Banzai Financial Education: An In-Depth Review

Financial literacy is an essential life skill, yet it's often overlooked in traditional education. As of 2018, only 17 states mandated a personal finance course for high school students, highlighting a significant gap in financial education. Banzai is attempting to close the financial literacy gap - and it’s off to a great start. Banzai is an interactive platform that aims to bridge this gap by providing engaging and accessible financial education to students from elementary to high school. This article delves into the features, benefits, and overall effectiveness of Banzai as a financial literacy resource.

What is Banzai?

Banzai is a personal finance curriculum that teaches high school and middle school students how to prioritize spending decisions through real-life scenarios and choose-your-own adventure (kind of) role playing. Banzai is an interactive platform that teaches students essential financial literacy skills through engaging simulations and real-life scenarios. It provides online lessons in personal finance to more than 80,000 K-12 teachers across the country. The platform offers a range of courses tailored to different age groups, ensuring that the content is relevant and understandable for students at various stages of their education.

Target Audiences

Banzai offers courses tailored to different age groups:

Banzai Jr: Designed for grades 3-7, introducing younger students to basic financial concepts.
Banzai Teen: Aimed at grades 6-12, covering more complex topics relevant to teenagers.
Banzai Plus: Intended for grades 9-12, delving into advanced financial planning scenarios.

Key Features and Functionality

Banzai distinguishes itself through several key features designed to enhance the learning experience and provide practical financial knowledge.

Interactive Simulations

Banzai leverages interactive simulations to immerse students in real-life financial scenarios. These simulations allow students to make decisions and see the consequences of their choices in a safe and educational environment. Teach real-world financial literacy using Banzai! Learn to prioritize spending by using simulations, interactives, and "choose-your-own-adventure" style situations.

Real-Life Scenarios

The curriculum includes 32 life-based interactive scenarios covering everything from balancing a budget to adjusting for unexpected bills like car trouble or health problems. Students engage in scenarios that mimic real-world financial challenges, such as managing a budget, paying bills, and saving for future goals. Once they’ve completed these exercises, they are dropped into a scenario where they have just graduated from high school, have a job, and must save $2,000 to start college. They are constantly tempted to mis-spend their income and then face the consequences of those actions, basing their decisions on what they learned in the 32 scenarios. Along the way, students learn to handle rent, gas, groceries, taxes, car payments, and life’s ever-present emergencies.

"Choose Your Own Adventure" Style

The program uses a "choose your own adventure" format, where student choices influence the direction of the simulation. The game progress is based on student choice. Their spending decisions determine where they to next. This approach keeps students engaged and allows them to explore different financial outcomes based on their decisions.

Pre- and Post-Tests

Students start the course with a pre-test to determine a baseline for their financial literacy. Monitor and examine student progress with online assessments. Pre- & Post- Tests are automatically graded and instantly track test questions & answers. Easily records student's growth & learning. These tests help teachers and students gauge their understanding of financial concepts before and after completing the course.

Teacher Resources

Banzai provides a wealth of resources for teachers, including lesson plans, sample schedules, and answer keys.

Built-in teacher support: Unlocking and locking units and resettable pre- and post-tests.
Course Decision Trees: Review the decisions your students make every step of the way as they play through each course. Located in each student's profile. Generated by student choices tracks student progress.
Sample Schedules: Stay on top of lesson-planning with these easy-to-use sample schedules that map out what other Banzai resources best support each course.

Printed Workbooks

Free printed workbooks challenge students to practice critical thinking, math, and vocabulary to work through real-life scenarios. Workbooks are shipped directly to your school. Banzai enhances your students’ classroom experience by supplementing Banzai courses with a variety of online and offline resources.

Vocabulary Practice

Invite your students to study flashcards containing important financial & life-literacy terms.

Progress Management

Whether you want students to progress together or at their own speed, it’s easy to pace and manage your classroom with the Banzai interface.

Benefits of Using Banzai

Banzai offers several advantages for both students and teachers, making it a valuable tool for financial education.

Engaging and Interactive Learning

The interactive simulations and "choose your own adventure" format make learning about finance more engaging and enjoyable for students. The courses are engaging and interactive.

