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Development and Pilot Testing of a Financial Literacy Game for Young Adults: The Happy Life Game

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Game-based Learning Across the Disciplines

Part of the book series: Advances in Game-Based Learning ((AGBL))

Abstract

Surveys and tests have shown deficits in the financial literacy (or financial competence) of young adults. Often this cohort lacks financial knowledge and skills. While interventions can increase financial knowledge, they frequently do not produce sustainable long-term improvements of financial competence. For this reason, a financial literacy board game has been developed that links emotional, motivational, and cognitive processes to encourage the sustainable development of financial competence. The developmental objective was a holistic tool, in which financial competence, as well as the corresponding emotional-motivational facets of financial issues, plays a central role. The game is based on the competency model of financial literacy that takes into account decision-making. As a result, the game incorporates the relevant aspects of personal finance and their interrelationships as well as the necessary mathematical, personal, and social competencies that influence financial decision-making. The game also considers personal incentives for financial decisions based on the latest findings in the field of happiness research. This paper will present the theoretical foundations of serious games, how they have been implemented in this game, with a special focus on the game mechanics, as well as the results from the pilot testing phase of the game. In brief, the usability testing has shown that the game is perceived on one hand as fun, creating excitement and flow, while on the other hand, it generates interest in and leads to a discussion about the financial literacy topics.

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Notes

  1. 1.

    The terms are not used uniformly. Financial literacy, financial capability, and financial education are sometimes used as synonyms, and in other cases one subsumes the other. In this chapter, financial literacy and financial competence are used as synonyms. A competence-oriented view of financial literacy is preferred, and financial knowledge is only a precondition to develop financial competence, which leads to adequate financial decision making and financial behavior.

  2. 2.

    (1) Basic education (Finanzielle Grundbildung) (Mania & Tröster, 2015), (2) financial education (Finanzielle Bildung) (Retzmann & Seeber, 2016), (3) basic education (Ökonomische Grundbildung) (Remmele et al., 2013) and (4) general economic education (Ökonomische Allgemeinbildung) (Seeber et al., 2012).

  3. 3.

    Second Life (released in 2003) is a virtual 3D world with virtual figures, which was developed by Linden Lab for use in various games for people over 16 years. There are no further documents or entries online about the Financial Literacy Game and its further use. In Germany, the platform came into disrepute due to a lack of youth protection (young people worked virtually in brothels and earned Linden Dollars) and criminal activities (child pornography). For more details see https://secondlife.com/

  4. 4.

    For more details see https://www.schufa.de/ueber-uns/presse/pressemitteilungen/finanz-abc.jsp

  5. 5.

    For more details see https://www.visa.co.in/dam/VCOM/download/corporate/media/Visa_FinancialSoccer_FactSheet_012915_v8.pdf

  6. 6.

    For more details see https://mymoneyrain.com/piggybank

  7. 7.

    For more details see https://www.thesolutionsjournal.com/article/video-games-teach-financial-skills-to-women/

  8. 8.

    For more details see https://www.teacheconomy.de/planspiele/isle-of-economy/

  9. 9.

    Millennials are those born between the early 1980s and the late 1990s, Generation Z are those born afterwards.

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  1. Goethe University of Frankfurt, Frankfurt, Germany

    Andrea Maria Pfändler

  2. Wilhelm-Merton-Schule, Frankfurt, Germany

    Andrea Maria Pfändler

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  1. Economic and Business Education – Instructional Design and Evaluation, University of Mannheim, Mannheim, Baden-Württemberg, Germany

    Carmela Aprea

  2. UNESCO Deputy Chair of Data Science in Higher Education Learning and Teaching, Curtin University, University of Mannheim, Economic and Business Education – Learning, Design and Technology, Mannheim Baden-Württemberg Germany, Perth, WA, Australia

    Dirk Ifenthaler

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Pfändler, A.M. (2021). Development and Pilot Testing of a Financial Literacy Game for Young Adults: The Happy Life Game. In: Aprea, C., Ifenthaler, D. (eds) Game-based Learning Across the Disciplines. Advances in Game-Based Learning. Springer, Cham. https://doi.org/10.1007/978-3-030-75142-5_4

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