MoneyQuest aims to create an Online Learning Computer Game that may be used in formal, non-formal and informal education settings, providing a simulated environment in which users (children) are presented with key financial concepts and are required to make decisions regarding the use of money.
This game will be complemented by a Manual and an Guide for Implementation with guidelines for the use of the learning game in-class in order to assist teachers and trainers.
Karşıyaka İlçe Milli Eğitim Müdürlüğü
Advancis Business Services
University of Western Macedonia
Szkola Podstawowa Nr 1 Im.Ken W Krakowie
The most common definition of financial literacy is the ability to make appropriate decisions in managing personal finances. It refers to the set of skills and knowledge that allows an individual to make informed and effective decisions through their understanding of finances.
Financial literacy provides greater control of one’s financial future, more effective use of financial products and services, and reduced vulnerability to overzealous retailers or fraudulent schemes (OECD, 2009).
It should also be noted that financial literacy is essential to enable citizens to fully exercise their citizenship.
The importance of improving financial literacy is widely recognized by the EC:
LEVEL OF FINANCIAL LITERACY
In the study “The Case for Financial Literacy in Developing Countries” (OECD, 2009) it’s stated that “….levels of financial literacy worldwide are unacceptably low…”. The EC’s COM(2007) 808 acknowledges this fact, stating that EU consumers demonstrate a low level of understanding of financial matters and of basic economics.
More recently, the PISA financial literacy assessment of students (OECD, 2012) shows that there are important gaps in financial competences in the EU countries covered in the study.
IMPROVING FINANCIAL LITERACY
The study “Survey Of Financial and economic Literacy Schemes In The Eu27” (EVERS & JUNG, 2007) and EC’s COM(2007) 808 gives an insight on the most important initiatives and gaps in financial education in the UE:
More recently (2013/2014) several EU countries have established national strategies for Financial Education, making the way to a common European approach. Still, the actual learning materials necessary to implement these strategies are scarce or inadequate.
WHY FOCUSING ON CHILDREN
It’s often at this age (6-10 yo) that children begin to deal with money; they have to manage their lunch money, their allowance, etc. It is also a good age to stimulate desired behaviours and attitudes regarding the use of money.