Gamers make bank: The generation learning finance skills through screens

Research by ING shows half of Australians believe playing video games made them better at understanding their finances with more than two-thirds saying traditional means of learning could be confusing (76 per cent) or boring (69 per cent).

The main game responsible is the cross-generational hit simulation home and life-building game The Sims.

While the game allows a 'motherlode' cheat to bump up your digital family's short-term bank accounts, playing by the rules may hold the secret to long-term, real-life savings.

NSW primary school teacher Emma spent entire summers of her teen years playing the game and that helped her move out of home at 18 years of age.

"I loved building my [Sim] families' empires from the ground up with a mix of career-driven aspirations and tight budgeting," Emma said.

"I never used money cheats because saving money - aka 'simoleons' - was the most fun part for me. Guess who ended up being a great money saver in real life?"

Emma said the game didn't just teach her how to budget better but also how to be more patient with financial goals.

"In my teens, I started saving young with the aim of being able to move out of home and be financially independent by 19.

"I moved out of my family home into my first rental apartment as an 18-year-old with $12,000 in savings, which I'd like to think The Sims prepped me for as a young woman."

She is now taking the same approach hoping a "tight budget and a sprinkle of patience" will help her save $15,000 to travel overseas.

For more than 15 million Aussies who play digital games, the most common financial skills learned were general saving habits (28 per cent), understanding of profit/loss (27 per cent), creating a budget (25 per cent), investing (20 per cent) and debt management (15 per cent).

The top five games listed by those participating in the research were The Sims (51 per cent), Minecraft (42 per cent), Financial Football (39 per cent), Animal Crossing (28 per cent) and Call of Duty (24 per cent).

They also said they learned non-financial skills such as problem solving (59 per cent), strategy (58 per cent), decision making (50 per cent) and patience (49 per cent) through gaming.

ING Australia head of consumer and market insights Matt Bowen said the findings show how digital gaming may offer a fun and engaging way to pick up positive financial habits and break through what is otherwise a complex area to understand.

"As cost of living continues to rise, Aussies are keener than ever to get their finances in order, which means staying up to date on key financial topics like saving, budgeting and investing," Mr Bowen said.

The research found Gen Z was most likely to find traditional means of learning about finance to be boring. Three in four said they had learned the skills for good saving habits and budgeting by gaming.

Mr Bowen said digital games may also play a larger role in teaching financial wellbeing for the next generation of Aussies, like Gen Alpha, in more fun and engaging ways.

"Playing these games, coupled with helpful, straightforward insights from a trusted financial institution, can empower Aussies with fun and practical ways to ensure they are setting themselves up for financial success, no matter their financial goals."