A company called D2D Fund has slowly been making its way through the interactive entertainment space, providing consumers with simple yet addictive games that center on increasing the user's financial literacy. The goal is to help low and middle-income households get a better grasp of finances and using what little they have in the most effective ways possible.
As noted in the D2D financial report...
The work of Hope Labs, with their pioneering game “Remission,” showed the way for a video-game to have measurable impact on the decision making of real people, in this case children with cancer.
D2D has been affiliating itself with colleges, the military and community based organizations to gather useful data about potential consumers. According to some stats generated from surveys from visits to their portal site, more than 63% of the users were of a lower or middle-income household of under $40,000 a year. 33% of the participants were also female.
Statistics were taken from both Ivy Tech Community College and Fort Hood, with the results not being terribly surprising. More than 49% of the Fort Hood participants were lower or middle-income tiered at $20,000 - $39,000 a year. The stats were a lot more discomforting at the Ivy Tech College, with 52% ranking in the $0 - $19,000 a year income bracket.
Further tests showed that if participants/users/gamers, were offered proper information through the games, either to increase knowledge about retirement, investing, etc., nearly 70% showed interest in taking initiative. However, D2D Fund believes that it takes more than just simple nudges to get some changes made, stating in the report that...
With the increasing costs of retirement, health care, and education, the need for financial education remains compelling as consumers continue to be responsible for making informed financial decisions in an increasingly complex financial services landscape. While the debate continues regarding the effectiveness of financial education programs, D2D proposes that we need to step back and consider how we define and design financial education, and further, how we link financial education to financial actions and behaviors.
Seems weird that a software company focused on finance would want to redesign the financial education within the U.S., but good on them for at least trying. They have a long road ahead of them and a lot of consumer debt blocking the way.
You can learn more about the study from D2D by checking out the official report right here or visit the official website for more information about D2D Fund.