Ally Bank is building a Minecraft world to teach teens about money

Called Fintropolisthe virtual world was created with the help of MicrosoftMinecraft owner and video game developer blockages. Designed to address low rates of financial literacy among children and youth who may not have learned much, if anything, about saving money, paying taxes, invest or take advantage of credit opportunities at school. Having to acquire financial knowledge by making mistakes or “learning by doing” in the real world is a difficult task, full of pitfalls and easy mistakes to make. Learning finances the hard way often ruins some people.

Ally Bank, the bank branch of Allied Financial, is relatively new and has only been around since 2009. For this reason, innovation is in the company’s DNA and the bank emphasizes constant iteration of its technology to better serve its customers and its customers. account holders. Fintropolis is part of this important mission. Despite being an essential part of daily adult life, financial literacy is not a priority in school, and Ally Bank hopes its minecraft world can help close the wealth gap. race by teaching financial concepts to young users. Fintropolis is available for Minecraft and Minecraft: Education Edition.

Ally Bank’s Concept Development Lab, TMStudio, was instrumental in creating Fintropolis’ virtual educational experience. As players explore the world in Minecraft, they learn through different experiences the essentials of a strong financial life, including budgeting, building credit, and managing debt, as well as the basics of the investment. As part of the “Financial Literacy 101” experience, users do things like meet the mayor at city hall to learn about taxes, open an account at Fintropolis bank to learn about budgeting ; and even take out a mortgage to buy a house in the virtual world. Players can also invest in the global stock market and smartly learn the basics of identity theft and how to protect themselves from it when going to the police station.

Game users are also introduced to different careers and how early financial decisions can impact their future. Minecraft: Education Edition also comes with lesson plans to connect Fintropolis’ money concepts to classroom curricula that teachers and educators can use as a fun and easy way to teach their students about finance.

+++

This article originally appeared in the PSFK iQ report, Engaging Families at Retail.