F. Soares1, C.E. Costa2

1Universidade Federal de Juiz de Fora (UFJF) (BRAZIL)
2Faminas (BRAZIL)
Due to the growing complexity of financial products and services, Brazilian population started to demand more knowledge regarding Financial concepts. However, this search for knowledge is still happening in an environment where Financial Education is not present. So, this paper tries to discuss the importance of using pedagogical practices in order to promote Financial Education. Therefore, it is presented a Financial Education game developed to be used as a tool to teach financial concepts to teenagers that are sons of employees in a Steel Company in Belo Horizonte, in the state of Minas Gerais, Brazil. First of all, Financial Education is defined and its importance is discussed. Through the concepts shown, it is verified that many authors tried to correlate Financial Education Level with possible future impacts regarding wealthy and consumer behaviour. Some researches that tried to understand the impact of formal Financial Education are presented. Those researches were conducted in countries where the concept is more often studied than it is in Brazil. It is possible to identify that there are growing evidences that education can be a great tool to stimulate savings behaviour. To reinforce those results, the Organisation for Economic Co-operation and Development (OECD) recommended guidelines are also presented. The guidelines clearly show the importance of introducing Financial concepts in the first steps of kids’ education. The paper also shows how Financial Education concepts are spread in Brazil. Finally, it describes the use of a Financial Education game, called Life Bank, with teenagers. The game raised a great interest in the participants regarding daily financial subjects. Many participants showed a stronger will to search for more financial knowledge and to discuss about it with their families. The data analysed demonstrated significant behavioural changes among the participants after taking part of games sessions. It is important to mention two dimensions of a formal Financial Education in our lives. First of all, it can prepare kids and teenagers to a better financial integration with their families. Moreover, when someone is financially educated, the basis for a financially responsible adult life is being created. The game Bank Life was presented in the Council for Economic Education Annual Conference, in October, 2010, in Miami (USA), as a relevant pedagogical practice.