Technology Drives Financial Literacy Success

Financial literacy professionals have seen the use of technology in teaching financial education skyrocket over the last several years.  Financial education programs, initiatives, games, platforms and other solutions are being rolled out at lightning-pace speed in both developed and developing nations and this trend is likely to pick up even more steam in the months and years ahead.

The use of technology in teaching financial education has been evident to the greatest extent within the context of youth financial literacy initiatives, as young people are immersed in technology in all aspects of their lives.  The tech solutions in this area drive greater awareness of the importance of financial affairs – and also result in more instant gratification and feelings of accomplishment among the younger cohort.

The range of technology solutions that are being employed to take youth financial literacy to new heights is vast.  A few examples follow:

• Tykoon – Tykoon is a fun app for kids that teaches them skills in money management by tracking their allowance, excess money earned and “wish lists.”  The app also enables the kids to buy parent-approved merchandise from Amazon.com, while also allowing them to donate directly to charities through Network For Good.  More information is found here:  www.tykoon.com

• Unleash the Loot – Unleash the Loot, available for the iPhone and iPad, is an interesting game for kids that teaches them about financial responsibility, including saving, earning and spending.  The game also sends emails to family members of the children to keep them apprised of the financial lessons being learned by the kids.  More information can be found here:  http://greenstreetcommons.com/gallery/about-our-app/

• Savings Spree – Savings Spree, a winner of a Parents’ Choice Gold Award, is an App designed for kids ages 7 and up, who learn how the daily lifestyle choices they make can result in either savings or expenses.  The game also teaches children how to invest money and make donations to others.  More information can be found here: http://www.msgen.com/assembled/savings_spree.html

• P2K Money – P2K Money is an allowance tracker that enables kids to create “wish lists” of items they want to buy using money they have saved.  Click here for more information: https://itunes.apple.com/us/app/p2k-money/id405631656?mt=8

• TheMint.org – TheMint.org is a web-based solution that provides education and tools for kids, tweens, parents and teachers to enhance their financial literacy.  More information can be found here: http://themint.org/

In addition to the practical reasons underscoring why we should be thinking more about technology solutions for financial education, other rationales also are clear.  For example, a 2012 Federal Reserve study revealed that unbanked and under-banked individuals use mobile technology and mobile financial services at rates that are higher than those for the general population.  The results of other studies also have demonstrated that financial-related learning is “easier” and more appealing when the education is conducted via digital, mobile, gaming, or web-based technology.

As the nationwide and global financial literacy movements continue to catapult higher, technology solutions will continue to fuel this growth, with the many benefits to be reaped by financial education providers and, importantly, the millions of individuals they serve.