It Pays to Play: Over half of Aussie gamers attribute financial literacy to The Sims

• 7 in 10 (71%) Aussie gamers agree digital games can be educational when it comes to learning about finances
• Almost two in five (38%, the equivalent of approximately 6.1 million people) Aussie gamers believe strategies used in these games have positively influenced their current saving habits
• Aussies who play digital gamesⁱ most commonly rank The Sims (51%), Minecraft (42%) and Financial Football (39%) as the top 3 games they believe can improve their understanding of finances

New research from ING reveals while most Aussies admit that understanding their finances through traditional channels, such as personal finance websites and online courses, can be confusing (76%) and boring (69%), 71%ⁱⁱ believe gaming can be an educational tool when it comes to learning about finances.

Close to two in five (38%) Aussie gamers, or the equivalent of approximately 6.1 million people – say the strategies used in digital games have positively influenced their current saving habits, and nearly three in five (58%) of them say they would be more inclined to play a digital game if they knew it would improve their financial literacy.

For those who play digital games (approximately 15.8 million Aussies), the most common financial skills learned include:

1. General saving habits (28%)
2. Understanding of profit/loss (27%)
3. Creating a budget (25%)
4. Investing (20%)
5. Debt management (15%)

Cult favourites like The Sims and Minecraft may teach Aussies how to budget and save.

When asked about what games helped them improve their financial understanding the most, Aussie gamersⁱⁱⁱ rank The Sims, Minecraft and Financial Football in their top three. The top 5 games[iv] are as follows:

1. The Sims (51%)
2. Minecraft (42%)
3. Financial Football (39%)
4. Animal Crossing (28%)
5. Call of Duty (24%)

Research suggests that digital games may be a great way to engage younger people to learn more about finance.

Of the generations, Gen Z Aussies are the most likely to say that learning about finances through traditional channels, like personal finance websites and online courses, can be boring (84%). Nearly three in four (73%) Gen Z Aussie gamers agree that digital games can be educational when it comes to learning about finances.

Around three in four of this generation that are gamers (77%) say they learned financial skills from gaming, with one in three saying they gained a better understanding of profit/loss, as well as learned general saving habits (34%) and how to create a budget (28%).

Just take it from Emma Verdicchio, a 25-year-old, NSW-based primary school teacher who, with the help of playing The Sims, was able to move out of home at 18:

 “I spent whole summers as a teenager playing The Sims. I loved building my [Sim] families’ empires from the ground up with a mix of career driven aspirations and tight budgeting. I never used money cheats because saving money – aka “Simoleans” – was the most fun part for me.

“Guess who ended up being a great money saver in real life? 

“In my teens, I started saving young with the aim of being able to move out of home and be financially independent by 19. I moved out of my family home into my first rental apartment as an 18-year-old with $12,000 in savings, which I’d like to think The Sims prepped me for as a young woman. Not only did playing video games teach me how to budget better, but how to be more patient when tracking towards my financial goals, too.

“These days, I’m taking this same approach – of a tight budget and a sprinkle of patience – to help me save $15,000 to travel abroad.”

With young Aussies seeing and experiencing educational benefits from digital gaming, it’s no surprise that 71% of Gen Z Aussies say they would be more inclined to allow their child to play a digital game if it had a financial education element.

Matt Bowen, Head of Consumer and Market Insights at ING Australia, comments on the report findings: 

Our research has shown that digital gaming may offer Aussies a fun and engaging way to pick up positive financial habits. It may also play a larger role in financial wellbeing for the next generation of Aussies, like Gen Alpha, as parents seek more fun and engaging ways to teach their children (and themselves) about finance.

“So whether Aussies practice saving up their ‘Simoleans’ in The Sims to buy a home, or invest in the Turnip ‘Stalk Market’ in Animal Crossing to help pay off their debt, playing these games, coupled with helpful, straight forward insights from a trusted financial institution, can empower Aussies with fun and practical ways to tackle financial success.”