Research Article

Teaching Money Literacy in a Positive Youth Development Program: The Project P.A.T.H.S. in Hong Kong

Table 1

A framework on money literacy for children and adolescents.

Levels of componentsName of componentsMajor contentsRelevant dimensions

Foundation levelNarrative AcquisitionDevelop an understanding of differences between needs and wantsDesire to gain money (Cognitive domain)
Cultivation of Traditional ValuesLearn the bio-psycho-social needs of human beings at different stagesMoney as a symbolic meaning of power (Cognitive domain);
Differentiate values about money, success, wealth, beauty, power, sex, self-worth, and self-esteemMoney as a symbolic meaning of good or bad (Value judgment domain)
Developing SkepticismDiscount claims made in ads and assertionsExchange power of money (Cognitive domain)
Dispute beliefs about hedonism and materialism

Advanced levelExperiential ExploringSearch for gratification and fulfillment from new emotional, moral, aesthetic, and sports experiencesTrouble encountered due to money (Cognitive and affective domains);
Sense of satisfaction arising from money (Affective domain)
Critical AppreciationDevelop the ability to make subtle comparisons and contrasts among different beliefs and behaviors about money, wealth, success, beauty, power, sex, self-worth, and self-esteemMoney as the criterion to determine success or failure (Cognitive and affective domains)
Social ResponsibilityDevelop a moral perspective that certain beliefs and behaviors are more constructive to society than othersCautious use of money (Cognitive, value judgment domain, affective, and behavioral domains)
Recognize that one’s own individual decisions and behaviors affect self, peers, family, and society
Recognize that there are actions an individual can take to make a more constructive impact on society