Net Game Teaches Teens Money Management
April 29, 2005 — -- In this week's "Cybershake," we look at a non-profit group's challenge to teens to "do something" -- such as "save money." Plus, we note how kids and other fans of online tunes can stem the cash flow with a new fee-free music download service from RealNetworks.
Video games, CDs, candy, magazines, snacks. There are plenty of things that kids can spend their money on. But to teach teens the value of a dollar and the power of saving rather than spending, a youth organization called "Do Something" is trying something unique.
"Do Something is all about getting kids off the couch and getting them engaged in how to lead their lives in a positive way," said actor Andrew Shue who founded the group. "If kids can learn what it means to make money, save money and invest money at an early age, it can be a big deal."
To promote the idea of fiscal responsibility, Shue's non-profit group has teamed up with the CitiGroup Foundation to develop its second annual Financial Education Challenge. In addition to classroom material, the DoSomething.org Web site features an online interactive game that kids can play.
When kids register to play, they choose one of four financial goals such as saving for a house or a vacation. They can also choose their profession, where they'll live, own or rent a home, and what percentage of their "salary" they'll set aside to meet their game's goal.
At each turn of the online game, the player gets a message that contains a "bank statement" showing how much money they've earned from their jobs and how much they've saved. Other financial events -- if they had to pay for car repairs or take their spouse out to dinner -- are also noted.
In addition, players have to make some important decisions -- should they lend money to relatives, donate to charities or invest in friend's new business? The outcomes of such events -- and the impacts they bring to their goals in the game -- are then highlighted in the next turn's message.
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