Making a Game of Personal Finance

Kimberly Watson, Editor in Chief
July 18, 2012 /

If you think that gaming and personal finance are not related then you are not keeping up with financial strategy known as “game mechanics”. It is designed to educate participants regarding finance, but in a game format, with rewards for determined positive financial related actions.

Although most consumers are fully aware that they should be reducing debt and saving for retirement or other contingencies, they do not do it! Gaming and personal finance are a strategy for motivating them to perform the actions, instead of just paying lip service to them.

One barrier to performance is that personal finance involves rewards for the future, but decisions need to be made today. Therefore, with the current inherent economic pressures, these decisions are postponed, or ignored. To provide incentives, various providers utilize symbols or prizes as rewards for positive gaming and personal finance actions.

The game of personal finance can be related to the board game based on real estate, called Monopoly, which dates back to the early twentieth century and its predecessor, the Landlords Game. This was a popular game in the Depression era, based on the capitalist system, in which a dominant player gains all the wealth, while the others finance it without gain. Interest has been renewed in this type of gaming and personal finance, due to the crisis in the last few years.

Because of the popularity of tablets and Smartphone’s, users are able to gain access to these facilities in their spare time, for example; “Farmville.” They can manage their own money and build-up significant sums. By application of these concepts, it is possible for consumers’ mange their budgets effectively, by combining with a site such as Payoff. com. This is a site that is connected to various banks and financial institutions, with badges used as entries to cash prizes.

Gaming and personal finance facilities provide rewards and opportunities of achieving higher levels of efficiency. These effective tools are receiving a significant amount of interest, but consumers must research exactly the type of gaming facility they are joining. Many are being originated for the benefit of advertisers and merchants, rather than for then purpose of the consumer winning.

 

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