This study aimed to propose collaborative experiential learning for effective financial education, and to
identify variables that predict learning outcomes. Based on the characteristics of collaborative experiential
learning, the study supposed satisfaction and academic interest as criterion variables, self-regulation, flow
and co-regulation as predicting variables. Data were collected from 78 middle school students that engaged
in collaborative experiential learning for the Free Semester Program in Seoul, Korea and then analyzed
through descriptive statistics, correlation analysis, multiple regression and multiple mediation analysis
methods. Results of the study are as follows: First, flow and co-regulation significantly predicted perceived
satisfaction and academic interest in collaborative experiential learning. Second, flow and co-regulation
mediated between academic self-regulation and learning outcomes (satisfaction and academic interest). Based
on these results, to promote learning outcomes in collaborative experiential learning, strategies to improve
academic self-regulation, flow, and co-regulation in instructional design were proposed.