IDEAS home Printed from https://ideas.repec.org/a/eee/soceco/v114y2025ics221480432400168x.html

The impact of board games on the financial literacy of public-school students

Author

Listed:
  • Reisdorfer-da-Silva, Rômulo César
  • Becker, Kalinca Léia
  • Vieira, Kelmara Mendes

Abstract

This study examines the impact of using a board game as an educational tool to teach financial concepts in school environments. Adopting a quasi-experimental methodology, the study implemented the game in classrooms and measured its impact on students' financial literacy, financial knowledge, financial behavior and financial attitude using the propensity score matching technique, focusing on the immediate learning outcomes from the board game intervention. The results obtained indicate an increase in the financial literacy and all its dimensions of the students who took part in the board game lessons, demonstrating the effectiveness of this methodology. These findings have significant implications for financial education in schools, suggesting that more interactive teaching methods, such as board games, may be more effective in promoting financial literacy among young people, impacting from financial knowledge to financial behavior and attitude.

Suggested Citation

  • Reisdorfer-da-Silva, Rômulo César & Becker, Kalinca Léia & Vieira, Kelmara Mendes, 2025. "The impact of board games on the financial literacy of public-school students," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 114(C).
    • Handle: RePEc:eee:soceco:v:114:y:2025:i:c:s221480432400168x
    DOI: 10.1016/j.socec.2024.102331
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S221480432400168X
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.socec.2024.102331?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. AsleBagh, Pegah & Bonyadi Naeini, Ali & Moeeni, MohammadReza, 2024. "Investigating the effect of three different factors including experience, personality and color on the decision-making process in stock markets using EEG," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 109(C).
    2. Haider Nafees Ahmed, 2023. "How Effective Is Board Gamification, Using Nudging Principles, In Promoting Financial Literacy Among Children?," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 12(2), pages 302-307.
    3. Xi, Nannan & Hamari, Juho, 2019. "Does gamification satisfy needs? A study on the relationship between gamification features and intrinsic need satisfaction," International Journal of Information Management, Elsevier, vol. 46(C), pages 210-221.
    4. Alfonso, Antonio & Brañas-Garza, Pablo & Jorrat, Diego & Lomas, Pablo & Prissé, Benjamin & Vasco, Mónica & Vázquez-De Francisco, María J., 2023. "The adventure of running experiments with teenagers," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 106(C).
    5. Brañas-Garza, Pablo & Estepa-Mohedano, Lorenzo & Jorrat, Diego & Orozco, Victor & Rascón-Ramírez, Ericka, 2021. "To pay or not to pay: Measuring risk preferences in lab and field," Judgment and Decision Making, Cambridge University Press, vol. 16(5), pages 1290-1313, September.
    6. Evgeniya Duzhak & Jody Hoff & Jane S. Lopus, 2021. "The Effects of the Chair the Fed Simulation on High School Students’ Knowledge," The American Economist, Sage Publications, vol. 66(1), pages 74-89, March.
    7. María Paz Espinosa & Lara Ezquerra, 2022. "The effect of domain and framing on elicited risk aversion," PLOS ONE, Public Library of Science, vol. 17(9), pages 1-17, September.
    8. Annamaria Lusardi & Olivia S. Mitchell, 2023. "The Importance of Financial Literacy: Opening a New Field," Journal of Economic Perspectives, American Economic Association, vol. 37(4), pages 137-154, Fall.
    9. Annamaria Lusardi, 2019. "Financial literacy and the need for financial education: evidence and implications," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 155(1), pages 1-8, December.
    10. Pablo Brañas-Garza & Diego Jorrat & Antonio M. Espín & Angel Sánchez, 2023. "Paid and hypothetical time preferences are the same: lab, field and online evidence," Experimental Economics, Springer;Economic Science Association, vol. 26(2), pages 412-434, April.
    11. William E. Becker & Michael Watts, 2001. "Teaching Economics at the Start of the 21st Century: Still Chalk-and-Talk," American Economic Review, American Economic Association, vol. 91(2), pages 446-451, May.
