Tool Kit

Games can be powerful teaching tools. Games and simulations provide an excellent platform for learning concepts and new behaviors. The learning doesn't stop as we get older. Teens and even adults can learn while playing games, and there is a wide range of games available to teach a variety of topics, including financial literacy.

To explore the specific goals and future needs, a financial representative will develop a comprehensive financial plan that can be the basis for meeting long-term goals. As the life changes dictate adjustments over time, it would adapt and incorporate the appropriate defensive and offensive strategies to suit specific situation.

There are 6 educational games that will teach basic financial concepts and money management skills to participants of every age on the practical money skills, including:

1. Time Value of Money :
The game of Ludo: the game developed in such a way which helps provide children and young adults with the knowledge and tools they'll need to maintain sound financial habits over a lifetime. The concept of Time Value of Money follows from the fact that money available presently holds greater value than the same value at a future date because of the earning potential of money.

2. Risk & Return :
The Card game: the Card game: There are many types of risk, and many ways to evaluate and measure risk. The game is going to be a Risk versus Returns game. Where each participant is exposed to make their portfolio in the given 3 scenario.

3. Finopoly :
The Savings game: The game navigates a multi-dimensional world, making life decisions that will affect whether their virtual bank accounts shrink or grow. In terms of personal finance, saving specifies low-risk preservation of money, as in a deposit account, versus investment, wherein risk is higher. The idea of the game is to buy and rent commodities as happens in our daily life to become the wealthiest person by the end of the game.

4. Human Life Value :
Life Stages: As individuals one comes across various stages in life. Teenage, Youth, Middle-age and Old-age are the various stages one experiences. These stages amongst other things have huge financial implications which if not taken care can pose gigantic issues. This game is about the need and importance of disciplined saving which means that every participant should look at saving as a “must” and not as an “if”. In this game every participant will travel the same path one after the other in an organized start to finish order. There are no falls or highs. Thus, sooner or later every participant will end up traveling the seven financial stages of life. On traveling that path, the participants will understand how to go about saving and at what points of time, all along facing unforeseen challenges in the name of unexpected expenses. Once the participant passes through the seven stages of life the participant will have a better picture in terms of handling money.

5. Insurance :
Snakes & Ladders: Insurance is an insurance against future loss. Everyone works hard to build a solid financial footing for themselves and their family, so it is a must to be sure that everything is protected. Accidents and disasters can and do happen, and if people are not adequately insured, it could leave them in a financial ruin. People need insurance to protect their life, their ability to earn income, and to keep a roof over their head.

6. Compound Interest :
Game of Compounding: In Simple Interest, you only earn interest on your Principal. With Compound Interest, you earn interest on your Principal AND the Interest you earn along the way. In essence, your Interest becomes more ‘principal’. The game shows the power of compounding, how money grows faster. So whenever we select any mode of Investment we should look at compound Interest.

The toolkit is an instrument which will help a person to be financially literate and to understand how to plan financially and to understand the importance of preparing household budgets.

© 2010 BSE Institute Limited. All rights reserved. Privacy Policy | Site map | Disclaimer