What it is and how it works?
The 2022 Financial Literacy Challenge! is a virtual competition runs worldwide by an organisation called as Personal Finance Lab on their amazing platform. The student complete a 12-months simulation of gameplay where students managed their bills and expenses. They started as students with part-time jobs, and after 6 months graduate and take on full-time jobs.
The students’ goals were to build their net worth by transferring money from their checking (current) account to savings, and build up their credit score by responsibly covering cash flow shortfalls (and paying off their balance on time).
Students progressed through 12 “months” of the game, with each month taking about 20 minutes to complete. “Life Events” crop up every couple days, with unplanned expenses (and occassionally income) putting pressure on their budget – requiring careful planning!