Do you need help with your finance literacy?
Case Study: University of Auckland Finance Quiz
One of the more exciting projects we have had the pleasure of working on recently, was for the University of Auckland. The goal was to help educate first-year students and encourage them to seek out and engage in smarter finance decisions. Now, unless you are an aspiring investment banker, learning about finance is probably as appealing as putting your hand in a bee’s nest.
So how could we help the University put the fun back in Finance?
We decided the best way to achieve this would be in the form of a ‘finance quiz’. Unlike something one might find on a credit card application or a tax return, this quiz would be worded and styled in a way that resonated with the student population and would hopefully encourage them to find out more information in the areas they were weakest.
As is often the best way to communicate with students, humour and relatability were key requirements. Picturing what might appeal to the broader student population was a fun challenge, forcing me to think back a few years to my undergraduate studies (I don’t think my mental maturity has changed). Although I am surely a poor representation for the collective student population, I feel we were still able to convey situations that most students can relate to. In case I found myself on a ridiculous tangent, we also had representatives from the university and focus groups of students to guide the direction.
What did we do?
The quiz was composed of 10 questions and 5 ‘finance’ personality types, originally provided as a guide by our Accounting/Finance clients, Love to Grow. Each question was adapted to accurately relate to current student issues. The character types were developed to be funny, but identify potential shortfalls in each student’s knowledge, which would encourage them to seek out more information. Although the final text was ultimately unrecognisable compared to the original, our aim was that the message would remain useful as an indicator of each student’s financial situation.
Check out some examples below:
And the results…
“Boom! You’re a go-getting super badass, with the wind in your hair and explosions in your rear view mirror. Life is sweet right now, and you totally know it. But it’s worth thinking about a safety net – just in case your luck runs out on the next roll of the dice! Start playing the long game using our money tips.“
“Okay, you’re not frivolously wasting your money away, but you’re not doing anything useful with it either. There’s no sense in making sacrifices if you’re not getting anything out of it. Gone are the days of stuffing money under your mattress for safe-keeping. You need to put it to work! Be smart with your money. Check out some financial pointers.“
Due to the nature of the project, we had to strike a balance between what was cheeky and fun, and what might be perceived to cause offense. This resulted in a generalised and somewhat ambiguous character break down.
Thankfully, through some crafty wordsmithing, we were able to combine the light-hearted and cheeky self-assessment, in a way that would not upset any students and still provide a valuable resource for those who needed help.
It was a fantastic opportunity to work together with a team made up of such diverse skills. We hope that the students who take the quiz will find it valuable and fun to play!
Thanks University of Auckland for the opportunity and Antoris & Luc Design for your help on this project!
The finance quiz itself has been published publicly on the UoA student financial resources page. Try it for yourself and let us know what you think!