Playing chess reduces risk aversion in children Journalist Emily Campbell explores the findings of a new study into the impact of playing chess on children’s levels of risk aversion. Chess is a complex game which has stood the test of time and has experienced a resurgence thanks to the popularity and success of Netflix television series The Queen’s Gambit. The game is considered highly beneficial to brain development and academic achievement, and is thought to improve memory and concentration, enhance problem solving abilities and promote creativity. Although previous research indicates chess can improve these cognitive skills, a recent study by Australian researchers has led to a significant new finding that playing chess can reduce risk aversion in children. Intensive chess program field study A team of economic and business researchers from Monash University and Deakin University, including Professor Asadul Islam, Dr Aaron Nicholas and Dr Wang-Sheng Lee, conducted a randomised field experiment examining the effects of an intensive chess program on a group of
year five students who had no previous exposure to chess. The research, which was recently published in the Journal of Development Economics, concluded learning chess rules, basic strategies and repeatedly playing chess over time had a significant positive effect on reducing levels of risk aversion in children. A group of students from Bangladesh undertook a 30 hour chess training program over three weeks, taught by qualified chess coaches and following a curriculum approved by the World Chess Federation. For a year after the chess instruction program concluded, the researchers assessed participants on a range of cognitive and non-cognitive behavioural changes, such as time management, mathematic ability, concentration and risk taking. Dr Lee said although the researchers looked at a range of benefits and outcomes on children who participated in the program, the strongest findings related to risk aversion. “We were not sure exactly what would arise, but the majority of students involved in the program demonstrated lowered risk aversion,
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which was an interesting finding,” Dr Lee said. “Although there has been speculation, and some previous research into the potential benefits of chess, our rigorous study design means there is now scientific evidence chess can teach children about healthy risk-taking.” Importance of calculated risks Learning to take calculated risks and make informed decisions is an essential life skill that children must develop in order to thrive and live successful, fulfilling lives. Part of this involves developing caution and foresight, performing cost-benefit analyses when considering options and exposure to win/lose situations through competition. Professor Islam said the findings showed chess could help model and nurture positive risk-taking behaviour which would prepare them for life’s challenges. “Risk and reward is a concept that is articulated well in the game of chess,” Professor Islam said. “Players often sacrifice pawns, knights and bishops if it helps checkmate the opponent’s king and win the game.
