MILWAUKEE-A number of high schools in this state have signed on to an online financial education "game" that is being promoted by credit unions.
Ralph La Macchia, president of Milwaukee-based design/build firm La Macchia Group LLC, invented and developed a game called Money Mission. The company licensed Money Mission to the Wisconsin Credit Union League, which first reached out to schools in the Badger State. Now the plan is to expand.
According to Ben Schweder, VP WCUL Services Corp, a wholly owned subsidiary of the League, the goal is to reach the 15-to-19 year old age bracket that is often consumed with playing Farmville and Angry Birds.
"We took the concepts of those games and created a financial literacy game," he said. "The biggest difference is this is not through Facebook but through the participating credit union's website. It creates a greater awareness of what credit unions are, how they operate and what they do."
Agreed La Macchia: "Money Mission targets high school student and teaches financial literacy. It allows a credit union to capture a relationship at a formative age."
Twelve high schools in Milwaukee will pilot the Money Mission program in September, with the intention of all high schools the Milwaukee Public Schools System starting it in January. Schweder said the response from teachers and schools has been extremely positive. A similar game is being developed by the Texas league (CU Journal, Aug. 22).
Gaming Environment
Money Mission creates a gaming environment in which kids make real financial decisions, Schweder explained. It is played over 16 real-time weeks in the fictional burg of "Mission Heights." Inside the game are 14 video lessons, all about three minutes in length, which address financial topics that include inflation, taxes, borrowing wisely and the affects of international commerce.
Game participants earn money by doing virtual "jobs" and solving tasks and quizzes. They can place their earnings into three accounts: checking, savings, and investments. For the latter there is a virtual stock market trading element. The game identifies 10 stocks kids can relate to, including Google, Apple, eBay, Yahoo and Netflix. There is an accelerator that simulates long-term investing.
The host credit unions are able to put their name on various locations inside the town of Mission Heights.
The game begins when the participant creates an avatar (an animated figure that represents the person) and chooses a vehicle. Life lessons begin with the vehicle purchase, as the speedy "rocket" car carries a higher insurance price and burns more fuel. The price of gas in the game is tied to the real world crude oil price, so kids soon learn if oil goes up, so does the cost of operating that sports car.
To "win" at Money Mission takes more than just accumulating wealth, Schweder noted, there also is a happiness element. If someone works too much while chasing the big bucks, his or her happiness level declines. Trying to save by not spending money on food or clothing also causes the happiness meter to dwindle. The score is determined by multiplying wealth by life balance.
"We are helping younger people learn about finances, as opposed to just getting their first credit card when they become an adult and then getting in trouble," Schweder said. "We are teaching kids the decisions they make have long-term implications. We teach real life lessons within the game, about not only wealth but happiness."
The limitations built into the game are designed to keep kids from getting "buried" in it or "grinding," he continued. The optimal participation is 20 to 30 minutes every other day.
Limited Facebook Functionality
When teachers first hear about Money Mission, Schweder said one of the first mandates given is students should not use it as an excuse to be on Facebook while in the classroom. But because the social networking site is so popular with the target demographic, a compromise was necessary.
The solution was to add limited Facebook functionality: players can push their avatar out to Facebook, but then cannot pull elements from Facebook into the game.
To increase interactivity, Schweder said the next step in the continuing development of Money Mission is to have host credit unions sponsor contests to have their teenage members develop news and informational videos that will be placed in the game. Other future goals include offering loans and savings plans that are tied to actual products from the host CU.
Year Three enhancements being targeted are a mobile app, which will allow Money Mission to be played on a smart phone, adding "bling" or jewelry to the avatar, making modifications to the vehicles and buying merchandise.
Money Mission currently is offered by 32 credit unions, 28 of which are in Wisconsin. The WCUL Services Corp is working with CUNA to take it nationally, Schweder said.
