A revolution in how we learn to deal with money. Prize-winning game concept, using social media and gamification to teach finance.
A revolution in how we learn to deal with money. Prize-winning game concept, using social media and gamification to teach finance. Read more
Did you know AVERAGE TEENAGERS in the US or Europe are INDEBTED by a 4-digit sum?
Or that most teenagers have FALSE ideas about their FUTURE SALARIES and take on debts they will NEVER PAY BACK?
Obviously, there is A CHALLENGE TO BE SOLVED. Here is our solution: Kicked Out - an addictive Facebook game that trains financial literacy skills!
WHY A FACEBOOK GAME?
We found out: If kids between 13 and 19 learn how to take smart financial decisions, it will impact their long-term money management patterns.
Learning how to deal with personal finances is like learning how to ride a bike. Your mom can explain things, but you’re probably going to fall a few times before you make it around the block. But there is no educational tool that teaches kids money management in that way!
So we decided to develop it ourselves: a tool for financial literacy education that is intuitive, fun, accessible and really effective. Kicked Out! will be an online social game that is not explicitly educational. Rather, the game dynamics train players’ "alarm bells" to go off in situations where dealing with money responsibly is key.
HELP US MAKE IT REALITY BY BACKING THIS PROJECT, just like these guys:
WHAT’S THE GAME ABOUT?
Kicked out! is about finally living on your own and throwing great parties for your friends and surprising party crashers like Justin Beaver, Lady Giga or Dustin Jimberlake!
The story goes as follows... your parents kick you out of the house and you find yourself in an empty apartment, waiting to be furnished and filled with party people. You will receive some start-up money and can start turning the apartment into your perfect party place. However, you quickly find out that the world out there is not at all as cozy and easy-to-handle, as you thought. Much to the contrary, the world is in a state of trouble and surviving is tough. You come to learn world revolves around one mysterious resource. Your mission is to equip yourself with that resource and to never run out of it. In order to secure your life and to be a great party host, you have to step out of your room and run errands, complete quests and fight challenges out in this world. And you have to make sure you never loose sight of your savings...
THE MONEY - How will we spend it?
• (1) develop a high-quality multi-player game that is FREE to play,
• (2) create game content in collaboration with psychologists, behavioral economists and debt counselors,
• (3) conduct multiple tests with teenagers to ensure the game is both fun and generates the desired learning effects,
• (4) fix bugs, adjust the learning mechanics and boost content in the post-launch phase
• (5) monitor and evaluate the in-game learning effects, on which we'll base our next product: a training package for schools to use the game for teaching financial literacy.
Please back us! The only thing standing between us and a global financial literacy revolution is... the last few cents.
HOW DID IT ALL START?
In June 2011, two young social business experts, Katharina and Matthias met with a games for change-designer, Doris Rusch, tp explore the roots of youth poverty in industrialized countries. They concluded: youth poverty is strongly connected to the ability of handling personal finances. What is referred to Financial Literacy or Financial Capability has one important meaning:
The freedom to live a self-determined life.
Knowing how to handle money smartly is key, because it gives people the opportunity to live a life in dignity and have the freedom to fulfill their dreams within the scope of their financial means. Unfortunately, we found out that this crucial life skill is something lacking throughout society, especially among the young generation. Yet, handling money is not being taught in our society. Most importantly, there is no safe environment to experience what works and what doesn’t when it comes to money…
So, how would we teach teenagers to handle money smartly? In what way would they accept learning about finance? Where should we start?
We came up with the following idea: Why not develop a Facebook game like Farmville or Mafia Wars and include game play dynamics that will train young people’s financial literacy skills? That way, we reach young people in their free time, speaking their language, and giving them the opportunity to actually have FUN while learning about money. Because learning life skills has to be fun, in order to have an effect.
Skill-based games produce real learning effects, especially when it comes to training spontaneous actions and smart behaviour.
Just as games like “World of Warcraft” actually teach their players multitasking and strategic thinking, players will only be able to win our game, if they have internalized the skills, knowledge and experiences they need for managing their money smartly.
Find more on us, the game and our organization on our webpages:
ECONOMIST GEEKS! Here is more about our game science
Intuition rather than rational behavior: The challenge in training financial literacy skills and financially sustainable behavior is that dealing with money is largely based on intuition rather than rational choice.
Telling kids about the nuts and bolts of personal finance is not enough. Children need the possibility to experience financial challenges. They need to learn how to overrule impulse purchasing, conspicuous consumption, and identify debt traps.
Learning by playing
Studies all over the world repeatedly confirm that children are much more likely to learn when they are not forced to do so, but when they play. This is why learning via games proves highly effective: children are much more likely to learn and retain knowledge through games vs. simply being told.
So our game, Kicked Out, offers teenagers the opportunity to experience the scope of personal finances in order to bridge the gap between financial knowledge and financially responsible behavior.
Studies have shown that children and young adults who play shooter games score higher when tested for hand-eye coordination, multitasking and strategic skills. With Kicked Out we achieve the same intuitive learning effect in the area of financial literacy skills.
How Kicked Out works
To develop Kicked Out we convened a team of psychologists, educators, behavioral economists and debt counselors to work with game designers. This interdisciplinary team of experts ensures the game covers necessary elements teenagers need to internalize in order to more responsibly handle personal finances. The game play dynamic is as close as possible to real life scenarios, while integrated in a fun, social media environment.
How much does life really cost?
Extensive research done for Kicked-Out showed the most common reason young people fall into debt is a combination of unforeseen events and no savings. In other words, young people lack financial forecasting and contingency planning skills.
Another factor is many young people have misguided expectations about future earnings. They live beyond their means in the belief that debts accumulated today can be paid back once they receive a high salary later. Altogether, 40% of Americans say they live beyond their means.
In Kicked Out, players will be repeatedly confronted with the most common of these pitfalls. They will train in financial forecasting and contingency planning. They will get used to the facts that electricity bills rise, tax payments vary, and it is necessary to plan for the unexpected - teenagers will get a feeling of how much life really costs. They will learn that even small expenses tend to accumulate and may eventually pose a problem.
You like our idea as much as we do, right? Awesome!
Then, please become part of helping our project take off!
- (45 days)