Investigating the Effectiveness of Business Simulation to Inculcate Lifelong Learning amongst Learners

Abstract

Globalization, Industrial Revolution 4.0, fast-growing AI system and the augmentation of knowledge economy had all led to the development of passion and drive to learn, unlearn, and relearn in enhancing workplace competitiveness. Modern day employers now prioritize lifelong learning and willingness to self-improvement over traditional experience, as it has become a necessity to develop competences and skills that are required for a dynamic global environment. Thus, a paradigm shift from traditional to interactive and experiential teaching-learning environment is vital to prepare learners to acquire 21st century competencies. Educational simulations, as part of experiential learning strategies, significantly enhance learning by promoting deeper engagement, improving outcomes, and fostering essential skills. Despite extensive research on their effectiveness in teaching specific and generic skills, there is limited investigation on their role in promoting lifelong learning. Addressing this gap, this study examines the impact of stock trading simulation activities on lifelong learning among participants. The research framework in this study is adapted and modified from conceptual framework on individual investors’ learning behavior postulated by Kalugala. Statistical analysis revealed that participants perceived the stock trading simulation activities as significantly effective in fostering personal development, future readiness, and self-directed learning. There was a significant positive relationship between post-simulation stock trading literacy and lifelong learning in stock trading. The simulation enhanced participants' self-efficacy, lifelong learning spirit, and employability skills, confirming that educational simulations are effective tools for developing soft skills and 21st-century competencies that are essential for sustainability in a rapidly evolving workplace.