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Gamification of financial applications and financial behavior of young investors

Abhinav Pal, Kavita Indapurkar, Kriti Priya Gupta

Young Consumers

ISSN: 1747-3616

Article publication date: 24 June 2021

Issue publication date: 20 July 2021

2373

Abstract

Purpose

This study aims to investigate the moderating role of gamification on the relationship of financial attitude (FA), financial self-efficacy (FSE) and financial planning activity (FPA) of individuals on the financial behavior of individuals and also provides a conceptual background on financial management behavior (FMB), FA, FSE and FPA of individuals.

Design/methodology/approach

A preliminary study with the help of a structured questionnaire was conducted by administering the questionnaire to individuals who are exposed to financial apps on their smart phones or personal computers for various money-saving and investment activities. Help of various financial planners and financial consultants led to successful circulation of the questionnaire to respondents. The research model was tested through structural equation modeling using AMOS-21 software. Firstly, a measurement model was evaluated that comprised five latent constructs, i.e. gamifying features (GF), FA, FSE, FPA and FMB. Subsequently, the structural model consisting of the hypothesized relationships was evaluated.

Findings

The role of GF in financial apps and applications in moderating the influence of FA, FSE and FPA on FMB has not been thoroughly studied in the past literature, and the results of this study show that GF significantly moderate the influence of FA and FPA on the FMB of individuals. However, according to the results GF in financial apps do not have a significant moderating role on the influence of FSE on FMB of individuals.

Originality/value

The studies in the past have not investigated the role of gamification in the area of personal finance of individual investors, specifically their financial behavior in both developed and developing countries. This study addresses this gap by examining the role of gamification in moderating the relationship that exists between FA, FSE, FPA and financial behavior.

Keywords

Citation

Pal, A., Indapurkar, K. and Gupta, K.P. (2021), "Gamification of financial applications and financial behavior of young investors", Young Consumers, Vol. 22 No. 3, pp. 503-519. https://doi.org/10.1108/YC-10-2020-1240

Publisher

:

Emerald Publishing Limited

Copyright © 2021, Emerald Publishing Limited

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