Gamified Apps: New Ways to Encourage Financial Education
Gamified Apps: New Ways to Encourage Financial Education
Gamified Apps: New Ways to Encourage Financial Education
Susan Mangiero
September, 17, 2024
Summary
Gamification, the integration of game mechanics like points and leaderboards into non-game contexts, is gaining traction in the financial services industry. With over 190 million Americans playing video games weekly and a growing market valued at $11.94 billion in 2021, financial companies are leveraging gamification to enhance customer engagement, promote financial literacy, and gather data. While gamification can foster positive behaviors, experts caution against manipulative designs that encourage risky behaviors or undermine fiduciary duties. Successful gamification must balance fun, education, and ethical considerations, ensuring users are motivated without being misled or exploited, particularly in regulated financial environments.
Reference
Mangiero, S. (2024, September 17). Gamified apps: New ways to encourage financial education. TheStreet. https://www.thestreet.com/retirement-daily/lifestyle/gamified-apps-new-ways-to-encourage-financial-education