Investment Challenge
Why was the project needed?
Investments can be a truly intimidating topic to communicate to members, especially during unprecedented times. As a result of the Covid-19 market crash, many retirement fund members began to panic and wonder if they should switch their investments. Telling members to keep calm, to never make emotional investment switches, and to stick to their long-term plan is well and good, but messages are driven home far more effectively when they can be visibly and concretely demonstrated.
The Vodacom Group Retirement Funds decided to do this by means of gamification. Gamification allows members to learn while doing something fun. Using games as educational tools has been shown to improve motivation, encourage behavioural changes, and to foster friendly competition and collaboration in a variety of contexts.
The brief
Create and run an educational simulation that teaches members about investments.
The solution
Be Financially Smart = BFin$mart
Being financially smart is not all about jargon and complicated algorithms; rather, it should be viewed as preparation for future challenges that each and every South African will undoubtedly face, if they are not doing so already. The BFin$mart tool allows participants to manage their finances in a practical yet challenging and fun way. Incorporating a simple and easy-to-use system within the framework of a fun and competitive game, BFin$mart helps members to understand just how unpredictable life and investments can be, thereby empowering them with knowledge and understanding that will aid their decision-making processes in future.
The BFin$mart tool is an online system optimised to run over a one-month period in real time, with each day representing one year, i.e. a 30-year career. Players manage a monthly budget that incorporates fixed expenses (for which they have different options, e.g. type of car/house/medical insurance) and investments in various companies (all with different risk profiles). They decide how much to spend or invest and where to do so, using the ‘salary’ that they earn.
