In light of ongoing societal and economic changes—such as demographic change, digitalization, and the retrenchment of public welfare—financial literacy has become a vital competence, particularly for adolescents and young adults. Despite the implementation of numerous financial education programs worldwide, research suggests that traditional approaches have limited success in influencing long-term financial behaviour. These programs often emphasize declarative knowledge while neglecting decision-making processes and learners' motivational and emotional needs. Serious games offer an innovative alternative, capable of fostering engagement and simulating real-life financial decisions. However, their effectiveness depends on the integration of several key dimensions.
This paper presents a research project aimed at developing and evaluating an educational serious game for financial literacy. The project addressed three integrative aspects: (1) aligning game design with learners' cognitive and motivational processes; (2) adapting the game to diverse educational contexts and stakeholder needs; and (3) bridging procedural knowledge gained through gameplay with formal conceptual understanding. These aspects were investigated through three interconnected studies: a developmental study, a series of case studies, and an experimental study.
The developmental study led to the creation of FinanceMission Heroes, digital serious game rooted in behavioural finance and learning psychology. The case studies, conducted in general and vocational schools and colleges in Switzerland and Germany, provided practical guidelines for implementation, emphasizing teacher training and stakeholder communication. The experimental study demonstrated that conceptual scaffolds significantly enhance students' understanding of budgeting and support the transfer of knowledge.
Collectively, the findings suggest that serious games, when thoughtfully designed and implemented, can enhance both motivation and learning in financial education. Moreover, providing scaffolds that connect gameplay to abstract concepts appears to amplify these effects. This research contributes to the growing body of evidence supporting serious games as effective tools for addressing complex educational challenges.