“Where does my money go?” is a common question that many individuals and households ask when managing their personal finances. Effective money management starts with a goal and a step-by-step plan to manage expenses, savings and debt repayment. Financial goals are different for everyone, and can be difficult to start. Financial goals should follow the SMART principle – they must be Specific, Measurable, Actionable, Realistic, and have a Timeframe. Learning financial literacy at a young age provides a strong foundation for the future.
About the Making Money Matter board game
Making Money Matter is a financial literacy board game aimed at grade 9 learners that tackles financial topics through a fun, interactive journey. Six players play the game for an hour-long session. During the game, the students test the impact of financial decisions through topics such as saving, budgeting, banking, insurance, general financial knowledge, tax, interest, credit regulation, currencies, and the small business sector.
But the learning doesn’t end when the board game ends. Learners record what they learn in a journal and complete exercises to apply the financial concepts at home. Momentum Metropolitan Foundation developed the game to allow learners to test the impact of various financial decisions, which will help them to make well-informed financial decisions in their lives.
Launched in 2014, the game aligns to the Economic Management Science curriculum.
The Making Money Matter board game’s success and future
In the 2017 case study ‘Financial wellness starts with financial literacy’, MMI Foundation shares some of the games successes, as well as key lessons learned.
An independent project evaluation showed that, on average, participating students’ knowledge improved by 22%, and that they applied key concepts such as budgeting and saving in their everyday lives.
From testing and evaluating the Making Money Matter game, several improvements were recommended. For example, the language and tone of the game were too complex, even though the game was designed against the standard expected of learners in the national school curriculum. The case study says: “ This lesson underscores the importance of ensuring that the design of the game – much like the implementation of all development initiatives – speaks to the actual and not the perceived or deducted needs of the target audience.”
It was also found that improvements in implementation could be made to allow more learners access. Making Money Matter started as an extra-curricular activity after school, but once it was incorporated into the curricula, more learners could participate.
Learning financial literacy through initiatives like the Making Money Matter board game is one way that MMI Foundation can include financial education in schools, to encourage healthy financial attitudes and behaviours for young people – in the classroom and beyond.
