Can Gamification in Financial Games Improve Financial Literacy?
Abstract
Financial games are one method that can be used to improve the financial literacy level. This research was conducted to find out how financial games affect people's financial literacy. The purpose of this research is to identify a method that can use financial games to improve financial literacy. A group of high school students were recruited to participate in this study by playing the Robert T. Kiyosaki financial game Cashflow 101 Board Game. To measure the degree of financial literacy, Lusardi (2008) created a simple scale to quantify the skill. The final scores before and after playing the game are then compared to see whether there is a difference in the financial literacy level. Based on these results, playing financial games can improve individual's degree of financial literacy. The classic character of the game, player interaction, communication, learning while playing, the ability to know finance or investing, respecting money, and an understanding of investment goals were a few aspects that piqued their interest in the game.
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