Using Online Games To Teach Personal Finance Concepts

Huang, Chin-Wen; Hsu, Chun-Pin

doi:10.19030/ajbe.v4i12.6611

Cited by 7 publications

(7 citation statements)

References 7 publications

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“…At the classroom level, role-playing and simulation games such as Farm Blitz, Refund Rush, Wall Street Survivor are often used to improve student learning on personal finance topics. Online games are found to have even higher learning outcomes (Huang & Hsu, 2011). Young adults owing a bank account are found to engage more with financial content.…”

Section: Fig 2 Financial Wellnessmentioning

confidence: 98%

Are Stock Market Training Programs worth it?

Manda

2022

Indonesian. J. Contemp. Edu

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Personal Finance, Investing, and Trading are life skills that prepare individuals to become financially comfortable in their lives and lead happy life. While some of these skills can be acquired from family members or can be drawn from first-hand personal experiences, training programs are found to make a profound positive impact. A questionnaire is administered to 278 stock market participants to understand the impact of stock market training programs conducted in the form of seminars and webinars. The study finds that the training programs have given substantial edge in their trading and investing activities and are worth spending time and money on them. Self-experiences, training programs, and stock market books are the most significant sources of stock market wisdom. Findings from this research can help financial intermediaries in better building investor awareness programs.

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Section: Fig 2 Financial Wellnessmentioning

confidence: 98%

Are Stock Market Training Programs worth it?

Manda

2022

Indonesian. J. Contemp. Edu

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“…However, the extent to which GBL can be used effectively to promote financial literacy has not been empirically tested. The few studies conducted to date in this domain confirm an advantage of GBL over traditional learning methods in terms of an increase in financial knowledge (Duzhak et al, 2021; Huang and Hsu, 2011; Wilson et al, 2020). This is also evident across domains, especially in mathematics and language learning (Wouters et al, 2013).…”

Section: Game-based Financial Educationmentioning

confidence: 99%

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

Platz

Jüttler

2022

Citizenship, Social and Economics Education

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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.

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“…Simulated business learning effectiveness is gauged by participants' learning of underlying simulated business concepts enhancing their understanding of the link between their decisions and resultant simulated business performance outcomes, There is a lack of empirical evidence on factors limiting GBL success (Carenys and Moya, 2016) and specifically a lack of research examining simulations' learning effects (Wood et al, 2009) hence, "researching the impact of simulations on learning outcomes becomes more relevant" (Nugent and Stoyanov, 2019, p. 193). Several studies examining simulated business use effectiveness, report a positive effect on learning, (Wynder, 2004;McEacharn, 2005;Vos and Brennan, 2010;Huang and Hsu, 2011;Avramenko, 2012;Krom, 2012;Yalabik et al, 2012) however, some studies conclude otherwise. In the work of Ramnarayan et al (1997) groups of students ran a simulated garment factory but most groups struggled with improving production performance, as students did not understand how to coordinate activities and their interdependence.…”

Section: Hypotheses Development and Theoretical Model 21 Simulated Business Use: Learning And Performancementioning

confidence: 99%

“…Studies using perceptions to capture learning, measure affective learning (attitudes or feelings towards learning) rather than cognitive learning (thinking involved in learning or understanding) (Clarke, 2009; Palmunen et al , 2013). Objective learning measurement, is important for additional conclusions on simulated business learning effectiveness (Wideman et al , 2007; Anderson and Lawton, 2009; Vos and Brennan, 2010) and as such, other studies have used less subjective learning measures (Yalabik et al , 2012; Lean et al , 2014) including exam/test grades (McEacharn, 2005; Huang and Hsu, 2011; Nugent and Stoyanov, 2019). Grades however, are not a direct a measure of simulated business learning, as grade performance improvements can be attributed to other subject content (McEacharn, 2005).…”

Section: Hypotheses Development and Theoretical Modelmentioning

confidence: 99%

Simulated business effectiveness: learning and performance outcomes

Stamatelatos

Brooks

2020

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PurposeThis study investigates simulated business learning and performance effectiveness during a simulation task. The learning and performance outcomes of two groups of postgraduate student participants are investigated namely: (a) participants who do not struggle with the task and (b) participants who do struggle with completing the task.Design/methodology/approachAn experiment was conducted using a simulated business, which was manipulated into two initial commencement formats: positive initial format (PIF) and negative initial format (NIF). Individual performance on the task was measured via achievement of performance targets whilst individual learning was measured via causal cognitive maps.FindingsParticipants using PIF did not struggle with completing the task and achieved higher performance outcomes compared to participants using NIF, who struggled with completing the task. In addition, the positive association between learning and performance was significantly reduced for participants using NIF who struggled with completing the taskResearch limitations/implicationsThis study’s findings are tentative as the sample size is small and several moderator/mediator variables, which may influence the findings (i.e. student learning style/instructor style/cognitive factors), are outside the scope of the study and thus not included.Practical implicationsCausal cognitive mapping results and students’ self-assessment of learning during simulated business debriefing, may further help instructors/students identify the differences in individual learning outcomes between those who have and have not struggled with increasing simulated business performance.Originality/valueBy using an experiment and causal cognitive mapping to measure individual learning, this study contributes further empirical evidence to the literature.

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Using Online Games To Teach Personal Finance Concepts

Abstract: ABSTRACT

Cited by 7 publications

References 7 publications

Are Stock Market Training Programs worth it?

Are Stock Market Training Programs worth it?

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

Simulated business effectiveness: learning and performance outcomes

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