Research Paper

1. DEVELOPMENT OF FINANCIAL MANAGEMENT SKILLS THROUGH ICT BASED
INTERACTIVE INSTRUCTIONAL MODULE: AN EXPERIMENTAL STUDY
Issac Paul1 and Dhiresh Kulshrestha2
1Assistant Professor, Department of Commerce Education, Govt. College of Teacher Education, Thiruvananthapuram,
Kerala, India
(Email id: chenal4u@gmail.com)-09447588913
2Dhiresh Kulshrestha, Associate Professor of Economics, Faculty of Business Management, Marwadi University Rajkot,
Gujarat, India
(Email id: drdhireshkulshrestha@gmail.com)-09425728600
ABSTRACT:
Education for financial management reflects the capacity and willingness to develop,
organize and manage a business venture through effective dealing of finance along with any of
its risks to make a profit. It can be characterized by innovation and mainly risk-taking in ever
changing and increasingly competitive global market place. The ability to manage financial
resources is essential for everyday activities. Well- informed and financially educated people are
able to make better decisions for their families and, thus lead to higher financial security and
well-being (Hilgert and Hogarth, 2003). The essentiality for developing financial management
skills that focuses for the development in financial markets by sustains each nation’s position in
global market.
A country like India with high young demographic dividend and socio- economic
diversities demands people with high competency and capacity in financial management.
Financial management as a part of higher secondary school curriculum; only focusing for the
theoretical aspects without follow a mechanism to develop properly its management and its
competency dimension. No specific Instructional modalities are developed in this direction. By
considering these aspects the investigator made an attempt to develop an instructional module
enable them to attain select financial management skills viz skill of Cash management, Capital
budgeting decision, Working capital management and financial planning in an ICT based
interactive platform. From the study it can be concluded that the developed module is effective
for enhancing financial management skills among higher secondary commerce students; can be
implemented in our learning platforms which are relevant and significant.
Keywords: Capital budgeting decision skills, cash management skills, financial management,
financial planning skills. Financial security, instructional module, working capital
management skills.
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2. I.INTRODUCTION
The field of education has seen a sweeping transformation in the past two decades. The
changing scenario of world economy and innovation in information and communication technology
has resulted in the beginning of a lot of new drifts in education. Modern day education is all about
innovation, accessibility and suitability. From kindergarten to university, students are encouraged to
learn through interactive and practical tools. These radical trends have benefitted those people who
want to get practical knowledge for their personal and professional growth.
Educational institutes are more focused now to prepare their students for the job market. Most
of the students prefer schools and universities that are associated with specific disciplines. A lot of
emphasis is placed to prepare the curriculum according to the demands and practices of the selected
field, and students are guided according to a well-defined career pathway. Apart from this, students
are synthesized with the environment of their chosen field through experiential programs and practical
orientation.
Increasing global commerce and competition provides much of the fuel that drives the call for
education reforms. Many more nations are industrializing and competing in the global market. The
nations with the best mind and best education will lead the world economically. In an epoch of
globalization the advancement and welfare of the nation depends upon its commerce and industry.
Properly trained manpower is one of the important elements in economic growth. India has great
financial and economic potentials, if it is properly harnessed by institutionalizing financial
management in education to enhance economic sustainability, prosperity and value addition.
Education for financial management reflects the competence and willingness to develop, organize
and manage a business venture through effective dealing of finance along with any of its risks in order
to make a profit. It can be also characterized by innovation and mainly risk-taking in ever changing
and increasingly cutthroat global market place. The ability to manage financial resources is essential
for everyday life activities. Well-informed and financially educated people are able to make better
decisions for their families and, thus lead to higher financial security and well-being (Hilgert and
Hogarth, 2003). The essentiality for developing financial management skills and competencies
focuses for the development in financial markets by sustains each nation’s position in universal souk.
So, the accountability of managing and deciding our future financial needs has been vested in our
young generations. Children are growing up in an increasingly complex world where they will
eventually need to take charge of their own financial future. Educational programmes such as
seminars, workshops and even printed pamphlets have been recognized as tools to improve financial
knowledge and enhance financial skills (Bayer et al., 2009; Borden et al., 2008; Fox et al., 2005;
Lusardi and Mitchelli, 2007; Peng et al., 2007).
