What is 7 x 8? What is the cube root of 125? What is the difference between APR and EAR?
In recent times, in the media spotlight, political figures have been stumped by numeracy questions posed by school students. The good news is that there is now something that can be used to turn the tables by putting young people on the spot to test their personal finance knowledge and skills.
The recently launched #yourmoney app has been designed by the CISI to challenge and improve the levels of personal financial knowledge with the aim of developing greater levels of financial literacy. The question is whether a young person can tell the difference between APR and EAR or know their ISAs from their JISAs.
The app has three levels of difficulty – Entry, Challenge and Expert. A player faces ten questions at each level and must pass the level they are on before progressing to the next. Players initially face fact-based questions on topics such as bank accounts, interest, wages, savings, borrowing, insurance and currency exchange. As they progress through the game, players are put through their paces via tougher questions, requiring them to apply their knowledge to scenario-based question
Here Matthew Bolton, CISI Teaching & Learning Specialist, provides an insight into the game. 
How does the #yourmoney app fit into financial literacy landscape?
Losing weight is not achieved through eating more healthily alone, it is about making wider lifestyle changes. The same concept applies to improving financial literacy. The app is one of the tools available and when used in conjunction with other methods, it will help to make a difference.
"family money matters need to become less of a taboo subject in households"
As research has shown, money habits are established from a young age. Financial education needs to start at home and family money matters need to become less of a taboo subject in households. Exposure to financial education in schools also makes a big difference. Thanks to the campaigning of the Personal Finance Education Group (pfeg), Martin Lewis (Money Saving Expert) and the All-Party Parliamentary Group on Financial Education for Young People, financial education found a home within the programmes of study for Mathematics and Citizenship from last September – hopefully, this is just the start! Lastly, As the OECD PISA test results highlighted, young people need to be engaged more fully with the practical use of financial products and services from an earlier age. Our CEO, Simon Culhane, Chartered FCSI has been campaigning for some time to make bank accounts mandatory for 16-year olds so that young people can participate more fully in financial society.
Obviously dipping in and out of an app is not the most effective educational experience. The idea is for the app to complement existing financial education delivery and initiatives within schools. We are in the process of developing materials which will accompany the app so that teachers can facilitate competitions or activities in the classroom, based on the entry level questions. This will hopefully also drive students to challenge themselves by attempting the more difficult levels in their own time, via the app itself.
What will motivate young people to download and use it?
The format will help. App technology will obviously appeal more to the target audience as this is a format they are familiar with and already use regularly. The app will also appeal to those with a competitive streak. Players are timed while using the app. Not only can a player compete against their own personal best time but they can also share their scores and times with friends. School students tend to enjoy a competition, as well as enjoying bragging rights over friends and fellow students. Ultimately, it is a bit of fun, as well as being an educational tool.
Finally, as always, there has to be an extrinsic carrot dangled in front of the player. A player will receive a digital certificate when they have completed each level, in addition to a 50% discount off of the personal finance book of the same name as the app, written by Jeanette Lichner MCSI, supported by the CISI.
What will the future hold?
Obviously, we hope that the app becomes synonymous with helping to improve financial literacy. In terms of the app’s content, there are plenty of opportunities to expand upon what we have already with the technology enabling future updates. Hopefully we will see the addition of mini-games within the main levels as well as integrating further prizes for players. Of course, we would naturally look to add further questions with some being even more challenging!
On another note……
Going back to the politicians being bamboozled by the Mathematics questions, it is not just school students who need some financial education support. The Institute asked a number of adults on the streets of London one of the questions from the app, resulting in some interesting responses!
Do you think you can do any better? Download the #yourmoney app and give it a try!