    12. Estepa-Mohedano, Lorenzo & Espinosa, María Paz, 2023. "Comparing risk elicitation in lotteries with visual or contextual aids," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 103(C).
    13. Oberrauch, Luis & Kaiser, Tim, 2022. "Cognitive ability, financial literacy, and narrow bracketing in time-preference elicitation," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 98(C).
    14. Amador-Hidalgo, Luis & Brañas-Garza, Pablo & Espín, Antonio M. & García-Muñoz, Teresa & Hernández-Román, Ana, 2021. "Cognitive abilities and risk-taking: Errors, not preferences," European Economic Review, Elsevier, vol. 134(C).
    15. Ani Caroline Grigion Potrich & Kelmara Mendes Vieira & Wesley Mendes-Da-Silva, 2016. "Development of a financial literacy model for university students," Management Research Review, Emerald Group Publishing Limited, vol. 39(3), pages 356-376, March.
    16. Yeung, Dannii Y. & Ho, Alvin K.K. & Lam, Alfred H.K. & Lam, Alvin C.H., 2023. "An integrated model on purchase intentions of typical and tax-deductible saving products: The roles of retirement goal clarity and age," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 104(C).
    17. Alfonso, Antonio & Brañas-Garza, Pablo & Jorrat, Diego & Prissé, Benjamin & Francisco, María José Vázquez-De, 2025. "The baking of preferences throughout the high school," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 118(C).
    18. Liu, Aiping & Urquía-Grande, Elena & López-Sánchez, Pilar & Rodríguez-López, Ángel, 2024. "The role of gamification in customer citizenship behavior on China's microfinance platforms," Finance Research Letters, Elsevier, vol. 63(C).
    19. María Elena Parra-González & Jesús López Belmonte & Adrián Segura-Robles & Arturo Fuentes Cabrera, 2020. "Active and Emerging Methodologies for Ubiquitous Education: Potentials of Flipped Learning and Gamification," Sustainability, MDPI, vol. 12(2), pages 1-11, January.
    20. Ani Caroline Grigion Potrich & Kelmara Mendes Vieira & Wesley Mendes-Da-Silva, 2016. "Development of a financial literacy model for university students," Management Research Review, Emerald Group Publishing Limited, vol. 39(3), pages 356-376, March.
    21. Abdullah Al‐Bahrani & Jamie Weathers & Darshak Patel, 2019. "Racial Differences in the Returns to Financial Literacy Education," Journal of Consumer Affairs, Wiley Blackwell, vol. 53(2), pages 572-599, June.
    22. Rajeev H. Dehejia & Sadek Wahba, 2002. "Propensity Score-Matching Methods For Nonexperimental Causal Studies," The Review of Economics and Statistics, MIT Press, vol. 84(1), pages 151-161, February.
    23. Ani Caroline Grigion Potrich & Kelmara Mendes Vieira & Wesley Mendes-Da-Silva, 2016. "Development of a financial literacy model for university students," Management Research Review, Emerald Group Publishing Limited, vol. 39(3), pages 356-376, March.
    24. Brañas-Garza, Pablo & Estepa-Mohedano, Lorenzo & Jorrat, Diego & Orozco, Victor & Rascón-Ramírez, Ericka, 2021. "To pay or not to pay: Measuring risk preferences in lab and field," Judgment and Decision Making, Cambridge University Press, vol. 16(5), pages 1290-1313, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. García, Gonzalo Llamosas & Pérez-Oleaga, Cristina Mazas, 2025. "What works in financial education? Experimental evidence on program impact," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 119(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Alfonso, Antonio & Brañas-Garza, Pablo & Jorrat, Diego & Prissé, Benjamin & Francisco, María José Vázquez-De, 2025. "The baking of preferences throughout the high school," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 118(C).
    2. Vivek Verma & Praveen Singh & Rajesh Tiwari & Dinesh Chandra Pandey, 2025. "Sustainable investing through a gendered lens: the role of locus of control and risk perception," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 30(4), pages 1-16, December.
    3. António Afonso & Eduardo Rodrigues, 2026. "Financial Literacy and Saving Behavior: Global Cross-Sectional Evidence," Working Papers REM 2026/0403, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    4. Nur Diyana Yusoff & Shafinar Ismail & Noraznira Abd Razak & Nor Shahrina Mohd Rafien & Wahida Yaakub, 2024. "Retirement Preparedness among Malaysia’s Low-Income Private Sector Employees: A Conceptual Model," Information Management and Business Review, AMH International, vol. 16(3), pages 613-627.
