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Simulations for Financial Literacy
Title
Simulations for Financial Literacy.
Creator
Hamilton, Angela, Jones, Daniel, Flammia, Madelyn, Metcalf, David, University of Central Florida
Abstract / Description
Financially literate consumers are empowered with the knowledge and skills necessary to make sound financial decisions that ensure their long-term economic well-being. Within the context of the range of cognitive, psychological, and social factors that influence consumer behavior, simulations enhance financial literacy by developing consumers' mental models for decision-making. Technical communicators leverage plain language and visual language techniques to communicate complex financial...
Show moreFinancially literate consumers are empowered with the knowledge and skills necessary to make sound financial decisions that ensure their long-term economic well-being. Within the context of the range of cognitive, psychological, and social factors that influence consumer behavior, simulations enhance financial literacy by developing consumers' mental models for decision-making. Technical communicators leverage plain language and visual language techniques to communicate complex financial concepts in ways that consumers can relate to and understand.Simulations for financial education and decision support illustrate abstract financial concepts, provide a means of safe experimentation, and allow consumers to make informed choices based on a longitudinal comparison of decision outcomes. Technical communicators develop content based on best practices and conduct evaluations to ensure that simulations present information that is accessible, usable, and focused on the end-user. Potential simulation formats range from low- to high-fidelity. Low-fidelity simulations present static data in print or digital formats. Mid-fidelity simulations provide digital interactive decision support tools with dynamic user inputs. More complex high-fidelity simulations use narrative and dramatic elements to situate learning in applied contexts.
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Date Issued
2012
Identifier
CFE0004318, ucf:49489
Format
Document (PDF)
PURL
http://purl.flvc.org/ucf/fd/CFE0004318