I am on a 5th grade FLL robotics team and we are trying to create a mod for kids that teaches them about money management skills while having fun playing the mod.
Statistics show that teens and adults in the United States struggle with managing their money. According to Alan Greenspan, former Chairman of the Federal Reserve, “The number 1 problem in today’s generation and economy is the lack of financial literacy.” We have discovered that the earlier kids learn good habits about managing their money, the better off they will be in the future.
Here's what we have so far -
Level 1 – The player begins the game by deciding which college to attend. Jobs would depend on the player’s college choice. Jobs would also be determined by time spent in college (4 Moneycraft days = Bachelor’s Degree, 6 Moneycraft days = Master’s Degree, 8 Moneycraft days = Doctorate Degree). Higher degree=better jobs. If you choose not to go to college, then you would only have blue collar jobs to choose from, like mechanic, retail job, restaurant job, etc. The player would have to choose between living at home with their parents, or renting an apartment. The second option involves paying more bills like rent payment, electric bill, water bill, phone and groceries. The player would open a checking and savings account. They would also learn how to write a check to pay their bills and learn how to use a debit card to pay for groceries. They would also create budget.
Level 2 – If successful in level 1, the player could apply for a loan to get a car. They would learn how their credit score affects a loan application and the interest rate you get. They could also choose to work overtime at their job to earn more money. The player would have to choose whether to save it or spend it. The player would continue to pay bills. If they don’t pay their bills on time, they could lose items and their credit score would drop. The player would have to adjust their budget.
Level 3 – If you saved money in Levels 1 and 2 and paid your bills on time, then you could apply for a mortgage to buy a house. If your mortgage application is approved, you would be able to buy all of the supplies to build your house. Your bills would increase with the purchase of a house. You would be eligible for a raise or apply for a higher paying job if you had a good work record on level 1 and 2. The player would have to adjust their budget.