The Use of Gamification In Financial Education

Abstract

Individuals without complementary financial knowledge are usually prone to making poor borrowing decisions, which may lead to huge debts incurred and struggles to manage monthly repayments. Inadequate savings: If personal finance education is not well-rounded and covers topics such as financial concepts and saving tools, then only will it be difficult to build sufficient savings for emergencies, retirement or/and other long-term goals. Poor financial decision-making: Illiteracy in financial sphere can result in impulse shopping, inability to develop a budget and difficulty in making plans. The consequences of these factors will have substantial effect on financial being and won’t let a person to attain financial stability. The use of conventional teaching tools, such as lectures and textbooks in the education may be boring and hence ineffective to the learners. These techniques can be characterized as boring, not very interactive, and overwhelming, causing a limited learning rate and a lack of desire to conduct money management.