Children’s monetary decision making : the role of metacognition in everyday problem solving

Chwee Beng Lee, Noi Keng Koh

Research output: Chapter in Book / Conference PaperChapter

3 Citations (Scopus)

Abstract

The importance of adult and youth financial literacy in various countries is being increasingly recognised as both the spending potential and access of Singaporeans increases with the rise of affluence in society. It is therefore important to understand how children exercise logical reasoning when making monetary decisions so that we may design interventions to foster children's monetary decision making. Metacognition is an important aspect of problem solving because it includes problem-relevant awareness of one's thinking, monitoring of cognitive processes, regulation of cognitive processes, and the application of heuristics. It is especially essential in the context of solving everyday problems when problems mat be highly emergent and ill-structured. This paper discusses the role of metacognition in children's monetary decision process. Next, it argues for the importance and implications of fostering metacognition to develop children's monetary decision making processes with the introduction of a problem solving framework.
Original languageEnglish
Title of host publicationInternational Handbook of Financial Literacy
EditorsAprea Carmela, Eveline Wuttke, Klaus Breuer, Noi keng Koh, Peter Davies, Bettina Greimel-Fuhrmann, Jane S. Lopus
Place of PublicationSingapore
PublisherSpringer
Pages415-424
Number of pages10
ISBN (Electronic)9789811003608
ISBN (Print)9789811003585
DOIs
Publication statusPublished - 2016

Keywords

  • Singapore
  • decision making in children
  • finance, personal
  • metacognition in children

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