Paul Solman, a business reporter in Boston for the NewsHour on PBS, put together an excellent piece about educating preschool children about saving. In it, Solman interviews Grover and the children of behavioral economist David Ariely of Duke University, among others.
The piece discusses a research study on self-control among young children, which was covered recently by Squared Away.
The secret to D2D’s success in luring players to its financial video games starts with the $150,000 it spends to design each game with MIT researchers and an award-winning Web designer.
But the Boston non-profit puts just as much emphasis – and an undisclosed amount of funding from The Wal-Mart Foundation – into distributing the games.
D2D has used an e-mail blitz to 100,000 community college students in Indiana and hosted game competitions in city neighborhoods in Massachusetts, Florida, Texas, New York, and Maryland. It partners with large employers, financial companies, state governments, and the military – organizations it recruits to promote the games to its employees, clients, or members. New products aimed at distribution include Spanish-language games and apps for the iPad and Droid.
D2D’s five games have attracted a combined total of 106,000 unique visits since the first and most popular one, Celebrity Calamity, came out a year ago. That’s not quite in league with, say, Disney, which has had 750,000 visitors to its Great Piggy Bank Adventure and an Epcot exhibit in Orlando backing it up, according to T. Rowe Price, the mutual fund company that collaborated with Disney on the game. …Learn More
Consider these grim outcomes for financial educators:
One study found that the seniors who had the least financial knowledge were most confident about their knowledge;
The most successful educational tools – stock market games – send the message it’s okay to gamble;
When Illinois required consumers to attend a workshop for certain types of mortgages, homebuyers avoided those mortgages;
Scores for national financial literacy tests administered to high schools by the JumpStart program declined between 1997 and 2008;
Soldiers exhibited worse budgeting behaviors after taking a financial course than before.
In the past decade, foundations, governments, and non-profits have poured millions into financial literacy efforts in grade schools through college and among low-income neighborhoods and specialized groups, such as homebuyers and the military.Learn More
It’s been well-established that most people have low levels of financial literacy and struggle to manage and plan their personal finances. Now two Wisconsin researchers have taken the conversation to the next level by trying to explain why.
According to their study, featured in a webinar posted online today, the financial literacy of people entering retirement is significantly determined by high school IQ level or by whether the individual took high-level math classes in school.
University of Wisconsin professors Pamela Herd and Karen Holden arrived at this finding by analyzing 6,000 individuals from a unique longitudinal data set of people who graduated from Wisconsin high schools in 1957 – and were in their mid-60s at the time of the study. …Learn More