Financial literacy in action – Developing the online game

We are excited to let you know that we started working on our Game!

After completing the initial research phase (PR1), we produced six country reports that contain information about the state of skill development in each country, including cultural and historical influences on financial education. This research served as the basis for the development of the next phase of the project: an online game (PR2). The online game is the key component of this project and is built around 25 scenarios addressing five competencies: financial literacy (common to all), critical thinking, decision-making, problem-solving, and reflective thinking.

The game we’ve developed features a storyline where players select a goal and navigate through various scenarios. By making sound financial decisions, players can successfully reach their set goal and fulfil their objectives.

The game scenarios reflect real-life decisions young people face as they transition into adulthood, such as renting an apartment, managing household payments, or purchasing a first car. Key lessons include distinguishing between needs and wants and understanding the difference between assets and liabilities—skills crucial for a sound financial start. Additionally, the scenarios offer insights into financial products and their benefits. Players also learn to budget, manage monthly expenses and taxes, and even make informed investment decisions, equipping them with essential financial literacy for both personal and professional success.

As resource shortages are becoming a reality for young adults, comprehensive financial planning has become increasingly important. The online game encourages interaction and engages young people with financial literacy concepts while also nurturing skills for proactive future financial planning. Providing financial education to young people, whether in non-formal or informal settings, is an effective tool to help them understand essential financial information and acquire the knowledge to manage their finances wisely. This understanding is crucial as financial education supports secure personal and professional life planning by raising awareness of the risks associated with poor money management.

In the midst of the game’s development, all the project partners gathered for a productive workshop in Porto in September. This session focused on finalising the game’s scenarios and storyline, as well as technical details to make the game as user-friendly, interactive and engaging as possible for young people. The workshop was very constructive and facilitated the creation of a successful final product that will benefit young people and serve as a valuable tool for youth workers in their outreach activities.

As soon as we have the final product we will let you know! We look forward to your impressions.