Smart With Money: Learning Financial Literacy Through Board Games

Money makes the world go around being a necessary resource used in most aspects of one’s life. It is needed to acquire items, services, and experiences that help people function daily and reach their goals. Every one of us has their relationship with money – be it with abundance, scarcity, or just enough – which drives decisions and actions. But the truth is, money is a tool and not an enemy or a goal. It is neutral, dependent on how one uses it and which priorities to select. You can even sell homes in Arizona for cash if it suits your needs. Understanding and knowing how to manage money effectively is a crucial skill to create a better future for you and your loved ones.

Making sound and long-term financial decisions rather than rash short-term actions can help one reach their goals and live a stable life. Sadly, learning about credit and investments can be tedious and off-putting, given the jargon and other technicalities that can dissuade people from being financially literate. Utilizing board games to teach the principles of building wealth and minimizing debt is a fun way to improve engagement and retention for both kids and kids at heart. According to a 2019 study, games can increase learning outcomes significantly. You can use these games to teach financial literacy.

  1. Cashflow

Working in modern society has been compared to being stuck in a rat race where people compete endlessly to get the cheese – power, and money. Cashflow uses this image where players need to escape the rat race by obtaining properties, stocks, and businesses while managing the upturns of external elements like the stock market and even the environment. The game teaches players how to understand cash flow principles and make decisions according to different investing scenarios.

  1. Monopoly Deal

monopoly game

Monopoly is a popular and well-loved board game since 1930, with different versions and popular pop culture tie-ups being available in the market. Monopoly Deal is the more portable card version derived from the game produced by Cartamundi under license from Hasbro. The goal of the game is to collect three complete sets of cards representing the properties of the original game while coping with different wild cards and stealing by other players. Players can learn principles of foresight with risk management through this game.

  1. The Game of Life

There’s nothing quite literal and close to home than the board game, The Game of Life. Players need to accumulate the largest net worth through choosing paths, stimulating common real-life choices such as education, occupation, and even family size. Effects of education and career decisions on income are highlighted in the game, stressing their importance to players. The consequences of debts, taxes, and overspending on one’s net worth are also explored.

  1. Catan

Despite the lack of money element, the Settlers of Catan board game teaches valuable finance and economics lessons. It is travel through time when bartering goods is the main currency, and managing actual resources like brick, lumber, and wool is akin to managing one’s savings account. The game showcases the necessity of balancing competition and cooperation to keep the economy going, where trading goods are mutually beneficial to all parties. Diversification is also a sound strategy in this game to serve as a cushion during unforeseen events.

Developing one’s financial literacy doesn’t have to be purely study with hard to understand words. Learning through play like with board games can strengthen and develop skills such as inquiry, expression, and experimentation with fun involved.

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