Practical Application of Knowledge

By immersing students in real-life scenarios, Banzai helps them understand how financial concepts apply to their everyday lives.

Free Access

Banzai is free to all interested schools through partnerships with local area credit unions and banks. Banzai is FREE for teachers and students. This accessibility makes it a cost-effective solution for schools looking to enhance their financial literacy programs.

Ease of Use for Teachers

Banzai software automatically grades the courses. The platform is designed to be user-friendly for teachers, with features like progress tracking, customizable lessons, and automated grading.

Alignment with State Standards

Banzai courses fulfill your state's standards of learning (SOL) by covering a wide range of essential topics. It is aligned with state standards and is used in all 50 states by more than 17,000 teachers. Set up student accounts and assign activities based on your state standards.

Complements Existing Curriculum

Fitts said the courses are welcomed by teachers as no grading is required - Banzai software automatically grades the courses - and because they act as a supplement to already established curriculum. The courses are designed to supplement existing curriculum, providing a hands-on approach to financial education.

Student Accounts

Student accounts receive free access to Banzai for life, allowing the opportunity to go back and review lessons at any time. Create your classroom account, and then provide students with a class code to sign in to their account. Create as many classes as you like then have students follow the curriculum including pre-tests, simulations of life scenarios, interactives, and post-tests. The Banzai tool grades it all.

How Banzai Works

Using Banzai is straightforward for both teachers and students.

Teacher Registration

Teachers can register for a free account on the Banzai website. Teachers register as many classes as necessary. This provides access to all the curriculum materials and teacher resources. After creating a teacher account, request the opportunity to receive the Life Scenario booklets for your class at no charge (this is dependent on funding from local financial organizations).

Student Enrollment

Teachers create classes and provide students with a class code to join. Students receive a class code to join.

Course Progression

Students start the course with a pre-test, then work through the interactive scenarios and activities. The platform tracks student progress and provides feedback along the way.

Assessment

The platform includes pre- and post-tests to assess student learning. Teachers can monitor student progress and identify areas where students may need additional support.

Comparison with Alternatives

While Banzai is a strong contender in the financial education space, it's worth comparing it to alternatives like EVERFI.

Banzai vs. EVERFI

Both Banzai and EVERFI offer digital courses aimed at improving financial literacy, but they have distinct approaches.

Banzai: Focuses on interactive simulations and real-life scenarios with a "choose your own adventure" style.
EVERFI: Offers a broader range of digital courses that help create a more equal society by providing young people with life skills.

Similarities:

Both platforms offer resources for teachers to support their curriculum.
Both platforms aim to improve student knowledge and prepare them for real-world financial challenges.

Differences:

Content Focus: Banzai is primarily focused on financial literacy, while EVERFI covers a wider array of life skills.
Teaching Approach: Banzai emphasizes interactive simulations, while EVERFI uses a variety of digital course formats.

Potential Drawbacks

While Banzai is a valuable resource, there are a few potential drawbacks to consider.

Reliance on Sponsorships

Banzai is free due to sponsorships from local financial organizations. Availability may depend on funding from local financial organizations. This means that access to the program may vary depending on the availability of sponsors in a particular area.

Limited Scope

While Banzai covers essential financial topics, it may not delve as deeply into certain areas as more specialized resources.

Digital Dependence

The program relies heavily on digital resources, which may be a barrier for schools with limited access to technology.

User Feedback and Reviews

Feedback from teachers and students who have used Banzai is generally positive.

Teacher Perspectives

Teachers appreciate the engaging nature of the courses and the ease of integrating them into their curriculum. Fitts said the courses are welcomed by teachers as no grading is required - Banzai software automatically grades the courses - and because they act as a supplement to already established curriculum.

Student Experiences

Students find the simulations and real-life scenarios to be both educational and entertaining.

Potential Downsides

When kids read that America’s $18 trillion+ debt is accepted by many experts as ‘business as usual’, I wonder how that news will affect their own personal finance decisions. Do they understand the consequences of unbalanced budgets? The quandary of infinite wants vs. finite dollars? Or do they think money grows on some fiscal tree that always blooms?

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