Are you financially illiterate? Do you know what your country’s inflation rate is, and how it affects you? Well, there’s Oikonopolis and it might just chase financial illiteracy away.
Singapore has a top-notch literacy rate of 96% as of 2010. That means that 96% of all Singaporeans, 15 and up, can read and write. But what about financial literacy? Apparently, according to a survey conducted by Innvervative Learning, more than 90% of teenagers and young adults have no idea what Singapore’s inflation rate is and how it affects them personally.
The severe lack of economic knowledge prompted two ex-portfolio managers from the Monetary Authority of Singapore (MAS) to start Innervative Learning to launch the app, Oikonopolis, a simulative mobile app game focusing on the economy and personal financial management, available on the iOS and Google Play platforms from 21 February onwards.
According to Innvervative Learning, current financial literacy programmes only give the cerebral explanation and does not explain exactly why certain things happen economically-wise.
Oikonopolis aims to address how the basic principles in Economics work, which are crucial to developing a sensible financial plan. The interactive strategy mobile app will challenge youths to think about how they can best steer their cities and homes through the typical economic cycle and react promptly.
The game has garnered interest from local educators and overseas partners alike. Singapore’s Raffles Institution has already signed with Innervative Learning to hold “Economics and Financial Literacy” classes for students using Oikonopolis. Potential partners in the United States, New Zealand and Malaysia have also expressed their interest in licensing the game in their own countries.
Innervative learning will hold its official Oikonopolis launch party on the 21st of February, 7 p.m., at the Singapore Management University’s Basement Cafe, where the team will present the results of their Economics/Financial Literacy survey.
Image Credit: Innervative Learning
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