News roundup

Can Video Games Teach Financial Literacy?

With 90% of UK children playing video games and spending an average of £38 per month on in-game purchases, parents face a growing challenge: teaching responsible spending habits.

However, new research has revealed a surprising trend - 81% of parents believe their children are learning positive financial skills through video games.

Games like Animal Crossing and The Sims feature in-game economies and encourage players to engage in activities like saving, budgeting and resource management.

IAB Library Programme

Of course, we at the IAB are also doing our bit for financial literacy. Since the start of this year we have been working with Kent County Council’s 99 libraries to offer a free course to help the county’s residents with their personal finances.

Managing your finances is a one-hour learning course which covers some basic topics including:

• Setting a household budget
• Understanding your payslip
• Reducing your cost-of-living expenses
• Understanding loan repayments
• Accessing financial support

The course has already supported almost 200 people across Kent and now we are looking to expand it into Hull where it will be delivered by two organisations – OSHI and Accountancy Tuition Academy.

And in 2025 we will be looking to offer this much-needed course to people in other areas of the country.

Combating Qualification Fraud: Ofqual’s New Measures

Qualification fraud is a growing concern and Ofqual is taking proactive steps to ensure the integrity of educational credentials. A new package of measures aims to tackle, prevent and reduce qualification fraud across the UK.

Key actions include:

• Collaboration: Working with licensing organisations, regulators and enforcement agencies to address fraud and criminal activity.
• Guidance: Issuing a Fraud Prevention Advice Note to help Awarding Organisations (AOs) meet recognition standards.
• Data Sharing: Exploring methods for intelligence sharing and co-ordinated use of data among awarding bodies.
• Public Awareness: Empowering individuals to identify fraud by raising awareness about its consequences.
• Streamlined Reporting: Simplifying the process for reporting suspicious activities or concerns.

These measures are designed to enhance trust in qualifications and ensure they represent the knowledge and skills they claim to certify.