Gamified Financial Communication System for Enhance Investment Intention of Retail Investors
Keywords:
Financial Communication, Gamification, Retail Investors, Investment IntentionAbstract
This paper aims to investigate how a gamified investing approach enhances investment intention through a context-aware online investing environment and explains the effects on motivation and investor learning. A system of gamified investing activities based on GFCS (Gamified Financial Communication System) was developed and implemented in online investing in improving investor motivation and in helping investors engage more actively in their investing activities and self-learning process. By applying Structural Equation Modeling (SEM) to empirical research, the questionnaire contains 1. An Interactivity Scale; 2. A Gamification Scale; 3. A Learning Motivation Scale; 4. An Information-processing Scale; 5. A Risk Aversion Scale and 6. Investment Intention Scale. A total of 247 retail investors participated in this study. The Structural Equation Modeling (SEM) analysis includes the path directions and relationship between descriptive statistics, measurement model, structural model evaluation and six variables. The research results support all fourteen hypotheses, and the research findings also show the effects of learning motivation on investment intention, with strong learning motivation resulting from a high investment intention. As a result, it is further proven in this study that a well-designed GFCS would affect investors learning motivation and investment intention. Finally, the relationship model between interactivity, gamification, learning motivation, information-processing, risk aversion and investment intention is elucidated, and three suggestions are proffered for a financial service provider of online investing environment and for further research, so as to assist financial communicator in the application of favorable gamified financial communication strategies.
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