As the next generation's economic future is increasingly uncertain, one financial advocacy group is fighting back with a new mobile game that will be tested in classrooms across the country this spring.
is increasingly uncertain in a digital marketplace that seeks to exploit them at every turn, one financial advocacy group is fighting back with a new mobile game that will be tested in classrooms across the country this spring.
"What we wanted to do ... is really give kids the opportunity to experience situations that they otherwise wouldn't," said FoolProof's project lead Nick Muckerman.The as-yet untitled project encourages reflection and experimentation, a dimension missing from most financial literacy education, according to the game's developers.
According to a 2018 report from the Financial Industry Regulatory Authority, only 34% of people surveyed met a basic level of financial literacy, down from 42% in 2009. Young people were even worse off, with only 17% of respondents aged 18 to 34 able to answer at least four of six simple finance-related questions.
Though some critics have explained the numbers by pointing to depressed wages and the skyrocketing costs of things like college and healthcare, Remar Sutton, co-founder and chairman emeritus of the FoolProof Foundation, said a big part of the problem is students are not getting a square deal."Financial literacy in America and around the world is underwritten by the debt industry. Credit card companies. Banks." Sutton said.
"What we teach kids is that marketers should do what they're doing," he added. "It is the job of a cereal company to sell cereal. The job of the buyer is to question." "If those children are not taught to stop and think," Sutton said, "they're going to be prisoners of debt for the rest of their lives."Gaming: financial literacy's next hopechallenge: In the age of digital distraction, of TikTok and Candy Crush, how do you make saving money sexy?
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