Gamifying financial literacy

: a marketing strategy for a mobile app using gamification to improve user engagement

Abstract

The global financial crisis of 2008 highlighted the critical importance of financial literacy and effective personal financial management. Despite the growing need for financial education, a significant portion of the global population remains financially illiterate, which poses long-term risks to individual and societal economic stability. This thesis explores the potential of gamification as a strategy to enhance user engagement in a mobile application designed to improve financial literacy. By integrating game elements such as points, badges, leaderboards, and personalized learning paths, the proposed app aims to make financial education interactive and engaging. This study is grounded in the Self-Determination Theory, which emphasizes the importance of competence, autonomy, and relatedness in motivating behavior. Through a combination of literature review, survey analysis, and empirical data collection, the research investigates the effectiveness of different gamification elements in enhancing user engagement. The findings reveal that elements focused on competition, social relationships, feedback, progression, and rewards significantly enhance user motivation and engagement. However, immersive elements such as customizable avatars, while enhancing user experience, do not have a significant standalone impact on engagement. This research provides valuable insights for developers and educators on the strategic implementation of gamification in financial literacy applications, highlighting its potential to foster a more financially informed and competent society.

Date of Award	24 Jun 2024
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Rute Xavier (Supervisor)