Development of Learning Evaluation With Monopoly Game Media on Financial Literacy Materials: Supporting SDG 4 Quality Education and Sustainable Development
Keywords:
Learning evaluation, Monopoly game , Financial literacy , ADDIE , SDG 4 , Sustainable developmentAbstract
Objective: This study aims to develop and evaluate a Monopoly-based learning evaluation media, called EKOPOLI, to improve the financial literacy of 10th grade students at Driyorejo 1 State Senior High School. Method: This media was developed using the ADDIE model, which consists of the stages of needs analysis, design, development, implementation, and evaluation. Expert validation of the content and media indicates that EKOPOLI meets the criteria for validity and is suitable for use in learning. Results: The effectiveness of the media was tested by comparing students' learning outcomes before and after using the media, which showed a significant improvement in understanding and financial literacy skills. Additionally, the media was deemed highly practical by both teachers and students, confirming its ease of implementation and appeal in the learning process. The development of EKOPOLI also integrates sustainable development values in line with SDG 4's objectives on quality education and sustainable development. Research findings demonstrate that this Monopoly-based evaluation media is effective in enhancing understanding of financial literacy concepts and can support more engaging and contextual learning. Novelty: This study simultaneous applies the Theory of Planned Behavior (TPB) and the Thus, EKOPOLI has the potential to be widely adopted as an educational innovation that supports the achievement of quality education and the development of students' financial skills, preparing them to participate in sustainable development.
References
Agarwal, S., Driscoll, J. C., Gabaix, X., & Laibson, D. (2009). The age of reason: Financial decisions over the lifecycle. Brookings Papers on Economic Activity, 2009(2), 51–117. https://doi.org/10.1353/eca.0.0055
Aini, S. F., Arumsari, N. Z., Sari, H. F., & Rachmawati, U. (2021). The Impact of Experiential Learning on Student’s Knowledge. Academy of Marketing Studies Journal, 18(2), 1–18.
Anderson, L. W., & Krathwohl, D. R. (Eds. ). (2021). A taxonomy for learning, teaching, and assessing: A revision of Bloom’s taxonomy of educational objectives (Complete ed.). Pearson.
Anggraini, R., Sari, D., & Pratama, A. (2022). The effectiveness of monopoly game-based learning in economics education: A validity assessment study. Indonesian Journal of Educational Innovation,. 8(2), 123-138. https://doi.org/10.21831/ijei.v8i2.45678
Apriyani, L., & Serevina, V. (2019). Designing effective learning media: The importance of content alignment and student characteristics. Educational Technology Research, 12(4), 78–95. https://doi.org/10.1016/j.etr.2019.03.012
Atkinson, A., & Messy, F. (2012). Measuring Financial Literacy: Results Of The OECD/ International Network On Financial Education (Infe) Pilot Study. Paris: Organisation For Economic Cooperation And Development. Measuring Financial Literacy: Results Of The OECD/ International Network On Financial Education (Infe) Pilot Study. Paris: Organisation For Economic Cooperation And Development., 15. https://doi.org/10.1787/5k9csfs90fr4-en
Beck, T., Demirgüç-Kunt, A., & Levine, R. (2007). Finance, inequality, and the poor. Journal of Economic Growth, 12(1), 27–49. https://doi.org/10.1007/s10887-007-9010-6
Bendino, M. (2023). Conventional teaching methods in Indonesian high schools: Challenges and limitations in financial literacy instruction. Southeast Asian Education Review, 18(1), 34–49. https://doi.org/10.1007/s40692-023-00256-8
Buchory, H. A., Homan, H. S., & Willy, S. (2022). Effectiveness Of Monopoly Accounting Game Media In Increasing Motivation And Learning Outcomes. Jurnal ASET (Akuntansi Riset), 14(1), 011–020. https://doi.org/10.17509/jaset.v14i1.45978
Black, P., & Wiliam, D. (2023). Assessment and classroom learning. Assessment in Education: Principles, Policy & Practice, 30(1), 5-32. https://doi.org/10.1080/0969594X.2023.2156789
Branch, R. M. (2022). Instructional design: The ADDIE approach (3rd ed.). Springer. https://doi.org/10.1007/978-3-030-97516-3
Cahyani, P., Wijaya, K., & Sartono, B. (2022). Improving children's financial literacy through Monopoly-based learning: An experiential learning approach. Child Development and Education Quarterly, 9(3), 156-171. https://doi.org/10.1111/cdeq.12345
Cahyani, E., & Putra, T. (2024). Monopoly-based financial literacy game for middle school students: Development and validation. Journal of Educational Technology & Society, 27(1), 45–59.
