A lack of financial literacy can be devastating to maintaining financial health.
The big problem is that most people find financial literacy programs boring and don’t stick to it. Many fintechs and banks have tried to counteract this by creating gamified learning.
Gamified financial learning could be a way for the next generation to become financially literate. This new partnership between Chime and Zogo is a case in point.
I have played around with Zogo in the past after I interviewed the CEO at a Financial Health Network event. It reminded me of Duolingo’s approach to learning a language, so it could be the model that breaks through.
Chime is the largest digital bank in the country with tens of millions of customers. If this program is able to get some traction we could be finally moving the needle on financial health.
It is clear that the traditional model of financial literacy does not work. People don’t want to read blogs and watch YouTube videos. But no one wants to be poor. Making it into a game, particularly for younger customers, could be the breakthrough we need.
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