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Andhi Wijayanto
Departement of Management, Faculty of Economics and Business, Universitas Negeri Semarang, Indonesia
Economics, Econometrics & Finance

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When Engagement Backfires: Gamification Susceptibility to Financial Misinformation Dwi Cahyaningdyah; Andhi Wijayanto; Kris Brantas Abiprayu; Syam Widia; Erisa Aprilia Wicaksari
Management Analysis Journal Vol. 14 No. 4 (2025): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v14i4.47425

Abstract

This paper examines five theoretically motivated predictors of susceptibility: gamified financial literacy engagement, subjective financial literacy, emotion regulation, information framing preferences, and cognitive ability. These predictors are embedded within a dual process framework and tested using OLS regression with heteroscedasticity-consistent standard errors on survey data from N = 89 university-affiliated respondents in Indonesia. Two unexpected findings are reported. First, engagement with gamified financial literacy programs is positively and significantly associated with susceptibility, contrary to the hypothesized direction, interpreted as a gamification engagement-without-depth effect consistent with self-determination theory and the Dunning-Kruger literature on overconfidence. Second, information framing preferences are also positively associated, reflecting a ceiling effect and a loss-sensitivity dimension linked to financial anxiety. Financial literacy is negatively associated at a marginal level, while females are less susceptible than males. Objective financial knowledge shows near-zero predictive power, suggesting factual knowledge does not reduce susceptibility. Implications for financial education, consumer protection, and measurement are discussed.
Co-Authors Dwi Cahyaningdyah Erisa Aprilia Wicaksari Kris Brantas Abiprayu Syam Widia