Chen, S., Volpe, R. P., & Hu, S. (2006). An assessment of financial literacy among Chinese college students. Financial Services Review, 15(2), 129-146.
DOI: https://doi.org/10.1016/S1057-0810(06)90017-7
da Silva, R. C. R., Becker, K. L., & Vieira, K. M. (2025). The impact of board games on the financial literacy of public-school students. Journal of Behavioral and Experimental Economics, 114, Artikel 102331. https://doi.org/10.1016/j.socec.2024.102331
Deterding, S., Dixon, D., Khaled, R., & Nacke, L. (2024). From game design elements to gamefulness: Defining gamification. Proceedings of the 15th International Academic MindTrek Conference, 9-15. https://doi.org/10.1145/2181037.2181040
Durahman, N., & Nugraha, F. (2022). Gamification in education: Enhancing student motivation through active interaction and participatory learning environments. International Journal of Educational Gamification, 7(2), 89-104. https://doi.org/10.1016/j.ijeg.2022.05.003
Fernandes, D., Lynch, J. G., Jr., & Netemeyer, R. G. (2014). Financial literacy, financial education, and downstream financial behaviors. Management Science, 60(8), 1861–1883. https://doi.org/10.1287/mnsc.2013.1849
Gabriele Torma, Jessica Aschemann-Witzel, J. T. (2018). Consumer financial education and financial capability. International Journal of Consumer Studies, 42(6), 712-721. https://doi.org/10.1111/ijcs.12404
Hikmah, N., Rahayu, S., & Pratiwi, D. (2023). Modified Monopoly games for educational purposes: Media and material validation analysis. Educational Game Development Journal, 11(1), 67-82. https://doi.org/10.1080/egdj.2023.2187654
HUSTON, S. J. (2010). Measuring financial literacy. Journal of Consumer Affairs, 44(2), 296-316. https://doi.org/10.1111/j.1745-6606.2010.01170.x
Ibrahim, M., Rahman, A., & Susanto, H. (2025). Digital-based learning media effectiveness: N-Gain analysis in contemporary education. Digital Education Research, 4(1), 23-38. https://doi.org/10.1016/j.der.2025.01.004
Indonesian Financial Services Authority (OJK). (2022). National survey on financial literacy and inclusion 2022. Retrieved from https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Documents/Pages/Survei-Nasional-Literasi-dan-Inklusi-Keuangan-2022/SNLIK%202022.pdf
Kiili, K., & Ketamo, H. (2023). Exploring the learning mechanisms in educational games: A review of game-based learning research. Simulation & Gaming, 54(2), 178-201. https://doi.org/10.1177/10468781231156789
Kalmi, P., & Sihvonen, T. (2022). Education or entertainment? On the potential of games in financial education. In The Routledge Handbook of Financial Literacy. https://doi.org/10.4324/9781003025221-22
L., Hartono, R., Sari, M., & Widodo, P. (2024). Monopoly board games in financial education: Analyzing decision-making components and real-world financial scenario simulation. Games for Learning Journal, 13(4), 201-216. https://doi.org/10.1016/j.glj.2024.08.015
Lew, C., & Saville, A. D. (2021). Game-based learning: Teaching principles of economics and investment finance through Monopoly. The International Journal of Management Education, 19(3):100567. 10.1016/j.ijme.2021.100567
Lisana, L., Dinata, H., & Tanudjaja, G. V. (2025). Playing to learn: Game-based approach to financial literacy for generation Z. Entertainment Computing, Volume 25. https://doi.org/10.1016/j.entcom.2024.100896
Lusardi, A. and O. S. M. (2014). The economic importance of financial literacy: Theory and evidence. Ournal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Mandell, L. (2008). The financial literacy of young American adults. Financial Services Review, 17(4), 307–328.
Mardi, A., Setiawan, D., & Pratama, F. (2022). Integrating sustainable development goals in financial literacy through game-based learning. Sustainability, 14(7), 4123. https://doi.org/10.3390/su14074123
Martin, D., & Oliphant, R. (2020). Board games as pedagogical tools for financial literacy development. Teaching and Teacher Education, 89, 103–113. https://doi.org/10.1016/j.tate.2019.102975
Ministry of Education, Culture, Research, and Technology. (2023). Indonesian education statistics 2022/2023. Jakarta: Kemendikbudristek.
Molenda, M. (2023). In search of the elusive ADDIE model. Performance + Instruction, 62(2), 40-42. https://doi.org/10.1002/pfi.21234
Nurifkah, A., Prawira, N. G., & Pratama, G. (2022). Inovasi Pembelajaran Literasi Finansial Bagi Anak Melalui Perancangan Board Game. Journal of Visual Communication Design, 1(2).
