TURBO TYCOON - Financial Literacy for All through Mobile Gaming
Published on July 2, 2014 um 11:57
Summary of your idea
According to the American Bankruptcy Institute, in the United States of America, supposedly the most developed country in the world, 25% of young adults rate their financial literacy as "poor". Shocking? Now consider this, if a rate that high exists in such a developed country, how high are levels in the less developed countries all across the world. From the inception of the concept of "money", knowledge about cash has been pivotal in virtually the lives of everyone. Whether you are an artist, a janitor or a professional athlete a rudimentary understanding of finance is necessary in order to guarantee yourself a happy future. Despite this, financial literacy continues to be an area of education that is often neglected by governments. Of course there is plenty of material provided by banks and other groups. However, these are dry, boring and unappealing to those who need it the most: the youth around the world. TURBO TYCOON, a free to play mobile app, will attempt to get the youth interested in learning the financial skills they need most. TURBO TYCOON will feature innovative gameplay that combines the most popular genres of casual games in order to demonstrate the 3 main features of financial literacy, budgeting, saving and investing, in a fun and addictive way. Furthermore, TURBO TYCOON will offer incentives (in-game virtual currency to be used on upgrades etc.) to access existing financial literacy websites, thereby acting as a gateway to the wealth of content provided by banks. Young adults all over the world will not only have access to the educational tools but also be interested to use them.
Expected impact of your idea on sustainable development
I grew up, for the most part, in Manila the city of contradictions. Everyday, you see towering ornate mansions juxtaposed against the heaping mass of rinky-dink shacks right across the street. I just couldnt understand why some people were so rich and others were so miserably poor. This was what first piqued my interest in financial literacy. I thought that financial literacy, or a lack of it, was partly to blame for the poverty. My driver lives in a house he cannot afford; the rent is almost as much as his salary. Why? Because he doesn't have clear ideas about budgeting and saving. Maybe he would be in a better position if he learned the basic principle that I had from a personal finance book: always spend within your means. Maybe if everyone learned about these few simple rules, they could also improve their own lives. TURBO TYCOON, by promoting financial literacy in the youth, can reduce poverty. A free tool for users to learn how to live within their means and guarantee a safe financial future will definitely help to end the poverty cycle present in many societies. With the world becoming more digital and interconnected than ever, the mobile app TURBOO TYCOON, is undoubtedly the most effective way of transmitting the message globally.
Plans for implementation and sustainability
The game development will be outsourced to a design studio here in the Philippines. Initial funds will come from personal finance, friends and relatives, and investments from banks. I plan to pitch my idea to investors at the tail end of July so that the game will be in beta by about October. Collaborators from the tech and financial sectors will help to form an app that makes sense in terms of the technical side as well as in terms of the educational aspects. In order to have a wide impact, the app must be free to use. Distribution of the game would be through digital distribution platforms, such as the Apple App Store, and would be available for multiple mobile devices. Revenues will come from the banks. As mentioned earlier, users will receive in-game incentives for participating in the financial literacy programs of partner banks. These banks will pay a fee for appearing on the app. The constant inflows from the banks will guarantee the sustainability of the project.
I am 17 and go to the British School of Manila. I'm passionate about entrepreneurship; I have taken economics and business at the International General Certificate of Secondary Education (IGCSE) and International Baccalaureate (IB) levels. In recent years I have applied this knowledge outside the classroom. In school I have organized several mini-business that sell goods to students as well as schools in other countries to raise money for charity through a program called Achievers International. In addition, one highlight of my entrepreneurial career was when I led a group that designed, sourced and marketed customized souvenir iPhone cases at a summer program in Oxford. In just three days of selling, we managed to garner revenues of GBP 2500. I also entered an entrepreneurship contest in Malaysia where I won 3 out 4 awards. Thankfully, I have a father who is also an avid entrepreneur and has provided me with the resources, education and networks to get me to the next level. Now I want to combine my love of business with my desire to combat poverty in my country. When Manny Pacquaio waves the Philippine flag I feel proud to be a Filipino. Equally so, when I see a fellow Filipino living in abject squalor I am saddened. I feel like I have a duty to give back to my countrymen. With so much poverty around me I believe I can help through social enterprise. Also, as someone who has never had to worry about where the next meal would come from, whether I would be able to afford tuition or whether my house would survive the next typhoon I am reminded of the line from Spiderman: "with great power comes great responsibility". I believe I need to use my above-average lifestyle to help the less fortunate.
Stage of Idea
Your idea has a positive impact on
education, poverty reduction, youth