Financial Literacy Games for Students

Instructor: Andrew Diamond

Andrew has worked as an instructional designer and adjunct instructor. He has a doctorate in higher education and a master's degree in educational psychology.

In this lesson we'll explore ways to utilize game-based learning to help students gain greater financial literacy. A listing of quality financial literacy games is provided and a short quiz follows the lesson.

Financial Literacy

For many generations, it has been considered uncouth to discuss money matters in anything but the strictest of confidence. Not long ago, the only people who may have had an idea of your financial resources were your banker or accountant. Strange as it may seem, spouses used to not even know about one another's finances at times. However, if there is anything we can learn from the numerous financial troubles in the world today, it's that everyone needs to have a basic understanding of how to deal with money.

Financial literacy is understanding how money works at its most basic levels. This encompasses how you manage to earn, save, and invest your money, and how and why to spend that money responsibly. Gone are the days of balancing a checkbook being the only skill required to be financially literate. Now you need to know many skills, from long-term retirement planning to understanding interest rates and borrowing terminology.

Because of the somewhat taboo nature of financial matters, children often don't learn some of these skills from their parents until it is too late. All too often these children grow into adults with little understanding of budgeting, investing, and retirement planning. In recent years this has changed, with the establishment of Financial Literacy Month and the President's Advisory Council on Financial Capability. Thanks to initiatives such as these, there has been a greater emphasis placed on in-class curriculum which reflects the necessary financial literacy skills students need to understand.

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