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3. However, knowledge about students’ financial skills and educational needs enable the
policymakers and financial planners to develop appropriate strategies and programmes to augment
students’ financial awareness, knowledge, skills and competencies. Enhancing students’ financial
skills would benefit the individual, finance services providers, society and the nation. Poor financial
decisions can have a long- lasting impact on individuals, their families and society. The causes of the
recent financial crisis were complex, but the lack of financial literacy was certainly one of the
aggravating factors leading to ill-informed decisions on mortgage loans. Low levels of financial
literacy have also been associated with a lower standard of living, decreased psychological and
physical well-being and greater reliance on government support. Proper, systematic and structured
education platform is only a way out to uphold the spirit of financial management and thereby up
bribing financial literacy and financial management skills. Financial education can make a difference.
It can empower and equip young people with the knowledge, skills and confidence to take charge of
their lives, build a more secure future for themselves and their by build an advance nation.
Review of Literatures
In a study was conducted by Gerasimos and Costas (2010) entitled Combining Lectures and
Case Studies in Teaching Financial Management to MBA Students: A Quantile Regression
Exploration of the Impact on Learning Styles and Critical Thinking Skills. The study concluded
that final formation of learning styles affect indifferent ways student performance, diversification of effects
of developed critical thinking skills on student performance and different effects of the final patterns of student
learning styles on each of five critical thinking skills subscales. Student learning styles identification and their
critical thinking skills assessment as a way for improving teaching strategies is documented, quantile regression
use is emphasized and further research methodology replication and corroboration of results is suggested.
Sidney Weil, Joanna and Colin (2010) in an investigation on a study of students' perceptions of
the usefulness of case studies for the development of finance and accounting-related skills and
knowledge. The investigators adopted questionnaire based study was conducted in a postgraduate
(Honours) class at a South African university. Analysis of the results reveals significant differences in
students' perceptions of the benefits of the use of cases. Gender and prior academic performance-
based differences in perception were also found. The study is useful for educators who use, or intend
to use, case studies, as it highlights issues, such as the learning objectives of the course, which need to
be addressed prior to curriculum design.
Leila, Laily, Maimunah, Sharifah and Jariah (2011) did a study on Assessment of university
students’ financial management skills and educational needs. Data were collected among Malaysian
public and private university students. The scores for the financial management skills were computed
and the results revealed that significant differences in the mean score among ethnic groups with
Chinese students scoring the lowest compared to other ethnic groups. Public university students were
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4. perceived to have higher financial management skills compared to private university students.
However, there was no gender difference in the score. Concerning the financial education needs,
students indicated that they needed training related to career planning.
The study conducted by Juma and Roselan (2012) on Exploring Perceptions of Parents on Head
Teachers’ Financial Management Skills in Public Primary Schools in Tanzania Interviews were
used to collected data about head teachers’ management of financial resources in public primary
schools in Tanzania. Findings from the interviews revealed that head teachers are insufficiency of
significant financial management skills. The participants demonstrated that the current disbursement
procedure is necessary for school effectiveness. However, findings revealed uncertainty and sustainability of
the funding mechanisms given the current environment of financing primary education. The findings of this
study are important for policy makers.
Ruth (2013) has attempted a study on Factors Influencing Effectiveness of financial
management in secondary Schools In kitui central district of Kitui County, Kenya. The study
adopted descriptive survey design with both qualitative and quantitative data analysis approaches. The
findings from this study are that: the principals’ training influences financial management to a very
large extent and there is a very strong relationship between financial management training and
effectiveness of financial management in secondary schools; the experience of a principal is very
necessary in effectiveness of financial management and to a large extent the principals’ education
level influences effectiveness of financial management and that the District Education Office and the
Board of Governors influence principals’ financial management in public secondary schools.
