On the 9th, the classroom of the 4th grade, class 4 at Deokui Elementary School in Guro-gu, Seoul was engulfed in a "stock investment race." Nineteen students inside the classroom were deep in thought, holding a class economic newspaper in their left hand and an investment portfolio worksheet in their right hand. The game was set in South Korea during the 1960s. The newspaper featured articles with headlines such as "Light industry becomes a new strategy" and "Are the three hundred industries collapsing?" The students were choosing how much of the simulated currency to invest in eight corporations from different sectors, including textiles, food, and oil refining.
"Life is all about striking it big!" When a mischievous student attempted to concentrate on investing in a single stock, a stern admonition came from the teacher. "Everyone, you shouldn’t put all your eggs in one basket. If you're not careful, you might break them all." The one who transformed an ordinary classroom into a stock investment experience space is teacher Park Min-soo (35). The stock investment race conducted that day is a learning method in which Park participated in its development. It is characterized by teaching the economic development of South Korea by allowing students to indirectly experience stock investment. Designed to reflect the trends of industrial development at the time, the prices of the corporations fluctuate, and students select investment items based on the information presented in their textbooks. The educational goal of the stock investment race is to instill a "study before investing habit" in students at an early age.
Park is an eighth-year elementary school teacher who started teaching in 2017. He has been conducting financial education in his class for the past six years since 2019. The motivation was simple. Park recalled, "In 2019, out of 25 students in my class, 5 wrote down 'landlord' as their future dream," and added, "The children wanted to earn a lot of money, but they had no idea how to save money." Park noted that "many students are unaware of concepts like salary, savings, and investment," and said, "Once, when I asked students if they had ever visited a bank, about half had never been to one."
That day's consultation made Park reflect on his past. He had dreamed of becoming a Chief Executive Officer (CEO) in his childhood, but he entered teacher training college on the advice of his grandfather, who was a teacher. After entering teacher training, he applied for the local education department and stepped into the teaching profession, living a life somewhat disconnected from economic principles. Park shared, "Until my military service, I thought that banking savings was all there was to finance, and I didn’t even know that I had to give a deposit of 10% when signing a real estate contract," and added, "I once dreamed of becoming a CEO, but I remembered that I was financially illiterate even as an adult." Afterward, Park resolved that "at least the children I teach should have the opportunity to receive financial education so that they do not follow the same path I did."
The following year, Park founded the Seoul Elementary Economic Financial Education Research Society with like-minded colleagues. The research society, which started with two members, has now grown into an organization with 65 members. Park has served as the president of this society since last year. The society has not limited itself to merely discussing financial education theories but has developed practical learning methods that can be utilized in classrooms. The stock investment race is also an experiential learning method created by the society's members working together. Currently, the research society is releasing materials for the stock investment race for free on platforms like the online community for elementary school teachers, Indyschool, and is striving to spread financial education.
Additionally, Park and the society members developed a board game called "Rich Road" last year. Rich Road is a game in which players accumulate money by repeatedly investing and consuming to earn happiness points. The participant who first has their asset income exceed total expenditure and achieves their happiness goal wins the game. From game design to selecting a production company, Park and the society members dedicated nearly a year of their own time and finances to the game's creation. Park introduced the game, saying, "It can be used as an experiential teaching tool in schools, and I hope parents can teach finance to their children in an easy and fun way at home."
When asked if it is too early for elementary school students to learn about finance, Park responded, "Actually, this is the right time." He emphasized, "High school and middle school education inevitably returns to an exam-oriented approach," adding, "In elementary school, we can try various educations without being tied to exams." He continued, "The goal of financial education is to ensure that students do not perceive economics too rigidly but experience the principles of money movement and develop a correct economic mindset."
Park plans to extend financial education beyond the school with the society members. His number one item on this year's bucket list is volunteering in education. Park shared, "Having conducted financial education for nearly six years, I feel that those who need this education the most are children from economically vulnerable backgrounds." He further noted that "Children from economically vulnerable backgrounds should receive financial education to develop proper consumption habits and avoid becoming victims of scams." Park stated, "We plan to carry out our first volunteering activity at a child welfare facility during the first half of this year," adding, "I think it will be a good experience for me as an educator."