Gamified learning in financial services
Using gamification to engage millennials to save more for their future
08 Nov 2018 - Estimated reading time: 1 minute
Long has the generation dubbed ‘millennials’ been associated with mis-uses of their money. Expensive caffeinated drinks and avocado on toast are just a couple of expenses that have been ridiculed in the media and popular culture. But the financial issues of millennials are not as simple as frivolous luxury expenses. Lack of trust and understanding of anything associated with finance on top of a lack of job security and therefore lack of financial security, makes financial planning and saving sometimes a less appealing possibility for the younger generation.
To increase engagement of young people with financial services and planning, many financial companies are turning towards a now common phenomenon known as gamification. Gamification put simply is the application of game design principles and methodologies to other non-gaming purposes and applications. Gamified learning and training takes learning objectives and implements them within a game either through the aesthetics or mechanics. Gamification is all about engaging people through games technology and games design methodology with the end goal to educate players. With the financial sector, players can learn about saving for their future in an engaging manner without having to read through a legal document, potentially full of jargon. Implementing interactivity to engage users is a great way to teach, sometimes without the player realising it.
It’s been incredibly illuminating working with Phil and Abertay. The financial industry has struggled to find compelling ways to engage consumers; in contrast, it’s at the very heart of what the games industry does. There’s a rich vein of opportunity here for us to pursue.
Scott Finnie - Solutions Architect, Hymans Robertson
Gamification can come in many forms, for example rewards can incentivise good behaviour. By setting goals, earning achievements and seeing how you're ranked on a leader-board, players are more likely to continue to act in a certain way. Apply this to the financial industry, you can have players of an application or game being rewarded for saving either through extrinsic (game points or even monetary rewards) or intrinsic rewards (data that displays how much they are saving). Narrative and stories are also less talked about but are a great way to engage people with their financial future. They can give players perspective and lessons that have real world implications.
Gamification is incredibly prevalent and can have massive impact on the financial industry to engage and educate.
Phil Smy is a producer at Pocket Sized Hands, a software and games company based in Dundee. Phil is also a graduate of Abertay University, one of the top game design universities in Europe.
We've a dedicated group on LinkedIn which focuses on the issues that affect our society and on the actions we should be taking to help future generations. Please do get involved. You can join the conversation here.