Financial education in virtual reality with Ego
Author: Simona Miklošovičová, lecturer | 21.11.2022 | 3 minute read
Young people like new technologies and can assimilate them very quickly. However, they lack financial literacy, which is essential to managing their finances. Therefore, Tatra banka brings a unique approach to financial education combining the world of technology and virtual reality with the acquisition of new knowledge. This initiative is a continuation of its activities related to social responsibility and the concept of #forblueplanet.
Young people today use technology naturally and are an integral part of their daily lives. However, how quickly they are able to grasp the latest technologies contrasts with how well they understand the subject of finance. The low level of financial literacy is not typical of the younger generation only, as we have also noticed a similar trend among working-age adults. The area of money is often considered boring and uninteresting, but understanding the world of finance is a prerequisite for a good quality of life. Tatra banka in cooperation with All Virtual presents innovative financial education, connecting virtual reality education technology with artist and rapper Ego. This concept aims to explain complex financial topics in a fun and easily understandable way.
“The development of education in Slovakia is one of the fundamental pillars that we consistently support in the Tatra banka. I am very happy that the innovative form of acquiring information in the unusual space of virtual reality is among the initiatives contributing to this,“says Martin Kubík, Member of the Board of Directors of the Tatra banka Foundation and Member of the Board of Directors of Tatra Banka.
“Young people can learn about important knowledge in the field of financial literacy in an enjoyable way using VR technologies, while being able to feel the positive impact that good financial decisions can have on their lives, which, in my opinion, is currently very important. » adds Tomáš Brngál, co-owner of Virtual Everything.
Virtual reality for all high schools
In 2020 Tatra banka presented the first version of VR Generation, which involved several selected secondary schools from all over Slovakia. In a virtual reality environment, students experienced different situations related to the world of finance. GoGo (Daniel Štrauch) explained many financial topics to them using videos presented in the form of stories. The success of combining the subject of finance with virtual reality technology is evidenced by 40,000 downloads of the app. A survey of over 500 students revealed that up to 93% of them liked the game and 90% of them had a real understanding of finance-related topics.
As part of the success of the pilot version, Tatra banka, in cooperation with Virtual Everything, made a sequel available to all secondary schools in Slovakia, who had the opportunity to enroll in the project until the start of the month of October. The Tatra Banka Foundation will offer participating schools a limited version of Cardboard – virtual glasses to their students, which allows their smartphones to transform into VR glasses.
“The younger generation was born with smartphones in their hands. It is natural for them to use new technologies, which is also why they find traditional approaches to education obsolete. It can therefore be difficult for teachers to get their attention,“ says Ľudo Cibulka, Innovation Development Manager of Tatra banka. “So, two years ago, we launched a virtual reality educational game pilot aimed at helping high school students navigate the world of finance in a playful and close-to-thinking way. The results of the first version confirmed that this concept works very well. That’s why we decided to develop the project into a full version and make it available to all secondary schools.” he concludes.
7 lessons with Ego
VR Generation brings several new things in 2022. The player is guided through the world of finance by rapper Ego, who explains the financial topics that high school students must master in 7 chapters. Young people’s attention is triggered by many factors in their environment and as a result they often find it difficult to concentrate on their education. The content of the application is therefore created to provide in an active form a maximum of information in a few minutes. With Ego, students will experience a multitude of interesting activities. For example, students will learn the basics of the investment world from a helicopter above the High Tatras. They can also enjoy a visit to a recording studio or a ride in great cars. Everything they already know well from rap videos. The combination of virtual reality, the artistic personality of rapper Ego, who speaks the language of young people, and engaging content is designed to help the younger generation acquire new information in the financial field more or less easily. Students just need to download the app available in stores. The virtual game can also be played without special glasses, although they improve the player experience.
“I often see that young people spend money recklessly. I would like to help young people control their finances. That’s why I was looking for a form that would educate and entertain them. I found it in the generation VR project that connects virtual reality and the financial world”, explains Ego.
Secondary schools find teaching virtual reality attractive, as evidenced by the 133 participating schools from all over Slovakia to whom we sent 10,000 boxes. The training will officially begin on November 11 with the launch of the VR Generation app.
Ego (Michal Straka)
Ego, real name Michal Straka, is a well-known Slovak rapper and law graduate. He has been active on the music scene since the second half of the 1990s. Ego is part of the famous Kontrafakt band and also has four solo albums.
Virtual Everything is a technology company specializing in virtual reality (VR) and augmented reality (AR) in the field of industry, automotive, banking and virtual training systems.
App to download
Simona Miklošovičová, spokesperson, email@example.com, 0903 641 846
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