers. Hence the finish line on the goal.
What we take from it: Children in Germany and Kenya were more willing to wait when a shared goal with another child depended on it. Hence the shared project for the forest animals.
What we take from it: Preschoolers who chose to give away something of their own later shared more with someone new. The child decides how many sparks to give, and nobody rewards it.
StudyWatts, T. W., Duncan, G. J., & Quan, H. (2018). Revisiting the Marshmallow Test: A Conceptual Replication Investigating Links Between Early Delay of Gratification and Later Outcomes.
Psychological Science,
29(7), 1159–1177.
https://doi.org/10.1177/0956797618761661 What we take from it: A replication of the “marshmallow test”: the link between waiting at 4 and achievement at 15 was half as large as originally reported and shrank further once family background was considered. We don't promise the shop “builds future success”.
ReviewRoszkowska-Hołysz, D., & Gąsiorek-Kowalewicz, A. (2020). Socjalizacja ekonomiczna dzieci w ujęciu ekonomii behawioralnej.
Studia i Prace Kolegium Zarządzania i Finansów, 25–45.
https://doi.org/10.33119/SIP.2019.176.2 What we take from it: A Polish review of children's economic socialisation: its quality depends on, among other things, the knowledge and behaviour of the adults around the child. That is why the conversation questions are for parents.
BookMischel, W. (2014). The marshmallow test: Mastering self-control. Little, Brown. Polish edition: Test Marshmallow, Smak Słowa 2015.
What we take from it: A book on self-control by the creator of the “marshmallow test” — best read alongside newer research (Watts et al. 2018) showing a weaker link with later outcomes.