Do Teaching Media Matter? A Comparative Study of Finance Education via Classroom, Livestream, Video, and Educational Games

This study examines how different instructional media—face-to-face classes, live streaming, pre-recorded videos, and educational games—affect student learning outcomes in finance education. A sample of first-year economics students was assessed on their knowledge of basic financial principles before being randomly assigned to five groups. Four groups attended the same finance course delivered through different media formats, while a fifth group served as a control and received no instruction. After the course, all students completed a second (post-course) assessment. By comparing individual pre- and post-test results, as well as learning gains across the groups, we evaluated the effectiveness of each delivery method. The results show that all four instructional formats significantly improved financial knowledge compared to the control group. Among the media types, educational games proved to be an effective and reliable tool for delivering finance content. However, the differences in learning gains between face-to-face instruction, live streaming, and pre-recorded videos were not statistically significant. These findings indicate that a range of delivery models can be used effectively in finance education. The study contributes to current debates on cost-effective teaching strategies and supports evidence-based decisions on curriculum design in digitally transformed higher education environments after COVID-19.