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Can Games Build Financial Capability? Financial Entertainment: A Research Overview

Author

Listed:
  • Nicholas W. Maynard
  • Preeti Mehta
  • Jonas Parker
  • Jeffrey Steinberg

Abstract

Can video games increase the financial capability of millions of financially vulnerable Americans? Doorways to Dreams Fund seeks to address this question with its Financial Entertainment (FE) innovation, which leverages the power and popularity of casual video games to engage consumers in a financial education experience that links increases in financial knowledge and confidence to financial actions and real world behavior change. Following the presentation of a 5-step theory of change explicating how casual financial literacy video games can lead to improvements in financial capability, this paper presents and discusses data from FE projects conducted 2009-2012. While more rigorous research is needed, initial analysis suggest that the FE games can be successful at engaging consumers, cultivating financial self-efficacy and financial literacy, and enabling initial real-world financial action. The paper concludes with a discussion of next steps in Financial Entertainment, with a focus on how games can create sustained behavior change and ultimately allow consumers to realize positive outcomes.

Suggested Citation

  • Nicholas W. Maynard & Preeti Mehta & Jonas Parker & Jeffrey Steinberg, 2012. "Can Games Build Financial Capability? Financial Entertainment: A Research Overview," Working Papers WR-963-SSA, RAND Corporation.
    • Handle: RePEc:ran:wpaper:wr-963-ssa
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    File URL: https://www.rand.org/content/dam/rand/pubs/working_papers/2012/RAND_WR963.pdf
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    References listed on IDEAS

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    1. Forbes, James & Kara, S. Murat, 2010. "Confidence mediates how investment knowledge influences investing self-efficacy," Journal of Economic Psychology, Elsevier, vol. 31(3), pages 435-443, June.
    2. Stephan Meier & Charles Sprenger, 2007. "Selection into financial literacy programs: evidence from a field study," Public Policy Discussion Paper 07-5, Federal Reserve Bank of Boston.
    3. Allan P. O. Williams, 2006. "Impact of Strategies," Palgrave Macmillan Books, in: The Rise of Cass Business School, chapter 13, pages 167-181, Palgrave Macmillan.
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    Cited by:

    1. Jean Lown & Jinhee Kim & Michael Gutter & Anne-Therese Hunt, 2015. "Self-efficacy and Savings Among Middle and Low Income Households," Journal of Family and Economic Issues, Springer, vol. 36(4), pages 491-502, December.

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