MUMBAI, AUGUST 29, 2019 (GPN) : IDFC Mutual Fund announced the launch of a simulation mobile game, IDFC Game of Life, which depicts a person’s life from first salary to post retirement. The objective of the game is to build a positive outlook about money as a subject and get people to manage their finances right and achieve happiness. You can play the game by going on https://idfcgameoflife.idfc.com. IDFC Mutual Fund collaborated with PoAncho Solutions for developing the game to raise awareness on the need for financial planning.
The simulation mimics various life challenges including familial pressure towards consumption. Achieving all those consumption goals require investing from early stages of life, which most people realise late in life which may lead to despair. Once a person experiences these challenges in a simulated environment of the game, it becomes easy for them to carry those learnings into real life.
Highlighting the need for raising awareness on personal finance, Vishal Kapoor, CEO, IDFC AMC said, “The understanding of personal finance of an average Indian is low, furthermore, the investor mindset is filled with myths about investing as a subject. The most common problems based on behavioural finance include perceived financial scarcity, herd mentality, loss aversion, procrastination and lack of self-discipline.”
Gaurab Parija, Head –Sales & Marketing, IDFC AMC added, “It is imperative to focus on Investor behaviour rather than product knowledge, which will help tip the scale towards creating investors. One can induce a change in behaviour by getting them to experience how they would tackle financial challenges in a game, which does not happen typically in any education programme.”
By playing the game, investors will be able to understand their own risk profile and the risk associated with each product type, helping them become a more informed investor. The game will also help investors see the power of compounding and will help them understand the time horizon associated with each investment tool. Ends