Many psychological studies claim that anything that is learned in a fun way sustains in our mind for a longer time than taking the information in from the conventional route, like mugging it up. The practical ways to take in information are much easier than the theoretical ways. Having said that, there is no doubt that games play a very important role here. A significant portion of kids in this time and age are into gaming, so wouldn’t it be the best method to teach them using this medium? Let’s see how gamification enhances financial literacy in today’s blog.

Gamification learning on your way!

The cards that play the trick

Card games have long been a favourite pastime, but they can also be powerful tools for teaching personal money management. Monopoly Deal, Cash Flow and The Wicked Broker are examples of games that use cards to mimic financial decisions and their outcomes too. It’s entertaining and interactive, which makes it easier to understand some concepts such as assets, liabilities, and cash flow at the same time. By playing these games, learners can practice making financial decisions without real-world risks, helping them develop critical thinking skills essential for managing their own finances.

Your move that helps you strategize and plan

Long-term planning skills are very important for online financial planning, and strategy games are a great way to improve these skills. You can get a feel for the stock market by simulating it in games like “The Stock Market Game” and “Wall Street Survivor.” Through these games, they show how important it is to diversify, lower risk, and think about the long term if you want to be financially successful. Knowing how the market works and having to choose investments gives players a chance to learn some of the money-saving methods that can be used in real life.

Budgeting with dice

It might come as a surprise that dice games are a good way to learn how to make a budget. In games like “Payday,” the rolls of the dice are used to represent real-life income and costs. The randomness of these games is meant to mimic the uncertainty that comes with real money problems. This helps students become more flexible in the way they think and more resilient when it comes to handling their own money. It helps them make flexible budgets that can handle any economic situation by taking into account the unexpected costs and gains that come up during gaming.

Financial terms in your block

To quickly learn about money, you can play games with blocks, like “Minecraft.” In this case, for example, people could build a computerized town where they control goods and make sure their money is well spent so the town stays prosperous. This brings vague ideas about money to life in a way that helps students understand tough topics like how to pay for public works, how to exchange funds, and how the economy is doing.

Climbing the ladder of taxes

Tax concepts can be difficult to understand, but gamification can help. For example, games such as “TurboTax’s Death and Taxes” turn tax preparation into an intriguing puzzle. Players advance up the “tax ladder” by properly using deductions and credits while simultaneously gaining information about tax brackets and filing statuses. This method makes taxes less frightening and enables people to manage their taxes better.

Your first turn to save the money

Savings games introduce the power of compound interest and long-term financial planning. Financial literacy apps for young adults like “Long Game” or “Qapital” gamify the saving process, offering rewards and challenges to encourage consistent saving habits. These apps make saving money feel like a game, with levels to complete and achievements to unlock, turning a potentially dull task into an exciting challenge.

Who won and who lost?

Competitive aspects of financial literacy games can boost motivation and engagement. Stock Market Tycoon and BitCoin Billionaire, for example, are games where players can compete with each other and/or with virtual enemies in a bid to build the most prosperous financial empire. This competitiveness not just adds fun to the learning process but simulates genuine rivalry in money markets. This equips people for future hurdles they would encounter during their financial paths.

A quick look at the benefits of playing financial games

1. Real-World Simulations
2. Immediate Feedback
3. Cognitive Development
4. Increased Engagement
5. Building Confidence
6. Goal Setting and Patience
7. Family Engagement

Gaming=Learning

That one move in the Wicked Broker game can teach you about taxes and budgeting in a much easier way. So, why not practice it? There are many financial literacy games and budgeting games for adults that can help them understand the financial jargon. Parents should encourage their kids to play them; teens and adults can use them at house parties or in general everyday life whenever bored. So, don’t waste time and use gamification to enhance your learning.

For any financial query, ask Peak72, and if you are into board games, go for the Wicked Broker game without any delay.