Making finance fun : the gamification of personal financial management apps

Purpose: This study integrates self-determination theory (SDT) and the technology acceptance model (TAM) to explore how gamification increases users' motivation and intention to use personal financial management (PFM) apps, and how it facilitates their adoption. Design/methodology/approach: Data from 208 users of the Mint app were analyzed using partial least squares structural equation modeling. Findings: The results showed that gamifying PFM apps satisfies users' needs for competence and autonomy and enhances their autonomous motivation to use them. Users' motivation increases their perceptions of ease of use and usefulness of the apps and causes them to develop more favorable attitudes toward them. The findings also confirmed a relationship between users' attitudes toward PFM apps and the behavioral intention to use them. Research limitations/implications: To investigate the generalizability of results, studies using other PFM apps would be useful. The cross-sectional nature of the research also limits its causal inference. Practical implications: This research provides support for the use of gamification in PFM apps and offers suggestions that may help fintech companies and banks to persuade users to engage with their apps. Originality/value: Although gamification is a trending topic, few studies have explored its use in the finance industry. Drawing on SDT and the TAM, this study extends previous research and adds new insights into the effects of gamification in this context.