Simulating Money Management and Life Skills with Prison Populations

Abstract

Interactive education can help learners retain complicated and sometimes frustrating financial information. For inmate audiences, using traditional education methods is not always feasible. To address this challenge, university faculty and students, state officials, and staff from a minimum-security men's prison began conducting a face-to-face financial capability simulation called That's Life. The simulation promotes development of personal finance skills as well as intangible skills such as decision making, communication, problem solving, and critical thinking. The interactive nature of the simulation allows participants to make personal connections to the information as they physically move through the simulation experience. Inmates instantly become invested in their own financial behaviors.