Gamified experiences help kids gain financial literacy, identify scams

SINGAPORE – The colorful booths reminiscent of retro arcade cars caught the eye of 13-year-old Chiong Tze Yu, who dragged his father to explore the area.

Resembling an ATM, the stand – made by local education platform Eyeyah! – offers a series of interactive games that teach children basic but essential financial literacy skills.

These include learning how to spot scams, how passwords can be stolen and how to set up stronger security in the digital space.

The eye-catching booths were just one part of the digital and financial education initiative organized by POSB at the Tzu Chi Humanist Youth Center in Yishun on November 2.

Other sections include virtual reality games that challenge participants to budget their money, scam awareness quizzes and financial literacy workshops.

Tze Yu said the games helped him learn about money management.

“The games were very interactive, taught me to be careful with my money and also how to spot scams before they happen,” he said at POSB’s Your Neighborhood Carnival.

Home Affairs and Law Minister K. Shanmugam attended the event along with members of the Nee Soon Town Council.

Speaking to the media on the sidelines of the event, Mr Shanmugam said the government would continue to work with stakeholders such as POSB to educate the public and provide a “scam shield” to Singaporeans.

This comes as scams continue to grow and become more sophisticated, he added.

Singaporean victims lost a record $385.6 million in the first half of 2024, with the number of cases in the first six months of the year rising 16.3% to more than 26,500, compared to 22,853 cases in the same period from 2023.

Mr Shanmugam said the government would continue to engage the media and also participate in events such as POSB initiatives to increase people’s knowledge and fight scams.

An important educational skill is financial literacy among the community, he said. “When we look at the needs of our community, we also think about the life skills they need. One skill that everyone can benefit from, even from a very young age, is financial literacy.”