Gamified Investing: An Analysis of Investment Behaviour of Retail Investors Using Financial Applications
Dr. Rajsee Joshi
Assistant Professor, Faculty of Management, GLS University
rajsee.joshi@glsuniversity.ac.in
Ms. Bhakti Samnani
Student, Faculty of Management, GLS University
bhaktisamnani.imba20@gmail.com
Ms. Isha Khajanchi
Student, Faculty of Management, GLS University
ishakhajanchi.imba20@gmail.com
ABSTRACT
Gamification of investment applications is crucial today as it enhances user engagement and makes financial management more accessible and enjoyable. By incorporating interactive elements like rewards and challenges, these apps motivate users to develop and maintain better investment habits. Gamification also helps simplify complex financial concepts, making it easier for users to understand and make informed decisions. Additionally, it can drive higher retention rates and user satisfaction by creating a more dynamic and rewarding investing experience. This study focuses on the investors of Gujarat and the role gamified investments play on their investment behaviour. The study investigates which demographic groups are most affected by gamified investment features. It also assesses how gamified elements influence investors' decision-making processes and their investment choices. The study examines the effects of gamification on the frequency and intensity of investor engagement with financial platforms. It determines whether gamified investment platforms enhance users' understanding of financial concepts and improve their financial literacy. The research explores if gamified features lead to changes in investors' risk tolerance and risk-taking behaviour. Finally, it evaluates the effectiveness of gamified strategies in helping users achieve their financial goals and improve their overall financial outcomes. The study applies statistical tools like Chi-square analysis, One-way ANOVA and Two-way ANOVA to assess the relationships amongst variables. The result suggests that although gamified investment features boost engagement and risk tolerance among young, lower-income investors, they do not necessarily lead to better decision-making, increased financial literacy, or more successful financial outcomes. Despite the higher interaction and excitement generated by gamification, these features do not significantly improve investment choices or financial goal achievement compared to traditional investment strategies. Therefore, while gamification can make investing more attractive, its impact on developing good financial habits and achieving long-term success remains limited.
Key words
Gamification, Investor engagement, Financial Literacy, Risk tolerance, Behavioural Finance
