The Gamification Of Investing Brings Opportunity – And Risks
The Gamification Of Investing Brings Opportunity – And Risks
The Gamification Of Investing Brings Opportunity – And Risks
By Ben Soppitt
January 08, 2021
Summary
Especially during the pandemic, investing has become more of a hobby and entered into the gaming arena.
MORE FOR YOU. But investing has historically been the preserve of a small but wealthy minority, with normal consumers excluded through a mixture of cost and lack of information, awareness and access due to the archaic nature of traditional investment methods.
Robinhood, clearly not an accidental name, launched in 2013 and brought commission-free trading and easy access to stock market investing.
Acorns, another early innovation play, made investing so easy and effortless you don't even know you were doing it.
There's been an explosion of very diverse ways to invest - providing everyday consumers with access and opportunity to grow and protect their wealth like never before.
It's easy to see why investing is driving engagement in financial services the way other products like deposit accounts and credit cards do not.
Investing is about as interesting as money management gets.
An estimated 13 million people started investing for the first time during the Covid-19 pandemic using just one app.
As with gambling, the risk-reward nature of investing can incite unhealthy behavior, and using words like addiction to describe some people's behavior toward investing is not uncommon.
The sooner the industry moves to solve this the less likely regulation will grow to the point of potentially restricting open access to the benefits of investing - and the risks it brings with it.
Reference
Soppitt, B. (2021, January 08). Council post: The gamification of Investing Brings OPPORTUNITY – and risks. Retrieved February 26, 2021, from https://www.forbes.com/sites/forbesbusinesscouncil/2021/01/08/the-gamification-of-investing-brings-opportunity--and-risks/?sh=60e61ec3c08e