Technology can close the financial literacy gap and ensure that more people are financially included.
“Apps and games are changing the face of financial education by making it enjoyable and approachable for a diverse audience,” claims Sea Monster CEO Glenn Gillis.
Animation, games, and gamification are especially well suited to financial literacy education because they can be easily customized for a variety of ages, languages, cultures, and communities.
According to a 2021 report by Momentum and Unisa Money, South Africans have unstable finances as a result of poor financial decisions or a lack of financial literacy.
Families are more likely to experience favorable financial outcomes if they maintain their financial planning and put their financial knowledge to good use.
According to Gillis, who asserted that few people had access to financial advisors or the resources to learn more about how to manage their finances, technology has the potential to close the access gap.
According to Gillis, they can be designed for low bandwidth environments and also enable people to learn without feeling judged.
The data suggests that those with financial literacy are more likely to accumulate wealth because they carefully plan their spending and retirement.
There is still a lot of potential to use these tools to help people change their lives, the author claims. “We’ve already seen how games have been used in South Africa to teach people various financial skills, such as compound interest, bond repayments, saving for their retirement, how to balance expenses, and entrepreneurship.
