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no intervention but rather, the effects of the delivery mode (game-based vs.
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Therefore, we do not compare the effects of a stand-alone intervention vs. Appropriately for that context, the aim of this study is to evaluate the effects of game-based approaches on financial literacy compared to the situation where there are only traditional teaching methods. There has been an increased interest in game-based approaches in Finnish schools to increase the effectiveness of financial education. In the broader field of economic education, and especially in research concerning higher education, the potential of using games and simulations has been recognized for quite some time. Nevertheless, there is a perception, especially among practitioners, that games can be an important tool in teaching and learning financial literacy (e.g., Maynard et al. However, the use of games in financial education has remained an understudied issue. ( 2020) studied, in a secondary school setting, the impact of ability matching and differentiated education in financial education. In contrast, the recent article by Iterbeke et al.
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However, none of these studies took place in a school setting. ( 2019), who studied the effects of personalized counseling and goal-setting. ( 2017), who investigated the use of visual tools and narratives in financial education Kaiser and Menkhoff ( 2018), who found that active learning approaches worked better than traditional lectures in a sample of entrepreneurs and Carpena et al. principles-based approaches Lusardi et al. Such studies include Drexler, Fischer, and Schoar ( 2014), who study rules of thumb vs. While the focus of discussions initially has been largely on whether financial education has an impact, the discussion is gradually moving to the question of what actually works in financial education.
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( 2018) and Kaiser and Menkhoff ( 2020) speculated that the small effects related to behavior might be linked to the fact that schoolchildren rarely make any important economic decisions independently. They found very similar results to those in their previous meta-analysis in which all types of financial education produced relatively large effects on financial knowledge but small (although still significant) effects on behavior. In a recent article, Kaiser and Menkhoff ( 2020) included even more recent studies but limited their focus on financial education in schools (primary, middle, and high schools). The majority of studies also report changes in attitudes, whereas findings relating to behavioral changes are scarce. In assessing knowledge gains, studies in the secondary school context typically find improvements after educational interventions. ( 2018), typical ways in which increases in financial literacy are assessed in a school context are 1) increases in knowledge, 2) changes in (self-reported) financial behavior, and 3) changes in attitudes. These results were also supported by further analysis in Kaiser et al. They also found support for the proposition that financial education influenced behavior, although the effects were small and often focused on certain types of behaviors. Kaiser and Menkhoff ( 2017) summarized the recent research in their meta-analysis, where they found robust evidence of financial education impacting financial knowledge. Doubts have been raised on 1) whether financial education influences financial behavior and 2) whether financial education even influences financial knowledge (e.g., Fernandes, Lynch, and Netemeyer 2014 Frisancho 2020 Lusardi and Mitchell 2014 Mandell and Klein 2009 Skimmyhorn 2016 Walstad, Rebeck, and MacDonald 2010 Willis 2008). There has been a considerable debate on the effectiveness of financial education in general.