Fostering Financial Literacy: Systematic Review of the Design and Learning Outcomes of a Game-Based Learning Environment

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Abstract

In today's digital world, it is critical for youth to develop FL skills to better understand financial concepts, associated risks, and to have the ability and confidence to make appropriate decisions in various financial situations. By qualitatively analysing 22 articles, this study reveals types of games, game elements and learning outcomes in GBL environments for FL. As the result, simulation games, interactive games, and AR games were identified as primary types used in FL education. Common game elements included decision-making, role-playing, and goal. The analysis revealed that GBL significantly enhances FL, increases student engagement and motivation, and develops essential skills like teamwork and decision-making under pressure.

Authors

• Lingran Xu, University of Sydney

• Yuchun Zhong, Education University of Hong Kong

• Samuel K.W Chu, Hong Kong Metropolitan University