    5. Pankaj Kumar & Pardeep Ahlawat & Aarti Deveshwar & Mahender Yadav, 2025. "Do Villagers’ Financial Socialization, Financial Literacy, Financial Attitude, and Financial Behavior Predict Their Financial Well-Being? Evidence from an Emerging India," Journal of Family and Economic Issues, Springer, vol. 46(3), pages 802-820, September.
    6. Bruns, Selina & Hermann, Daniel & Mußhoff, Oliver, 2022. "Investigating inconsistencies in complex lotteries: The role of cognitive skills of low-numeracy subjects," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 97(C).
    7. Roig, Anthony & Thouvarecq, Régis & Rivière, James, 2025. "Economic and physical risk-taking in 7- to 9-year-olds: The link with a novelty-driven exploratory strategy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 117(C).
    8. Renata Legenzova & Gintarė Leckė, 2025. "The Link between Family Financial Socialization in Adulthood and Investment Literacy of P2P Investors," Journal of Family and Economic Issues, Springer, vol. 46(2), pages 525-544, June.
    9. Peter Mogale & Mulatu F. Zerihun & S.F Ngonyama & Ngonidzashe Chiranga, 2025. "The relationship between financial literacy and financial performance of registered small enterprises," International Journal of Business Ecosystem & Strategy (2687-2293), Bussecon International Academy, vol. 7(1), pages 142-151, January.
    10. Khurram Ajaz Khan & Zdenko Metzker & Justas Streimikis & John Amoah, 2023. "Impact of negative emotions on financial behavior: An assessment through general strain theory," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 18(1), pages 219-254, March.
    11. Soumita Roy & Md Muntasir Kamal Dihan & Tasnimah Haque & Nafisa Nomani & Sadia Islam Preety, 2025. "Determinants of Saving Behavior Among Employees in Dhaka, Bangladesh," Papers 2507.21254, arXiv.org.
    12. Novella, Rafael & Ramirez, Ericka G. Rascón, 2024. "Question-order effects on judgements under uncertainty," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 109(C).
    13. Sconti, Alessia & Caserta, Maurizio & Ferrante, Livio, 2024. "Gen Z and financial education: Evidence from a randomized control trial in the South of Italy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 112(C).
    14. Schrieks, Teun & Botzen, W.J. Wouter & Haer, Toon & Aerts, Jeroen C.J.H., 2024. "Drought risk attitudes in pastoral and agro-pastoral communities in Kenya," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 108(C).
    15. Arvindh Rajasekar & Arul Ramanatha Pillai & Rajesh Elangovan & Satyanarayana Parayitam, 2023. "Risk capacity and investment priority as moderators in the relationship between big-five personality factors and investment behavior: a conditional moderated moderated-mediation model," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(3), pages 2091-2123, June.
    16. Lovász, Anna & Bat-Erdene, Boldmaa & Cukrowska-Torzewska, Ewa & Rigó, Mariann & Szabó-Morvai, Ágnes, 2023. "Competition, subjective feedback, and gender gaps in performance," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 102(C).
    17. Estepa-Mohedano, Lorenzo & Espinosa, María Paz, 2023. "Comparing risk elicitation in lotteries with visual or contextual aids," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 103(C).
    18. Alfonso, Antonio & Brañas-Garza, Pablo & Jorrat, Diego & Lomas, Pablo & Prissé, Benjamin & Vasco, Mónica & Vázquez-De Francisco, María J., 2023. "The adventure of running experiments with teenagers," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 106(C).
    19. Pablo Brañas-Garza & Antonio M. Espín & Diego Jorrat, 2025. "£1(£5) or Nothing in Dictator Games: Unexpected Differences," Working Papers 376, Red Nacional de Investigadores en Economía (RedNIE).
    20. Aishwarya Mitra & Anupam De, 2026. "Deciphering Financial Satisfaction: Unravelling Impact of Financial Literacy for Indian IT Sector," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 17(2), pages 4621-4650, April.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:soceco:v:114:y:2025:i:c:s221480432400168x. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620175 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.