Very less research studies have been conducted on education for financial management and its
corresponding skills development practices in Indian contexts. A country like India with high young
demographic dividend and socio- economic diversities demands people with high competency and
capacity in financial management. Financial management as a part of higher secondary school
curriculum; only focusing for the theoretical aspects without follow a mechanism to develop properly
its management and its competency dimension. No specific transactional or Instructional modalities
are developed in this direction. By considering these aspects the investigator made an attempt to
develop an instructional module enable them to attain select financial management skills viz Cash
management skills, Capital budgeting decision skills, Working capital management skills and
Financial planning skills. Hence this study assume significant.
Statement of the Problem
The study made an attempt to develop an interactive ICT based Instructional module for students
belongs to commerce stream in higher secondary level with a primefocus to enhance select financial
management skills following an experimentation by testing the effectiveness of the developed
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5. module. Hence the present study can be entitled as DEVELOPMENT OF FINANCIAL MANAGEMENT
SKILLS THROUGH ICT BASED INTERACTIVE INSTRUCTIONAL MODULE: AN EXPERIMENTAL STUDY.
Hypotheses of the Study
1. The developed ICT based interactive instructional module is effective for enhancing select
financial management skills among commerce students at higher secondary school level.
2. There is no significant difference in the mean scores of treatment group and control group in
financial management skills at higher secondary level (sub skill wise) viz
a. cash management skill
b. working capital management skill
c. capital budgeting decision skill
d. financial planning skill
Objectives of the Study
1. To develop an ICT based interactive instructional module for enhancing select financial
management skills among commerce students at higher secondary school level.
2. To test the effectiveness of ICT based interactive instructional module for enhancing select
financial management skills among commerce students at higher secondary school level.
3. To compare the effectiveness of the developed ICT based interactive instructional module and
prevailing activity oriented method with regard to financial management skills:
a. cash management skill
b. working capital management skill
c. capital budgeting decision skill
d. financial planning skill
II. MATERIALS AND METHODS
Method
In this investigation the investigator made an attempt to develop an ICT based interactive instructional
module with an objective to enhance select financial management skills among commerce students at
higher secondary level through testing its effectiveness by comparing with control group. Here the
investigator selects experimental method with Pre test Post test Non Equivalent Group Design.
Variables
a. Independent Variable
The independent variable in the present study was ICT based interactive instructional module
(treatment for experimental group) and prevailing activity oriented method (treatment for control
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6. group).
b. Dependent Variable
The dependent variable in the present study was the attainment of select financial
management skills.
Population
A population is any group of individuals that has one or more characteristics in
common and that are of interest to the researcher. In the present study, the whole higher secondary
schools in Kerala following state curriculum in commerce as the population.
Sample
The sample constitutes 60 students of XII students of Concordia Lutheran higher secondary
school in Thiruvananthapuram district, Kerala.
Tools and Materials used
The following tools will be employing in the present study.
a. Lesson transcripts based on the developed instructional module.
b. Financial Management skills Assessment Test (A situational task based test comprised of
four major financial management skill; validated and standardized by the investigator).
Statistical techniques adopted
(i) ANCOVA
(ii) t-test
(iii) Brief Structure of the developed ICT based Interactive Instructional Module
a. Objectives of the instructional module the pupil;
 To generate competence to analyze the key objectives of financial management skills.
 To capacitate the specific role of finance functions and its importance in developing financial
management skills.
 To reflect the unique dimensions of cash management skills.
 To assimilate the factors influencing capital budgeting decision.
 To interlock the tents of financial planning in financial management skill development.
 To replicate the importance of working capital and in the acquisition of financial management.
 To build strategies to engender financial management
 To design mechanisms to enhance the financial decision making.
b. Guidelines to Instructional Practitioners
This instructional module is designed exclusively to enhance the financial management skills among
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7. I • INTRODUCTION PHASE
II
III
IV
V • ASSESSMENT PHASE
• REFLECTION PHASE
• ANALYSIS PHASE
• PRESENTATION PHASE
commerce students.
 This module is an instructional aid for higher secondary school students with commerce as main
stream discipline.
 This module intends to complete with a minimum duration of 10 transactional hours.
