Can gamification help teach personal finance?
Every month a new survey seems to come out showing how ignorant most Americans are about both personal finance and the stock market – most recently, 8 in 10 adult respondents answered blank when asked to explain why. what is a bond. while seven out of 10 hesitated with the definition of a hedge fund despite confidently saying they knew it in large numbers.
Amid such a widespread lack of financial and investing knowledge, the internet has long been a go-to place for many to educate themselves – according to results from Investopedia’s annual financial literacy survey, Gen Z are using more and more YouTube (45%) and TikTok (30%) to learn more about investing while millennials research the internet (47%) and YouTube (40%).
In an effort to both educate the public and carve out a place for itself in an emerging platform, financial services giant Fidelity Investments (FBNDX) – Get Fidelity Investment Grade Bond Fund Report launches a personal finance learning platform in the metaverse. Frequently called the next iteration of the internet, the metaverse is a combination of video and augmented and virtual reality in which users move through avatars.
Built on the Decentraland platform, Fidelity Stack will feature a virtual lobby, dance floor, and rooftop aerial garden for users to move around virtually.
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From exchange-traded funds to common investment misconceptions, each will present primers on the basics of personal finance. As they answer the questions correctly (it will start with something as basic as “what is a stock?” and gradually increase in complexity), users correct the “orbs” that guide them to the exit.
“As users walk through The Fidelity Stack and ascend to each floor of the building, they will encounter a series of educational experiences that will provide insight into common financial concepts, including stocks, mutual funds and ETFs,” said Kathryn Condon, head of marketing at Fidelity. and emerging platforms, TheStreet said in an email. “Users also find information about Fidelity Metaverse ETF (FMET) and the industries that make up the fund’s investment universe.”
Fidelity is far from the only big company trying to jump into the metaverse early. Everyone from Restaurant Brands International (RSQ) – Get the report from Restaurant Brands International Inc.owned by Burger King in Nike (OF) – Get the Nike Inc. report. have all attempted to launch platforms where they offer games and interactive experiences in their name.
As the metaverse is still limited in scope and far too abstract a concept for most people, it is often just a form of marketing with a bit of educational knowledge (or, in the case of fast food companies, discounts or prizes) launched to attract users.
But as more and more people sign up and get avatars (a process that could speed up dramatically in the coming years or crumble like Google Glass once did around 2013), a company that Quickly accesses this platform will be able to access an emerging demographic. before competitors.
“It’s clear that consumers — especially the next generation — have an appetite for immersive experiences, and the metaverse has incredible potential,” Condon said. “I think we’ll see more people and organizations checking it out in the future as we learn what potential it may have for digital engagement.”