“Teacher, my stock price rose!” In a fifth-grade classroom of Songsoo Elementary School located in Busan, everything is systematically run on money. The virtual money used as the class currency is named “Miso”. Since 2020, videos of this extraordinary class have been uploaded on the YouTube channel “Students Who Pay Tax”. Students in this classroom may choose from a variety of jobs according to their preference, credit rating, and the license they possess. Some students run their own business, paying the rental fee for their stores and holding events for customers; others take the role of government officials, bank clerks, classroom cleaners, or school lunch assistants. With the money earned, not only do they have the duty to pay tax, but they can also buy snacks from the store, choose popular seats, receive homework exemption coupons, or just save up. Investment is also possible: not in the actual stock market, but in the teacher's changing weight. Instead of the stock charts, students may decide whether to invest based on information such as the amount of exercise the teacher had each day. The classroom is full of practical activities that have been carefully planned out by the teacher, and unexpected events occur daily. For example, the teacher could be charged for the embezzlement of students’ taxes or students could suggest a law to play dodgeball at least once a week. Students actively participate in these events, applying what they learned in Math, Social Studies, and Korean into realistic situations. In a society where it is important to be able to manage money independently, such economic and social education that is applicable to everyday life is crucial. The Hanyang Journal met Ok Hyo-jin, the homeroom teacher whom is the president of this miniature society, and the creator of “Students Who Pay Tax”.

 

1. Teacher Ok Hyo-jin, in the Classroom

Q. Please introduce yourself briefly.

A. Hello, I’m Ok Hyo-jin, a teacher at Songsu Elementary School in Busan. I am currently running the YouTube channel, “Students Who Pay Tax”. I record and introduce the class currency activities by uploading videos on my channel and showing various aspects of the classroom.

Q. Through your channel, you demonstrate economic and social education where students can easily take part and learn from. What was your motivation to start this kind of activity?

A. I chose economics and got good grades on the College Scholastic Ability Test, also known as Suneung. But when I started working and received payment, I realized I did not have the economic knowledge necessary in real life. I did not know what credit rating was, and I was not aware of the difference between deposit and installment saving. This made me feel utterly confused about how I should manage my salary. So I thought it would be helpful if schools could teach essential economic and financial knowledge. That is why I thought of a virtual currency that could be used by my students in the classroom.

Q. Why did you choose the word “Miso” for your virtual currency?

A. “Miso” means “smile” in Korean. I hoped that through these activities, students could smile when coming to school. It is also easy for young students to pronounce.

Q. How are the students’ reactions to the economic education and activities in class?

A. I think most students are very interested and immersed in the activities. The participation rate is also very high. Whenever we start a new project, they anticipate and look forward to take part. There are more students who say that coming to school is fun, thanks to the class currency activities.

Q. In one of the videos, we noticed that you embezzled the students’ tax. Why did you do so?

A. The taxation system of our classroom is similar to that of a country’s. Thus the students, who are the citizens, are required to pay tax. The tax is used to buy any necessary equipment or service in the classroom. However, I noticed that students were not checking whether their tax was being used well. In order to teach the importance of having interest in how their taxes are getting used at all times, I planned the embezzlement case as the president. Through this event, students noticed that taxation is not just a practice of oneway payment by the citizen.

Q. It was surprising how creative and logical the students were when they were presenting or answering questions. Were there any memorable moments in the classroom or creative aspects of students that surprised you?

A. We once carried out a mock investment where students could invest in the ranking of songs on a music streaming platform. Their profits would depend on the rise and fall of a particular song’s ranking on the chart. I was very impressed how each student invested based on their own meaningful analysis. I remember one student saying that as it was autumn, people would listen to ballad, so they should invest in Paul Kim’s songs which have notably subtle tones.

Q. As well as economic education, what should students consider important?

A. I am trying to teach the importance of understanding and managing money well, not that money is the best, by accompanying ethical education. I think it is necessary to let them know that although money is valuable, there are also other, more important values such as friendship, love, and trust. 

 

2. Teacher Ok Hyo-jin, Outside the Classroom

Q. After opening “Students Who Pay Tax” in 2020, the channel received a lot of attention and praise from its 100,000 subscribers. When were you most proud of your achievement?

A. I feel rewarded when I see the comments that my subscribers have left, especially ones which say that they have always thought this kind of education is essential in school, and that it would have been pleasant if they had experienced it too. I feel like it means that many people agree on the necessity of economic education apart from that learned through textbooks. I also feel proud when I meet teachers who have actually started class currency activities after watching my videos which contain information and tips on how to run them.

Q. How are you spending your summer vacation these days?

A. I am currently planning on how I should conduct the activities in the second semester. Also, I am participating in various training sessions for student e d u c a t i o n a n d w o r k i n g h a r d o n constructing a training program for teachers. Since there is a lot of trialand-error in the process of starting a class currency project, I am thinking of introducing my activities through the program.

Q. Is there anything new that you would like to try in or out of class?

A. The activities using “Miso” occur only within the classroom at the moment. But I would like to expand it and establish an environment where it is possible to interact and trade with other classes, grades, and even schools!

Q. Do habits from your job impact your personal life? If so, how does your profession influence your behavior outside the classroom?

A. I realized that I keep referring myself as a teacher when talking to children. There was a time when I did so to my cousins in elementary school and even to children I met on the street. Also, when children whom I do not know are running around in public, I cannot help noticing them and sometimes feel the urge to instruct them.

Q. Recently, there have been many university students who are interested in investment and have started studying in order to understand economic flows. Do you have any tips for these students?

A. I think that it is a positive phenomenon that many students are gaining interest in investment. For a while, our society had only been emphasizing saving and being thrifty. However, I think it is dangerous if you only focus on studying how to invest. It is better to balance your study and explore a wide variety of economic and financial areas.

Q. Lastly, please give advice to those who dream of becoming educators.

A. Your life as a teacher may be different from what you had pictured outside the classroom. But regardless of the disparity, find something that you can really enjoy. It will help you discover your possibilities and stay happy!

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