A further concept, which can be seen in well-known esports games, such as "League of Legends", but also in mobile games, such as "Clash of Clans", is the free2play model. Other games have an initial price and a subscription model.
However, for some of these games, there are frequent content expansions, such as new stories, available to purchase. The classic model is games that are bought at a fixed price and no further spending is necessary. In the last decade, various pricing models have been developed around computer games.
An organizational structure derived from Kiili’s (2005) experiential gaming model was used to analyze four online financial literacy games: Moneytopia, Cashflow 101 The Web Game, Farm Blitz, Financial Football 2.0. Kiili’s (2005) experiential gaming model and the derived organizational structure were proved useful for identifying, analyzing, and designing experiential financial literacy games. The gamification of standardized testing is what should be prevented in financial literacy games. As for Financial Football 2.0, the separation between fun activities and educational activities illustrates the undesirable design of educational games. Farm Bltizm, failing to allow the player to discover solutions by himself, promotes single-loop learning.
The results showed that Moneytopia and Casfhflow 101 are highly supportive of situated, double-loop, and experiential learning and exemplifies the ideal design of financial literacy games. An organizational structure derived from Kiili’s (2005) experiential gaming model was invented and used as a benchmark for analyzing four online financial literacy games: Moneytopia, Cashflow 101 The Web Game, Farm Blitz, Financial Football 2.0. Kiili’s (2005) experiential gaming model was introduced to elaborate on the design of experiential games that promote engagement and are conducive to active learning. Games, no different from any other pedagogical space, need to be purposefully designed to enhance learning outcomes that are relevant and matter in financial education. In fact, other than interactive and engaging, digital games are experiential in nature, thereby serving as a qualified tool to teach financial literacy. To facilitate transfer of learning, they concluded that interactive pedagogy, such as experiential learning, supported by multimedia (e.g., digital games) are more adept at increasing participants’ financial knowledge and improving their financial decision-making than traditional telling pedagogy. Researchers are also active in finding out the best practice for financial literacy education. Overreliance on credit, living beyond their means, and irresponsible spending are no longer a personal issue, but has become a public issue and crisis.Ĭollaborative efforts by government, organizations, universities, and individuals to improve financial literacy can be seen nationwide. The lack of correct financial knowledge and skills account for their dismal management of money and endangers their future financial well-being. There has been an epidemic of financial illiteracy among our youth. The purpose of this qualitative study was to explore how digital games supported experiential learning in the area of financial literacy, how experiential educational games should be designed, and which online games integrated experiential learning to enhance learning outcomes in the area of financial literacy.