April, 2012

Developing Financial Literacy Through 3D Training Simulations

Learning the skills needed to successfully manage your money and finances in today’s world is absolutely essential. Unfortunately for many people the only way to learn what works, or more importantly what doesn’t, is by making mistakes. These mistakes can be incredibly costly and may result in long term debt, bankruptcy or problems with having to juggle a multitude of different bills each month.

However, there is a very simple and highly engaging way to allow people to learn about financial management in a safe, effective and absolutely no risk environment. A 3D training simulation can provide the virtual world where learners can how to budget but also how to make adjustments for real world events that may come up that cause a dramatic change in the way that you handle your finances. These events could include the loss of a job, marriage, the birth of a child or medical issues that may end up dramatically changing your budget and financial plans. This training can also be developed to allow an already in debt consumer to come up with a plan that allows the bills to be paid off to avoid the need to go into bankruptcy.

These 3D training simulations are much more effective than reading information, watching videos or having discussions. Depending on how the game is developed it can be much like an online board game that has elements of both learning and trying out the skills. As the learner works through different modules of the game they can earn money for correct answers and creating wealth. This virtual money then becomes an additional part of the money management training, with the option to save, invest, buy a home or pay off credit cards or bills.

The real learning potential of these 3D training simulations is amazing. Learners will not actually be risking real money, but the serious game or simulation can be set up so they face real risks with their virtual bankroll. The game may include potential scams that the learner will experience first hand, helping them to spot these same types of “too good to be true” deals when they are investing their real cash.

Since the participants can experience the actual decision making with their virtual money, there is no risk but still a very important intellectual process since everyone wants to finish the module or training with the largest amount of money. Other simulations may help consumers learn about managing credit cards and credit card debt, developing a realistic and workable household budget or even how to plan for buying a home.

At Designing Digitally, Inc. we have experience in creating 3D training simulations that focus in on developing financial competency and literacy. By combining a simulation that is real world based, much like the video game the Sims, along with strong financial education we can help you create the perfect simulation for your clients, students or e-learners. If you want to take a peak at one project we currently have online check out https://www.findfinancialfreedom.org/. The fun part of the program ensures that the students will stay engaged and will continue to use the simulation until they have mastered the specific financial skills and objectives. Find Financial Freedom was created by Designing Digitally, Inc. in 2011.