A guaranteed investment pays 5% annually at the end of each year. If you put in $1,000 now, how much will you have after two years? a) $1,050 b) $1,102.50 c) $2,000 d) $5,000? If you answered “b” – $1,102.50, you are correct! That’s just one of the questions in eight categories available in The Cranial Cash Clash, a new financial literacy game brought to Canadians by Investor Education Fund’s (IEF) Get Smarter About Money – Canada’s most comprehensive financial literacy website.
“We have taken a key recommendation of the federal government’s Task Force on Financial Literacy – a self-assessment tool – to heart and evolved it considerably with the creation of this engaging interactive game,” says Investor Education Fund (IEF) President Tom Hamza. “Self-assessment is an important first step to education, and it won’t happen unless we reach people with something that captures their interest and makes financial literacy appealing and relevant.” While the Task Force recommended a self-assessment tool, IEF has not only done this but has gone above and beyond the objective by creating a game that provides direct interaction with Canadians about their knowledge of financial concepts through an interactive game. It appeals to their competitive nature and comes in a package that is fun and appealing.
The Cranial Cash Clash is an extensive online and mobile game released for Apple iOS, Google Android and available on our website to help Canadians assess how much they really need to learn about money. The fun and educational “stump-em” multiple-answer questions test players’ knowledge on a wide range of financial topics in such categories or “episodes” as Debt Drama, Quest to Invest, Scam Exam, Saving for School and Investment Shopping. The game features eight “episodes” that tackle financial topics like spending, saving, investing, debt, financial fraud, financial planning, Registered Retirement Savings Plans (RRSPs) and retirement planning. Players compete to score cranial points, which IEF believes will challenge Canadians to raise their scores – and improve their financial knowledge.
The game features provide help to money-challenged players, including “brain boosters”, which are helpful hints that offer the player a guiding hand when needed. It is designed to be fun, and players can also “clash” with their friends and family and see how they rank against them and the global community. A benefit of the game is that each answer is explained and tips are bountiful.
Mr. Hamza says “Canadians have radically changed the way they accumulate debt and save, and the change isn’t good. This game is designed to help people self-assess their financial knowledge and then help them learn about these topics on the most extensive financial literacy site in Canada.”
The Cranial Cash Clash “connects the world of financial literacy with the practical application of financial knowledge in the average Canadian household,” says Hamza. “If we want to make a significant change, we have to develop a tool that is interesting on its own. Then people will use it and start to take steps to address their shortfall in knowledge or action. That’s what this game will do.”
The Cranial Cash Clash will be rolled out to coincide with RRSP and tax season, with specific promotions at several Ontario Hockey League (OHL) games.