Can Videogame Currencies Like ‘Robux’ Teach Kids Financial Skills?
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What is the main topic discussed in this episode?
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Here's your Money Briefing for Wednesday, December 14th. I'm Danny Lewis for The Wall Street Journal, filling in for J.R. Whelan. The holiday season is upon us, and for many parents, that means having your kids write up their gift wish lists. But these days, a lot of kids aren't asking for toys.
What are videogame currencies like Robux and how do they differ from cryptocurrency?
What they really want is virtual cash.
Kids spend a lot more time online than older generations, and it's very social. So when they're decorating their avatar to look a certain way, it's not just for their own personal enjoyment, but it's because they're interacting with their friends.
Our reporter, Sarah Needleman, has been covering the many digital currencies used in popular video games like Roblox and Fortnite. On today's show, she'll explain how parents can use these to teach their kids budgeting skills and maybe even save a little money on presents. That's after the break.
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All kids know that certain holiday presents come with telltale signs about what's behind the gift wrapping. Action figures have a particular shape thanks to the molded plastic, and everyone knows what Lego boxes sound like when you shake them. But kids these days aren't asking for physical toys as much. What they want is digital money to spend in their favorite video games. And sure, to them it might be for fun, but can Roblox and Fortnite also help them learn how to manage their finances? Sarah Needleman covers interactive entertainment and social media for The Wall Street Journal. She's here to explain. Hey, Sarah. Hi. Okay, let's start with the real basics. This isn't about kids getting into Bitcoin, right?
Why are kids asking for virtual cash instead of physical toys this holiday season?
What kind of digital money are we talking about here?
Correct. We're talking about virtual currency specific to video games, and it can't be cashed out for real dollars and cents. And this money is used to buy an outfit for your avatar or a weapon or the opportunity to advance in a game more quickly than you would otherwise.
So I don't mean to sound like an old man shaking my fist at the clouds, but what do kids get out of this? Is it really more fun to spend money to make your Fortnite avatar look like Darth Vader when you could buy, you know, a real physical toy of Darth Vader instead?
What you have to keep in mind is that kids spend a lot more time online than older generations, and it's very social. So when they're decorating their avatar to look a certain way, it's not just for their own personal enjoyment, but it's because they're interacting with their friends, and that's how they interact. hang out so um sure they may still go to the mall or to the playground but instead of having just a regular phone call they might be chatting with one another in a virtual world like roblox and so they do care about how their character looks and to them it really matters because on a social level they see one another not as we do in the physical world but they see each other's avatars that's how they represent themselves and so it matters in their eyes
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–0:52
2
What are videogame currencies like Robux and how do they differ from cryptocurrency?
0:52–2:45
3
Why are kids asking for virtual cash instead of physical toys this holiday season?
2:45–4:19
4
How do avatars and social interaction drive kids to spend on virtual items?
4:19–8:05
Speakers
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