Financial literacy continues to be an important discussion for industry professionals. That’s because Canadians aren’t very savvy when it comes to money. Here’s one app that’s trying to help break through disconnect.
American Banker published an interesting article late last week about a new app that Regions Financial has created to in order to help millennials improve their financial literacy — through gaming.
The game itself revolves around a student athlete who must juggle golf, schoolwork and money as he or she makes their way through college life. Regions chose golf because it’s an individual sport and better illustrates the consequences of personal financial choices.
Scoff if you will but when 70 percent of people in their 20s don’t consider mortgages or car loans debt, something has to be done to bring them out of their lethargy and The Regions Scholar Athlete Game, which is available to download for free on any iPhone, iPad or Android device, could be just the ticket.
Victor Godinho, a Toronto-area advisor is big on the use of apps to educate young clients. He routinely recommends Intuit’s free app Mint.com as a way for clients to track their expenses and understand their spending. It’s the first step in the budgeting process. Good spending habits developed early in life can make a huge difference later on whether you’re retired, facing an unexpected health crisis or some other financial emergency.
That’s all well and good but the idea of using a game that revolves around golf, something that isn’t at the top of any millennials’ short list of favourite sports, seems like a massive stretch.
However, Regions head of marketing, Michele Elrod, says, “We hope educators, parents and students will find this to be an effective educational tool to help young people develop core personal finance skills that will serve them well throughout their lives.”
So, the next time you’re talking to a millennial, you might ask them to try the game out. It could be the start of their financial education.
Ultimately, they could become a client.