ABSTRACT In a developing country such as India, gamification in finance remains nascent. This study addresses a critical research gap by investigating how gamification moderates the effects of financial attitude, financial self‐efficacy, and financial planning on financial behavior. It also examines whether gamified features in financial applications enhance users' money management capabilities. Partial Least Squares Structural Equation Modeling (PLS‐SEM) using SmartPLS 4.0 was employed to test a behavioral model comprising six constructs: financial attitude (FA), financial self‐efficacy (FSE), financial planning (FP), gamification (GF), and financial behavior (FB). Psychometric evaluation confirmed the validity and reliability of the measurement model. Data were collected from 557 users of financial apps in India. Results reveal that gamification significantly moderates the relationships between financial planning and financial behavior, as well as financial self‐efficacy and behavior, but not between financial attitude and behavior. All constructs demonstrated strong discriminant validity. Gamification emerged as a distinct and effective behavioral reinforcement mechanism. Experienced app users preferred features such as real‐time feedback, progress tracking, and social sharing. Banks and fintech firms can integrate gamified elements to boost user engagement, support goal‐setting, and foster better financial habits. This study extends behavioral finance research by integrating gamification with psychological constructs of financial behavior. Policymakers and educators may incorporate gamification into financial literacy programs to enhance user participation, provided ethical safeguards are in place to protect against manipulation. This is among the first empirical studies in the Indian context to demonstrate the moderating role of gamification in personal finance. It offers a validated model for developing behaviorally intelligent financial tools aligned with users' psychological traits and digital habits.
Agrawal et al. (Mon,) studied this question.