Could More Screen Time Give Your Kids a Financial Head Start?

Tomasz Mikołajczyk/Pixabay

Dear Readers: I have an unusual question for you: If your kids could learn about paying off a mortgage or controlling debt by playing a fantasy online game, would you give them a bit more screen time? How about fighting zombies and saving the world from aliens while making smart financial decisions? If you’re not a gamer, that probably sounds a bit crazy. But if you’ve heard about games like “Animal Crossing: New Horizons” or “Misadventures in Money Management,” you may know what I’m talking about. The recently released “Animal Crossing,” for example, is getting a lot of attention, and not just for the usual reasons. It actually teaches players about basic financial concepts in a way that kind of sneaks up on them as they get involved in buying and selling real estate and goods, building infrastructure—even investing.

Using games to teach money and finance isn’t new, but as video games become more sophisticated—and concern about screen time becomes more of an issue in households where everyone is sheltering in place—I think it could make sense for parents to turn what often is a battleground into an opportunity.

A Virtual Economy Can Teach Real-Life Lessons

Studies have suggested that playing video games can actually improve decision-making skills, memory, and strategic thinking. Take this a step further and it’s not hard to see how games that include sophisticated virtual economies can help players make better real-life financial decisions.