Using Gamification To Influence User Success In Personal Finance Applications

Abstract

<p>Research Problem & Objectives: This thesis explores the current research and prior literature surrounding financial literacy’s use as a tool for consumer empowerment. It seeks to understand the current market for financial literacy digital media in the form of mobile budgeting applications. In particular, to understand where weaknesses exist and opportunities lie.</p> <p>Methods: That will entail combining the existing literature and best practices with persuasive technology (gamification) to create a minimum viable product that may address deficiencies in the market. This proposed application will be designed to be an intervention to increase the end user’s level of financial literacy and financial well being.</p> <p>Key Results: This study resulted in the development of a new mobile personal finance budgeting application uniquely designed to make financial literacy information more accessible and available to users, and to help users improve their financial habits & behaviours. This was accomplished through the implementation of gamification techniques.</p> <p>Conclusion: This thesis concluded having created a tool that Canadians might use to increase their level of financial literacy. The mobile budgeting app developed filled a gap in the Canadian mobile personal finance application market by employing research-backed gamification techniques, multiple engagement loops and behavioural change strategies.</p>