Wealth Creation: Serious Game Development to Improve Financial Literacy for High School Students

Authors

Keywords:

Educational game development, Financial Literacy, Serious game, Fostering Financial concepts

Abstract

Serious games simulate events in a virtual world to allow players to interact with the game's elements and other players within the game. In the field of health, transportation, economics, and finance, serious games were used as simulators in training. By playing a serious game, learners gained experience in making meaningful decisions through trial and error to solve problems in the virtual world. In this research article, the authors developed a board game to introduce concepts of Wealth Creation and studied the characteristics of board games suitable for developing high school students’ financial literacy. The four steps of the development process included content and game mechanic development, game mechanic testing, content validity and communication of game elements evaluation, and usability testing. The game was tested and verified by experts in terms of its mechanics, communication, financial content, and implementation in two cycles. The experts included two gamers, two game designers, a finance professor, and two instructors as well as three high school students. The information from the first cycle will be used to improve the game, and the game was retested again in the second cycle. The qualitative data gathered through observations, informal interviews, and focus groups were analyzed using content analysis to determine the game's characteristics that were appropriate for classroom use and the effects of the game on students’ skills and understanding of financial concepts. The results showed that the nature of the game should include a variety of gameplay options, each of which must be balanced to allow students to evaluate the worthiness of each choice made. The mechanics and components of the game must clearly demonstrate the relationships between the elements of financial concepts. Students were able to express their understanding of financial concepts and recognize their relationships. Additionally, the students expressed the use of mathematics in analysis and illustrated good decision-making during playing the game. The findings shed more light on the roadblocks that game developers will face and how to overcome them. Educators and teachers interested can apply the findings in this article to develop their serious games.

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Published

2022-09-29