Absence of conflict of interest.
Citation
Highlights
- The study's objective was to examine the impact of a video game, Farm Blitz, on financial knowledge and financial self-confidence.
- The study used a randomized controlled trial to assign participants to the program group to play Farm Blitz or the control group to read a financial brochure. Pre- and post-test surveys and statistical models were used to compare outcomes between treatment and control group participants.
- The study found an increase in overall financial knowledge and self-confidence from pre- to post-test for participants in both groups; however, the control group had significantly larger gains in knowledge.
- This study receives a high causal evidence rating. This means we are confident that the estimated effects are attributable to the intervention, and not to other factors.
Intervention Examined
Farm Blitz
Features of the Study
Farm Blitz was one of six financial education video games created between 2008 and 2011 by Doorways to Dreams (D2D). Each game was designed to teach different aspects of financial literacy (e.g., spending, saving, budgeting, credit card debt, and saving for retirement) to low- and moderate-income adults. Farm Blitz was designed to address compound interest, debt, and savings.
The study design was a randomized controlled trial. Study participants were recruited through community-based organizations and Craigslist and were provided with a $50 incentive. At two locations (which were not identified) in April 2011, participants were screened to ensure they could read and write in English. There were 207 study participants across the two locations; 102 were randomly assigned to the treatment group and 105 to the control group. The treatment group played Farm Blitz for 45 minutes and the control group read a brochure that contained financial information and advice. About 80% of study participants were age 35 or younger, about 70% were Black or African American, around 10% were college graduates, and about 64% earned below $20,000 per year.
Pre- and post-test surveys were used to assess changes in financial knowledge and self-confidence in financial-related tasks (e.g., save money regularly, avoid finance charges, avoid high interest debt). All testing occurred during one 90-minute session so the pre- and post-tests were conducted close to the intervention. The authors used statistical models to compare the outcomes of treatment and control group members.
Findings
Knowledge and skills for money management
- The study found that participants in both groups had significant increases in financial knowledge from pre- to post-test. However, participants who read the pamphlet increased their overall knowledge significantly more than participants who played Farm Blitz.
- The study found that participants who read the pamphlet increased their math and definitional financial knowledge significantly more than participants who played Farm Blitz; but there were no significant differences in the capability knowledge questions.
- The study also found that participants in both groups had significant increases in financial self-confidence from pre- to post-test, but there were no significant differences between the groups.
Considerations for Interpreting the Findings
The study authors noted that the program’s impacts may be understated since both groups received some treatment (either playing the video game or reading the pamphlet). Another limitation is due to the small sample size that limits the ability to draw conclusions and limits the generalizability of findings.
Causal Evidence Rating
The quality of causal evidence presented in this report is high because it was based on a well-implemented randomized controlled trial. This means we are confident that the estimated effects are attributable to the intervention and not to other factors.