Advit Ranawade, a student from India, developed an interactive game, “CashWise” to make financial literacy more interesting for kids. It modifies the traditional way to teach fundamental concepts such as banking, investing, and stock exchange investment. The game has four features – banking system, account, buying and selling portal, and the stock market.
In the banking system, children learn about the concept of interest and different types of bank accounts. For example, a fixed deposit offers high interest rate but the money is blocked for a year, while in current account, you can withdraw and deposit your money as you please, but it has a low-interest rate of 2.5%.
The account feature focuses on financial planning and teaches children to pay their taxes and manage their salary. Interestingly, the game also has an in-built timing feature to keep track of the taxes and salary. The buying and selling portal enlightens them how to balance their wants and needs. Kids need to determine a price for the object to be sold. If they set too high, no one would be willing to buy, and if too low, they would get lesser returns.
For stock exchange, the game has a wide range of in-built stocks from which children can decide and invest. It also offers in-game description of the stock, including its plans and financial data which are very important to make an informed decision. More importantly, it displays a live stock performance by updating the stock prices every day.
By playing CashWise, kids truly understand the value of money and learn how to save, invest, and grow.
