Game-based learning as a gateway for promoting financial literacy – how games in economics influence students’ financial interest

Abstract

The teaching of financial literacy through game-based approaches is legitimized by the ability of game-based learning (GBL) to simulate financial decisions that young people have not yet encountered in their lives due to limited legal capacity and economic dependence on the parental home. Although results on the general effectiveness of games are already available, the question about for which students GBL is effective in teaching financial literacy has not yet been researched in depth. Based on pedagogical interest theory, a pre–post design (n = 50; 30 female students) was conducted to investigate the effects of high school students’ individual prerequisites on their game experience and their development of situational interest by playing an analog game and debriefing. The main findings indicate that a higher level of prior motivation for this topic has a positive effect on game experience and situational interest. A high level of prior knowledge and leisure activities concerning finance may have a somewhat negative effect. Such games are particularly suitable for students who are aware of the subjective significance of finance but have not previously had the opportunity to engage with this topic for different reasons.

Financial literacy decision tree game: A system development exposé

“…Hence, motivation and the mode of offering are vital to engaging students in financial content. Platz and Jüttler (2022) found that motivated students in finance have a positive link to the game experience. The success of financial education depends on "learning from doing".…”

Digital competency as a key to the financial inclusion of young people in complex scenarios: A focus groups study

“…However, Morgan et al (2019) provide a complete definition, focusing not only on knowledge but also on critical awareness, pointing out four fundamental elements: (1) knowledge of digital financial products and services (payments, asset management, or financing through digital means); (2) awareness of digital financial risks (online fraud and cybersecurity risks such as phishing, pharming, spyware, and SIM-card swapping); (3) control of these (knowing how to protect yourself from the risks derived from the use of digital financial services); and (4) knowledge of consumer rights and fraud-redress procedures (in the case of being a victim of fraud or loss, knowing your rights, where to go for help, and how to obtain redress). These contributions to digital financial literacy allow progress in developing specific training programs and evaluation tools (Lyons & Kass-Hanna, 2021; Platz & Jüttler, 2022).…”