Wealth Creation with Financial Games: A Fun Way to Teach Financial Planning to University Students

Thanyachanok Pawala; Suwichai  Phunsa

doi:10.60027/jelr.2024.677

Authors

Thanyachanok Pawala BUSINESS ECONOMICS, FACULTY OF MANAGEMENT SCIENCE,Rajabhat Maha Sarakham University, Thailand https://orcid.org/0000-0003-3512-9413
Suwichai Phunsa Mahasarakham University, Thailand https://orcid.org/0000-0003-1093-6999

DOI:

https://doi.org/10.60027/jelr.2024.677

Keywords:

Wealth Creation, , Financial Games, , Teach Financial Planning

Abstract

Background and Aims: Wealth Creation through financial games is important because it provides interactive and practical learning experiences for university students, improving their understanding of financial planning. These games make complex financial concepts more accessible and engaging, providing students with the necessary skills to effectively manage their finances. This paper aims to investigate Wealth Creation with Financial Games: A Fun Way to Teach Financial Planning to University Students.

Methodology: The review article's methodology rigorously examines the effectiveness of financial games in teaching financial planning by collecting and analyzing extensive data sets. Using a variety of sources and systematic criteria, the review provides a nuanced understanding of how different types of financial games affect student engagement and learning. The analysis focuses on key themes and assesses the overall effectiveness of these games in improving financial education.

Results: the finding found that financial games are a compelling and interactive way to improve financial literacy in university students by increasing engagement, providing practical applications of financial concepts, and improving retention through immersive experiences. These games have great potential to supplement traditional educational methods by making complex financial concepts more accessible and relatable.

Conclusion: The findings show that financial games are an effective and engaging tool for increasing financial literacy among university students because they provide practical, immersive learning experiences. They show great promise as a supplement to traditional education, making complex financial concepts more accessible and engaging.

References

Choi, J. J., Laibson, D., & Madrian, B. C. (2011). $100 bills on the sidewalk: Suboptimal investment in 401(k) plans. The Review of Economics and Statistics, 93(3), 748-763. https://doi.org/10.1162/REST_a_00100 DOI: https://doi.org/10.1162/REST_a_00100

Fernandes, D., Lynch, J. G., & Netemeyer, R. G. (2014). Financial literacy, financial education, and downstream financial behaviors. Management Science, 60(8), 1861-1883. https://doi.org/10.1287/mnsc.2013.1849 DOI: https://doi.org/10.1287/mnsc.2013.1849

Hastings, J. S., Madrian, B. C., & Skimmyhorn, W. (2013). Financial literacy, financial education, and economic outcomes. Annual Review of Economics, 5, 347-373. https://doi.org/10.1146/annurev-economics-080212-120648

Hastings, J. S., Madrian, B. C., & Skimmyhorn, W. L. (2013). Financial literacy, financial education, and economic outcomes. Annual Review of Economics, 5, 347-373. https://doi.org/10.1146/annurev-economics-082312-125807 DOI: https://doi.org/10.1146/annurev-economics-082312-125807

Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5-44. https://doi.org/10.1257/jel.52.1.5 DOI: https://doi.org/10.1257/jel.52.1.5

National Endowment for Financial Education (NEFE). (2021). The state of financial literacy in America: A 2021 overview. Retrieved from https://www.nefe.org

Roehl, T. (2017). Simulation and role-playing games in financial education: A review of current practices. Journal of Financial Education, 43(2), 100-115.

Sherraden, M. S. (2013). Building blocks of financial capability: A framework. CSD Working Paper No. 13-27. Center for Social Development, Washington University in St. Louis. DOI: https://doi.org/10.1093/acprof:oso/9780199755950.003.0012

Smith, A. (2019). Gamification in financial education: Benefits and drawbacks of using digital games. Journal of Financial Education, 45(2), 112-130.

Smith, A. (2019). The impact of digital financial games on financial literacy: An evaluation. Financial Education Review, 11(1), 45-59.

Zimmerman, J. (2015). The influence of board games on financial literacy: Evidence from Monopoly and The Game of Life. Journal of Economic Education, 46(3), 291-304.