FINANCIAL EDUCATION FOR CHILDREN IN GONGSOL VILLAGE: INSTILLING THE IMPORTANCE OF SAVING EARLY

General Background: Financial literacy is essential for developing responsible financial
behaviors, particularly when introduced at an early age. Specific Background: In
Gongsol Village, financial education programs targeting children aim to instill the
importance of saving and financial management from a young age. Knowledge Gap:
However, financial literacy initiatives specifically designed for children in rural
communities remain limited, and their long-term effectiveness has not been thoroughly
explored. Aims: This study evaluates the implementation of a financial education
program that focuses on basic financial concepts, such as the distinction between needs
and wants, managing pocket money, and saving practices. Results: The program
engaged children through interactive educational activities, with 100% of participants
expressing a clear understanding of the materials and a desire to continue their financial
education. Additionally, the children demonstrated improved awareness of the value of
saving and financial planning. Novelty: This program highlights a tailored approach to
rural financial education, effectively bridging the gap in early financial literacy initiatives
in underserved areas. Implications: The program’s success indicates the potential for
similar interventions in other rural areas, promoting financial discipline and preparing
future generations to face economic challenges with greater competence. Further
research could explore the long-term impact of such education on financial behavior.