Diversifying Personal Finance Education with Digital and Analog Game-Based Learning

Game-based learning (GBL) has emerged as a novel approach in teaching and learning for its potential to significantly improve academic performance across diverse subjects and educational levels. GBL has been shown to increase student motivation and engagement by making the learning process more enjoyable and interactive. It is also effective in fostering skills such as problem-solving, critical thinking, and collaboration.

In this project, we study the benefits and synergies between two distinct forms of game-based learning: digital game-based learning (DGBL), which integrates video games into the learning process; and analog game-based learning (AGBL), which involves the use of non-digital games, such as board games, tabletop games, and other physical game formats, as teaching tools. Specifically, we explore how DGBL and AGBL may enhance the achievement of learning outcomes, and provide complementary learning benefits, in an undergraduate personal finance course. To achieve our objectives, we incorporated a commercially-available stock market simulation video game (STONKS-9800), as well as a personal finance card game that our team developed (Diversification: The Card Game), into the course curriculum. We used these games to give students opportunities to have first-hand experience in making personal finance decisions in a simulated economic environment, formulate and execute strategies for achieving financial and career goals, and take risks and observe the possible consequences of their actions.

Student feedback from initial playtesting revealed that the games are a fun and interesting way to learn about finance, even for students who don’t have a finance or business background. STONKS-9800, in particular, offers a good degree of realism that reflects the impact of financial decisions in the real world. Aside from traditional economic goals such as “profit maximization” that are taught in business schools, the games allow players to pursue other goals such as happiness, comfort, social connections, and career stability. Importantly, the games give students a chance to experience financial decision-making that would have a direct impact on their personal and professional well-being, so that even if they know they are “just” playing a game, they get to reflect on how these dynamics would translate to their real lives. Overall, early in the course, students have found the games to be useful tools in learning more about personal financial management. By the end of the course, we will have collected both qualitative and quantitative data to evaluate the merits of DGBL and AGBL in teaching and learning, as well as their limitations.