This study aimed to assess the effectiveness of financial literacy mobile apps for learning purposes using a content analysis approach. For this purpose, 200 mobile apps from Google Play Store and Apple App Store were identified and extracted that were about financial literacy and matched the search criteria using a structured sheet. Using the purposeful sampling technique and selection criteria, 163 apps were shortlisted for the analysis. By means of content analysis method, these apps were examined using 13 different features related to learning design from the cognitive theory of multimedia learning’s (CTML) principles, Jakob Nielsen’s usability heuristics, and other valuable features of mobile apps from the literature. The results of the assessed features were found to be in the following number of the selected apps: export of data (34/163, 21%), gamification (80/163, 49%), plans or orders (91/163, 56%), reminder (102/163, 63%), community forum (34/163, 21%), social media (33/163, 20%), tailored education (134/163, 82%), tracker (53/163, 33%), free of cost (117/163, 72%), usability (149/163, 91%), multimedia principle (100/163, 61%), pre-training principle (106/163, 65%), and personalization principle (117/163, 72%). These results provide hints regarding the quality of existing financial literacy apps on the two most popular marketplaces of mobile apps.

Adding pictures to instructional materials that are relevant and representational supports meaningful learning. However, it is not always straightforward to generate such pictures, for example, for abstract concepts. It is much easier to make representational pictures of concrete concepts, “table” or “chair”, compared to abstract concepts, “loyalty” or “democracy”. The field of finance is full of abstract or complex financial concepts, such as pension, market value, and asset valuation—to name a few. How do we then make pictures of such financial concepts that can represent them? In this regard, visual metaphors could provide hints as to how complex financial concepts can be presented in the form of pictures. For this purpose, this study analyzed the representation of complex financial concepts in terms of visual metaphors. Visual metaphors of five financial concepts were selected from the financial learning content online. These included: (1) risk diversification, (2) inflation, (3) compound interest, (4) time value of money, and (5) financial risk. Using the content analysis approach, each of the visual metaphors were analyzed to determine how different features of the given financial concept were mapped onto the visual metaphor, making them representational. Results indicate that visual metaphors could be an effective and creative way to present complex financial concepts in the form of representational pictures.

Financial literacy is crucial for making sound financial decisions and living a better life. However, the field of finance is full of abstract concepts, such as inflation, liquidity, asset allocation and credit. Abstract concepts may be harder to comprehend than concrete concepts due to their lack of tangible referents in the physical world. In contrast, concrete concepts (e.g., car or house) have a palpable form and can be directly experienced through the senses. Against this background, the question arises of how instructional material can be designed in a way that helps people acquire knowledge about abstract financial concepts. Multimedia learning theories suggest complementing verbal information with visuals that represent the respective topic or concept. Since abstract financial concepts lack palpable, concrete forms, these representational visuals are not simply available but have to be developed. Based on grounded cognition theory, this article discusses three approaches, ‘situations’, ‘emotions’ and ‘metaphors’, which might be used to generate representational visuals of abstract financial concepts. This study aims to provide ideas and enhance our understanding of how grounded cognition theory can be utilized as a guideline to create representational visuals of abstract financial concepts and thus multimedia learning material, which in turn may support increasing people's financial literacy.