 The successful implementation of this module depends upon the creative, constructive and
cooperative interaction among and between teacher and students in the ICT based platform.
 Group task, individual study, self-assessment, group assessment etc. are the uniqueness of this
module.
 Efforts are made by the practitioners to help the student to understand the topic easily and quickly,
will help students to manage financial matters in a most effective manner.
 This instructional module can be brought to fruitful completion only by the mandatory
intervention of the teacher.
Fig 1 Phases involved towards the working of the Module
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8. III. RESULTS AND DISCUSSIONS
Test of significance for difference between means of financial management skills of experimental group and
control group (Total sample) using Analysis of Co-variance (ANCOVA)
Table 1
Analysis of Co-Variance of pre-test and post-test scores of financial management skills of experimental and
controlgroup
Source of
variation
Df SSx SSy SSxy SSy.x MSy.x
Among means 1 340.82 1392.0
2
688.78 1102.2 1102.2
Within groups 57 5814.83 1418.9
7
992.57 1249.
54
21.92
Total 58 6155.65 2810.9
8
1681.
35
2351.
74
The obtained value of F is 50.28 and is greater than the table value at 0.01 level (i.e., 7.08) and
hence is significant (F = 50.28; p<0.01). This shows that the final meanscores of treatment groups
differ significantly after they have been adjusted for difference in the pre-test scores.
Table 2
Adjusted means of post-test scores in the treatment groups
Groups Number of students Mean of pre-test Mean of post-test Adjusted post-
test
Mean
Control 30 108.97 120.5 120.91
Experime
ntal
30 113.73 130.13 129.73
The significant difference between the adjusted post-test means indicate that the pupils of
experimental and control group differ significantly in their post-test scores of financial management
skills. Since the adjusted mean of experimental group is significantly greater than that of the control
group, the experimental group is superior to the control group in post-test scores of financial
management skills. It may therefore be concluded that pupils taught through instructional module had
better select financial management skills than those who taught through Activity method. From the
analysis of the total scores of pupils in the experimental and control groups using the statistical
technique, Analysis of Co-variance, it is clear that the teaching based on the instructional module is
more effective than Activity method with regard to the development of select financial management
skills. Hence hypothesis 1 is accepted.
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9. Figure 2
Analysis of means of post-test scores of financial management skills of the treatment groups
Financial management skill analysis: [Skill of cash management]
Table 2
Test of significance for difference between means of cash management skill of experimental and control group
Variable Category Number of
students
Mean Standard
deviation
C.R Level of
significance
cash management
skill
control group 30 31.5 2.01 5.2
3
0.01
experimental
group
30 34 1.67
The calculated value of C.R is 5.23 and is significant at 0.01 level (C.R. = 5.23; p<0.01). Since
the mean of the experimental group is significantly greater than that of the control group, students in
the experimental group are superior to those in the control group in cash management skill. Hence
hypothesis 2 (a) is accepted.
Skill of working capital management:
Table 3
Test of significance for difference between means of working capital management skill of experimental and control
group
Variable Category Number of
students
Mean Standard
deviation
C.R. Level of
significance
Working capital
management skill
control group 30 25.6 2.2 5.8
7
0.01
experimental
group
30 29.33 2.7
From the Table 3, it is clear that the t value is 5.87 and is significant at 0.01 levels (t-value=
5.87; p<0.01). Since the mean of the experimental group is significantly greater than that of the
control group, students in the experimental group are superior to those in the control group in working
capital management skills. Hence hypothesis 2 (b) is accepted.
14
0
12
0
10
0
80
60
40
Control group
Experimental
Post-test
scores
of
financial
management
skills
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10. Skill of capital budgeting decision:
Table 4
Test of significance for difference between means of capital budgeting decision skill of experimental and group
control
Variable Category Number
of
students
Mean Standard
deviation
C.R. Level of
significance
Capital-budgeting
decision skill
control group 30 31.57 2.46 3.13 0.01
experimental
group
30 33.43 2.16
In the above Table 4; the calculated value of C.R. is 3.13 and is significant at 0.01 level (C.R. = 3.13;
p<0.01). Since the mean of the experimental group is significantly greater than that of the control group,
students in the experimental group are superior to those in the control group in capital budgeting decision
skill. Hence hypothesis 2 (c) is accepted.
