In a 2008 survey by the Jump$tart Coalition, high school seniors scored 48.3% on a 31-question exam testing financial literacy—the lowest score ever (since the survey began in 1998). Plus, only 7 states require a personal finance course to be offered in high school.
Our kids are unprepared and it’s especially nerve-racking in these difficult economic times. That’s why it’s so critical that credit unions help Gen-Yers learn about smart money management. But how do you get this finicky bunch to get the message?
What about video games?
Statistics show that video games are one of the leading forms of entertainment today. Additionally, video games are used more and more as a learning tool as seen by the success of products like LeapFrog—and parents support it too!
The 2008 ESA Essential Facts About The Computer And Video Game Industry Survey revealed that 65% of American households play computer or video games, and 63% of parents believe games are a positive part of their children’s lives.
Stats like that and personal experience has encouraged a young entrepreneur to start, EverFi, a provider of Web-based software that teaches young adults to manage their money through gaming.
In a recent article with CNNMoney.com, EverFi’s CEO reiterates that “[Financial Literacy]’s not taught in schools or around kitchen tables."
“EverFi offers a five-hour series of Web tutorials that let students explore real-world settings, from the floor of the New York Stock Exchange to a used-car dealership, while absorbing lessons about saving money, earning interest and managing debt. As students acquire new skills, the software encourages them to play a SimCity-style game in which they control characters' spending habits, reaping the rewards of good choices and suffering the consequences of bad ones.”
EverFi partners with schools, universities, community organizations and foundations to reach young adults and also offers private-labeled options as well. Topics in the Web series include:
• Savings & Compounding Interest: 401Ks and IRAs
• Understanding a Credit Score and its Implications
• Understanding Credit Cards and Managing Debt
• How a Bank Works
• Taxes
• Insurance
• Renting vs. Owning
• Managing Loans
• Investing Overview: An In Depth Review of Trading and How the Stock Exchange Works
• How the Federal Reserve Works
• Consumer Fraud and Protection
How could your credit union incorporate such a vehicle into your member marketing efforts?
To find out more about EverFi, visit www.everfi.com.
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