Teaching Finance to Students with Online Games
In the past recent years, Canada has fallen off the charts in the Top 10 Math Education Ranking. Early last month, Canada has fallen from 10th place to 13th. Many are questioning about our school system teaching capabilities, and many are trying to find a solution to the problem that is trending in our Canadian School System.
In addition to the level of math knowledge in Canada, parents are finding hard solutions to teach their children about finance. According to the article “Money Management: Are You Helping or Hurting Your Children?” posted by Digital Journal, 75% parents stated that their children do not ask questions about money. Also, 36% of parents feel the effects of their children’s view of money management is due to their current financial situation. There are many ways to educate your children about math and finance such as board games, books, piggy banks, etc.
The article “Online games designed to teach financial skills to students” by CBC News puts in a new perspective on how to improve financial literacy. Meaghan Daly, a former equity trader now president of Forward Vision Games, has introduce a way to turn a game into a real-life financial scenario for students to learn the value of money. Daly said, “The financial world has changed, we need to change the way to teach it.” The game has 10 different scenarios that gamers will have to make decision that will affect their financial outcome for the long-run. The game includes access to their virtual bank accounts, credit cards, and more. This cloud-based financial strategy games purpose is to teach concepts such a budgeting, risk management and personal finance. Daly also mentions that the game goes into economical concept, not only balancing the checkbook.
It first launched in some of the Grade 10 classrooms in Alberta this past fall. The game is geared towards Aboriginal youths because studies have shown that many Aboriginal people do create their own small businesses. Daly stated, “This is an area of education that aboriginal young people can lead the country in and that’s a part of our business model and our growth is because aboriginal young people are the fastest growing segment of the Canadian population and they also start businesses at a rate five times the rate of the rest of the population.”
Daly believes using this role-playing scenario game will develop the users financial story, so when it comes to the real world, they will have a better understand how to make financial decisions.