Skill of financial planning:
Table 5
Test of significance for difference between means of financial planning skill of experimental and control group
Variable Category Number of
students
Mean Standar
d
deviatio
n
C.R. Level of
significance
financial planning skill control group 30 24.77 1.63 2.19 0.05
experimental group 30 26.3 3.48
The calculated value of C.R. is 2.19 and is significant at 0.05 level (C.R. = 2.19; p<0.05).
Since the mean of the experimental group is significantly greater than that of the control group,
students in the experimental group are superior to those in the control group in financial planning
skill. Hence hypothesis 2 (d) is accepted.
IV. Conclusion
The major conclusions and findings from the analysis of test scores are given below: To enhance the
select financial management skills of students taught through the Instructional module is
significantly more effective than the existing activity oriented method.
This conclusion is substantiated by the following findings of the study.
 The post test scores of pupils in the experimental and control group were compared, control group
and experimental group revealed that there is significant difference between control group and
experimental group in post-test scores of financial management skills. The experimental group is
superior to the control group in post- test scores of financial management skills.
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11.  The ANCOVA of the pre-test post test scores of the pupils in the experimental and control group
shows that the significant difference between the adjusted post-test means indicate that the pupils
of experimental and control group differ significantly in their post-test scores of financial
management skills after they have been adjusted for difference in the pre-test scores. Since the
adjusted mean of experimental group is significantly greater than that of the control group, the
experimental group is superior to the control group in post-test scores of financial management
skills.
 Significance for difference between means of cash management skill of control group and
experimental group revealed that there is significant difference between control group and
experimental group in cash management skill.
 Significance for difference between means of capital budgeting decision skill of control group and
experimental group revealed that there is significant difference between control group and
experimental group in capital budgeting decisionskill.
 Significance for difference between means of financial planning skill of control group and
experimental group revealed that there is significant difference between control group and
experimental group in financial planning skill
From the study it can be concluded that the Module is effective for enhancing financial
management skills among higher secondary commerce students. It has a great influence in improving
the academic performance and daily life of pupil’s drastically. Hence the module can be effectively
used in our present classroom set up and the topics included in the module are relevant and
significant.
V. Recommendations:
The following are the recommendations, educational implications and suggestions of the study:
 The Instructional module is very effective for enhancing financial management skills among
higher secondary school students. It enables the students to understand the importance of financial
management skills and how it is useful in the business as well as their personal life.
 The instructional module related to real life situation of the students hence learning becomes more
meaningful for them. It is helps the students to develop the problem solving and decision making
ability. The new strategy which can make commerce classes highly interesting and there by
develop a positive attitude in the children towards business studies.
 The instructional module can be used as a remedial teaching material in the teaching system and it
reduces the complexity and creates interest towards business studies. Teacher should provide
opportunities for students to develop knowledge about the financial management skills.
 The findings of the present study would lead to a better understanding to the advantages of
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12. innovative teaching/ learning strategies .viz. Instructional module helps to provide motivation to
the students to learn more effectively and better retention of learning material, support curriculum
planners to design new curriculum based on this module, and motivate investigator to undertake
further studies related to this area.
VI. Limitations of the study:
Any study has its own limitation according to the sample size and scope of the research. Another
potential limitation of the study is that it has focused on selected area of research. The investigators
acknowledge their sincere thanks to the experts for validating the ICT based instructional module and
financial management skill test. The investigators indebted to the authorities of Lutheran Higher
secondary school, Thiruvananthapuram, Kerala for granting permission for conducting experiment
successfully.
VII. Conclusion: The present study gives few noteworthy implications for development of financial
management skills through ICT for students, researchers, and policy makers as of the professional
attributes considered for this study come under the control financial management skills, the students and
the organizational benefits. The findings, therefore, will be useful for decreasing professional conflicts
in multiple levels. Overall, the study concludes that the development of financial management skills
considered for the study are important for techie -practitioners of the area.
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