Interactive Game Teaches Students Financial Skills
Washington Crossing, PA - Sept. 30, 2009 - With more than two-thirds of parents feeling less prepared to advise their children about investing than on “the birds and the bees,” an interactive game called Wi$eMoney® is designed to help teachers educate students about financial matters.
Wi$eMoney® teaches students about banking, investing, budgeting, planning, and credit – as well as on the consequences of the financial decisions they make in life.
Developed by The Learning Key Inc. (www.thelearningkey.com), Wi$eMoney® was created to support educators in helping young adults become financially literate. Students must make choices as they are confronted with dynamic, real-world life and financial situations. Young people learn their decisions have short- and long-term consequences – just as in real life.
By playing, students learn about financial matters including managing a check register, distinguishing between needs and wants, and such unexpected life surprises as having to pay a parking ticket and needing to replace tires on the car.
Wi$eMoney® has been tested on students ages 13-24 from 22 states, and their answers have improved from 55% to 93% after playing. The game supports standard financial curricula or can be used as a stand-alone learning tool.
Several surveys have demonstrated the need for young adults to learn more about financial matters:
- More than two-thirds of parents – 69% – feel less prepared to give their children advice and guidance about investing than they do about “the birds and the bees,” according to a Charles Schwab Parents & Money survey in 2008.
-Although 64% of college students report having at least one credit card, 44% of them do not know the annual percentage rate (APR) of the credit card they use most, according to a 2009 survey by the Center for Economic and Entrepreneurial Literacy.
- 61% of female high school seniors and 45% of male high school seniors reported never having taken a personal finance class, according to a 2009 survey by Capital One Financial Corporation.
A previous-generation debt management game created by The Learning Key for the National Foundation for Debt Management, Cent$ability, led to students establishing IRAs with their high school graduation money – a marked change in their behavior.
“With today’s economic challenges, young people need to know how to make educated financial decisions, and how to learn to manage their money for a better tomorrow,” said Elizabeth Treher, Ph.D., founder, President and CEO of The Learning Key Inc., which has more than 19 years experience in transforming learning into action.
“Interactive games are one of the most effective ways of learning and retaining information, as well as being a fun way to learn,” Treher added. “Albert Einstein said, ‘Games are the most elevated form of investigation.’”
“At no time has the need for financial education been so apparent. Interactive learning via Wi$eMoney® is the optimal way to improve young adults’ financial literacy and help them build a better financial future,” Treher said.
For more information about Wi$eMoney® visit www.thelearningkey.com or call (800) 465-7005.
About The Learning Key Inc.
Based in Washington Crossing, PA, The Learning Key Inc. has been transforming learning into action for technology-based organizations for more than 19 years. The company provides business-based board games and simulations, training, and instructional design for organizations in the educational, banking, information services, pharmaceutical, biotech, chemical, and other industries. For more information, visit www.thelearningkey.com or call (800) 465-7005.
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