Education or entertainment?

Abstract

In this chapter, we review the various ways games are used in financial education. We start by discussing the evidence on the links between financial education and financial literacy, and note that active learning methods, of which games form an important part, have been found to provide promising results. We introduce the distinction between serious games and entertainment games as a basis for our analysis. We note that students can learn valuable skills either at their leisure time or as part of formal learning experiences. We then discuss the education science literature on the implications of games for learning and devote a section to analyze the learning implications of games in financial education. Toward the end of our chapter, we discuss examples of different types of games used for educational purposes: digital games, board games, and role-playing games. In the concluding section, we provide some practical advice to teachers and other educators.

Deterioration of the subjective financial well-being during the coronavirus pandemic: a latent transition analysis

“…Banks, individually or in cooperation with other banks, can create educational portfolios marketed mainly to women and young people to increase their resilience to a financial crisis. The portfolios can include such topics as interest rates, inflation, risk diversification and knowledge about alternative ways of saving, borrowing and investment or different retirement and decumulation plans (Rink et al, 2021) Additionally, banks may increase the use of gamification strategies (Bayuk and Altobello, 2019;Kalmi and Sihvonen, 2021) to simulate (future) crises (e.g. climate change) in preparing individuals to cope with potential financial challenges tied to these scenarios (Donthu and Gustafsson, 2020).…”