While Web3 and Web3 gaming is probably a new concept to Aussie parents, some experts believe it could be the answer to helping kids understand money.
At the Binance Blockchain Week event, Executive Chair of Animoca Brands Yat Siu said Web3 games can be used to help build financial literacy.
“In gaming, we teach people all the time about new systems. Think about every new game you play, you come out of it, you learn a new skill…we can begin through gaming, through tokenised games [to learn] about financial literacy,” Siu said at the event.
But is it really that straightforward? We asked personal finance expert Sarah Megginson from Finder for her thoughts on using Web3 games to teach kids about money.
“The concept of financial literacy can seem like homework and something that may be harder for kids to engage with – but the reality is, learning about budgeting, investing and money is a really crucial life skill,” Megginson told The Chainsaw.
“So I’m a huge fan of anything that makes learning about money more accessible and fun.
“Using Web3 games to help kids learn about money is a fantastic way to engage with kids in a space they’re already comfortable. They are digital natives so interacting in this way comes really naturally, and it’s a way to introduce concepts around savings, budgeting and investing that is really empowering.”
Gaming can’t replace conversation
Meggison said while using games to help kids get a good understanding of money can be useful, parents still need to lay the groundwork.
“The reality is, the seeds are sown for your kids’ relationship with money really young, as they are constantly learning from their biggest influence – you!,” she said.
“Talking about money with them sets up the foundation of their money beliefs. That’s why I’m a huge fan of transparency and openness when it comes to talking to kids about money – the good, the bad and the ugly.
“Protecting your kids from money stress by not talking about it usually doesn’t work, as a lack of money discussions has an impact on them; when you don’t talk about money, it can take on an air of being mysterious, taboo and challenging, which sets them up for future challenges.”
Megginson suggested parents should have an “open and healthy dialogue” with their kids around money before encouraging them to interact with Web3 games – but they can certainly help to demystify money.
“These types of games are great practice and can also help them develop good financial habits around budgeting, saving and investing – as they’re used to asking questions, playing with different scenarios and working out the best way forward,” she said.