Rahayu, Y., Asshidiq, B., Saadah, S. H., Wandasari, W. W., Septiyanti, R. F., Maulana, A., & Zuhriatusobah, J. (2025). Pengenalan Literasi Keuangan Melalui Game-Based Learning Pada Siswa Sekolah Dasar Negeri Lebakwangi 01. Alamtana: Jurnal Pengabdian Masyarakat UNW Mataram, 5(3), 224–233. https://doi.org/10.51673/jaltn.v5i3.2306
Osman, I., Md Taib, N., Abu Yazid, Z., Daud, S., & Othman, M. Z. (2024). Exploring the Usability and Engagement of Students in an Educational Board Game on Personal Financial Planning. Information Management and Business Review, 16(1(I), 76-85. https://doi.org/10.22610/imbr.v16i1(I).3662
Sabri, M. F., & MacDonald, M. (2010). Financial literacy and retirement planning in Malaysia. International Journal of Economics and Finance, 2(1), 43-51.
DOI: https://doi.org/10.5539/ijef.v2n1p43
Shanklin, S. B., & Ehlen, C. R. (2007). Using The Monopoly Board Game As An In-Class Economic Simulation In The Introductory Financial Accounting Course. Journal of College Teaching & Learning (TLC), 4(11). https://doi.org/10.19030/tlc.v4i11.1525
Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2010). Financial socialization of first-year college students: The roles of parents, work, and education. Journal of Youth and Adolescence, 39(12), 1457–1470. https://doi.org/10.1007/s10964-010-9542-x
Suryadi, A., Budimansyah, D., & Sapriya. (2023). Educational challenges in Indonesia: From access to quality in the digital era. Indonesian Journal of Educational Policy, 12(1), 15-32. https://doi.org/10.21831/ijeap.v12i1.45231
UNESCO Institute for Statistics. (2023). SDG 4 data digest 2023: All means all - Inclusion and education. UNESCO. https://doi.org/10.15220/978-92-9189-345-6-en
Utami, R., & Kurniawan, D. (2023). Indonesian financial literacy index: Progress analysis and regional benchmark comparison study. Indonesian Financial Services Research, 10(2), 78-93. https://doi.org/10.21632/ifsr.2023.10.2.078
Perry, V. G., & Morris, M. D. (2005). Who is in control? The role of self‐control in financial behavior. Journal of Consumer Affairs, 39(2), 299-313. https://doi.org/10.1111/j.1745-6606.2005.00019.x
Platz, L, & Zauner, M. (2025). Financial Literacy Games—Increasing Utility Value by Instructional Design in Upper Secondary Education. Educ. Sci, 15(2), 227; https://doi.org/10.3390/educsci15020227
Prado, S. M., Chiluiza, K., Everaert, P., & Valcke, M. (2022). Design and Evaluation among Young Adults of a Financial Literacy Scale Focused on Key Financial Decisions. Educ. Sci, 12(7), 460; https://doi.org/10.3390/educsci12070460
Prem, A., & Karadag, E. (2015). Enhancing financial literacy via game-based learning: Evidence from experimental research. Journal of Economic Education, 46(3), 155–167. https://doi.org/10.1080/00220485.2015.1048329
Prihantini, I., Stevani, F., & Sujiran, S. (2025). The Impact of Monopoly-Assisted Game-Based Learning on Students’ Achievement in Business Economics. Perspektif Pendidikan Dan Keguruan, 16(1), 57–65. https://doi.org/10.25299/perspektif.2025.vol16(1).22006
Putri, F. N., & Lutfi, A. (2025). Interactive learning media practicality assessment: Teacher and student perspectives on educational technology implementation. Educational Media Studies, 6(2), 112-127. https://doi.org/10.1007/s11423-025-10187-2
Purnama, C. Y. (2023). Pengujian Reliabilitas Alat Ukur: Alpha Cronbach (α) atau Omega Mcdonald (ω). 9(18).
Willoughby, J. F., Milligan, B. G., & Harris, C. J. (2021). Using digital games to improve financial literacy in elementary age children: A randomized trial. Journal of Economic Education, 52(2), 134-147. https://doi.org/10.1080/00220485.2020.1771440
Xiao, J. J., & O’Neill, B. (2018). Consumer financial education and financial capability. International Journal of Consumer Studies, 42(6), 712–721. https://doi.org/10.1111/ijcs.12404
Yi, W. C., Chin, K. Y., Si, C. M., & Mei, L. F. (2025). Enhancing Learners' Financial Literacy Through Game-Based Learning: Pilot Testing at Two Primary Schools in Perak. In Proceedings of the 12th International Conference on Business, Accounting, Finance and Economics (BAFE 2024) (pp. 505–513). Atlantis Press.