How gamification is improving kids’ financial literacy
How gamification is improving kids’ financial literacy
How gamification is improving kids’ financial literacy
By Brett Henebery
September 28, 2023
Summary
A new report by Kit, a kids' money app developed by Commonwealth Bank, reveals that a third of parents are concerned about their children's financial literacy. The Future of Financial Learning Report suggests that parents are open to leveraging AI and gamification to enhance financial education, with 69% believing AI could improve kids' financial literacy, and 78% supporting the idea that gamification could enhance financial capability. Kit's Managing Director, Yish Koh, emphasizes the success of gamification in learning, citing Kit Money Quests as a gamified learning feature designed to teach financial concepts through immersive experiences. Koh suggests that Kit complements school-based financial education by sparking positive money conversations between parents and kids. Another organization, Banqer, a simulated online banking program for schools, uses gamification to engage over 300,000 students in developing financial skills. Banqer's co-CEO, Simon Brown, emphasizes the effectiveness of gamification in making financial literacy relevant and building financial capability, constituting the building blocks of financial well-being. However, Caroline Stewart, CEO of Ecstra, cautions about the need for a balance between gamification and other teaching methods, especially in real-life financial decision-making. She highlights the importance of disclosure and proper management of data collection associated with gamification to address privacy concerns for young people.
Reference
Henebery, B. (2023, September 28). How gamification is improving kids’ financial literacy. The Educator Online. https://www.theeducatoronline.com/k12/news/how-gamification-is-improving-kids-financial-literacy/283356