Do Gamified Financial Literacy Tools Drive Insurance Uptake among MSMEs? Evidence from a Systematic Review toward a Sustainable Model
DOI:
https://doi.org/10.65820/ejems-6vol2-issue1-2026Keywords:
Gamification, Financial Literacy, Insurance Adoption, Financial Inclusion, Behavioural Engagement, Digital LearningAbstract
Purpose: This study systematically reviews the influences of gamification on financial literacy and insurance adoption among micro-, small-, and medium-sized enterprises (MSMEs), and develops a framework explaining how gamified interventions drive sustained insurance uptake.
Methodology: A search of Scopus and Google Scholar identified 1,134 records. After removing duplicates and screening 887 articles using the PRISMA framework, 32 studies were retained for analysis. These were synthesised to examine behavioural intention, underlying mechanisms, comparative effectiveness, and contextual moderators.
Results: Gamification elements such as simulations, challenges, rewards, feedback, and storytelling enhance engagement and learning. Their effects operate through three pathways: cognitive (improving understanding and risk awareness), motivational (boosting self-efficacy and sustained engagement), and social (strengthening trust and peer influence). Evidence shows gamified approaches outperform traditional financial education in knowledge retention, behavioural intention, and insurance uptake. However, effectiveness varies depending on digital readiness, cultural norms, institutional trust, and regulatory support.
Novelty and contribution: The study proposes an integrated conceptual framework linking gamification to insurance adoption through mediating and moderating mechanisms. It advances theory by combining Cognitive Load Theory, Self-Determination Theory, and Social Influence Theory into a unified model, offering a foundation for future empirical research.
Practical and social implications: Findings highlight the need for context-specific, inclusive, and culturally aligned gamified financial education. Policymakers and stakeholders should promote collaboration across sectors to support innovation, enhance financial inclusion, and strengthen MSME resilience through scalable digital learning solutions.
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