Member-only story
- A growing trend in the world of personal finance is gamification
- Does gamifying your money habits to boost savings actually work? Evidence says YES…
In 2014, the New York Times introduced an online application for its famous crossword puzzle. In less than two years, the Times’ crossword app had gained over 400,000 subscribers, each paying $6.95 per month.
What is it about games that’s so appealing to us?
Whether it’s crossword puzzles, card games, or sports, there’s something about friendly competition that brings out the best (and sometimes worst) in all of us.
If you haven’t noticed, a growing trend in the world of personal finance is gamification.
What Is “Gamification”?
Gamification is adding game-like elements (scoring, winning, competing with others) to any sort of non-game product or process.
If you’ve ever had the “chance to win” a prize at checkout or earn points that can later be redeemed for future savings at a store, these are all forms of games businesses use to encourage customer loyalty.
Even banks and credit unions are jumping on board. Depending where you live, you could open a prize-linked savings account — where every time you save a certain amount, you earn a chance to…
