Enhancing Financial Literacy And Risk-Evaluation Through Gameful Design
- Ms Greta Hoffmann, Karlsruhe Institute for Technology Karlsruhe (KIT)
- Dr. Lars Matysiak, VisualVest GmbH
Financial literacy is “an essential life skill for participating in modern society”, however, especially young people often lack at a baseline level of understanding. To tackle this issue, we are working on a game-based learning research project, where we investigate the possibilities of raising financial literacy and assessing risk-taking propensity through the means of games. The game we present in this manuscript is based on the content categorie of risk and reward, set by the OECD. It is designed to allow players to experience their feelings towards different financial outcomes and interpret the success of different safety- or reward-oriented strategies. With this, the game aims to offer players a better foundation for assessing which type of portfolio they would feel comfortable with in real life. Specific focus was set on placing the setting into a metaphor-based, abstracted realm to overcome potential biases of overload and complicatedness of the content matter. In order to test the success of the game in terms of knowledge transmission and risk evaluation we present an experimental design as well as learnings from the overall research project.
The research project is a collaboration of a post-doctorate who is an employee of a financial institution in Germany and of a game designer that is currently writing their thesis on learning-based game design elements.