About the app
Financial challenges arise throughout life, so financial education should help people manage their finances through life, equipping them with skills, tools and resources to help them establish principles of sound personal financial management.
The Managing Money App complements the Managing Money curriculum. The app takes an action based approach, simulating situations where people need to practice their personal financial management, while the Managing Money curriculum develops the skills they need to help them plan their finances in response to financial challenges.
The app places the Managing Money curriculum in the context of ongoing financial planning – i.e. the curriculum develops learners’ knowledge and skills, while the app provides virtual opportunities for learners to practice those skills in a risk- free setting.
Both planned life moments e.g. studying, starting your own business, having a place of your own, living as a couple, buying something big, planning your financial future and unplanned life moments e.g. losing a partner, struggling with debt, fluctuating interest rates, dealing with long term illness, becoming unemployed, returning to or being promoted at work, are some of the real life issues which impact on your financial health, requiring people to revise their financial management on a regular basis.
This is replicated on the Managing Money App which simulates life changes and supports people to respond to changing financial circumstances throughout their lives.
How to use the app
The app includes different characters which learners can choose from to experience that character’s financial journey through life.
As part of the managing money course (managing money curriculum) the learner identifies their character’s current financial position – e.g. income, spend, assets, debts, loans through information from their character’s profile.
- The learner chooses their character
- The learner completes the electronic budget from their character’s profile
- The learner receives a financial challenge through the app e.g. fluctuating interest rates
- The learner chooses their character’s short term actions from preset options e.g. reduce spending, borrow money etc.
- The learner then makes specific choices based on their response e.g. if choice was to borrow money, the learner then chooses from 3 loan options
- The character’s budget will automatically be updated based on the learner’s choice (learners can review all options and review budget changes before making a final choice)
- Learners are presented with an updated character profile
- Learners can either save their progress and return at a later date OR learners can progress by 1 (virtual) year and receive another financial challenge
- The game continues until all financial challenges have been resolved OR until the character is financially insolvent and has no further options
- The Currency will be in Euros
- Diagrams and pictures rather than text will be used where possible
- SCORM compliant
- Native app
- User centred design process
- Trialled in 4 European countries