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.
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Kadeem Petgrave admits that since hosting the first sessions of a game-based financial literacy project he developed for at-risk youth living in Corporate Area and St Catherine communities, he has not been able to walk without being approached by youngsters eager to learn more.
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The online game, launched in February, lets students practice making financial decisions and examine the behaviors that influence how money is spent. In contrast to other financial literacy games, the lab focuses on behavioral principles related to spending and saving, and provides context for applying new knowledge to build healthy financial behaviors.
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But financial literacy experts also say that whether kids really pick up money lessons through video games depends largely on how parents talk with them about their online experience.
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A financial literacy game developed by Jefferson Middle School teacher Erich Utrie and the University of Wisconsin-Whitewater's Julie Woletz has just won "Game of the Year" honors from the national Institute for Financial Literacy.
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Missouri-based First Bank is using 'gamification' techniques to teach children about saving through mobile app technology.
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