As mentioned before in the EUfin news section, the Flemish education curriculum includes compulsory financial literacy since September 2019. To prepare schools and teachers on the subject, and the develop evidence-based course materials, the Belgian EUfin partner KU Leuven develops innovative course materials. Using an open-call, teachers can enroll to test the developed materials.
On February 1, 2020, teachers can start using a simulation game on entrepreneurship, which is one of the key elements in the Flemish financial literacy curriculum. Thanks to the simulation game, students get familiar with the different divisions of a company, learn about social responsibilities for companies and understand the different tasks within a company.
In the simulation game, students become the CEO of a scooter company. They have to make decisions in how much money will be invested in research and development, in trainings for personnel or in marketing. Good decisions will result in profit, while bad decisions make sure that the company loses market share and goes bankrupt. The simulation game provides for students a safe environment to play with the different key decisions entrepreneurs have to make.
At the same time, the KU Leuven team will also test the effectiveness of the materials. It does so by using a randomized controlled trial. Schools are randomly assigned to control and treatment groups, such that the effect of the course material can be measured.
The results are expected by June 2020. Obviously, readers of the EUfin blog will find out about the results first!