Last month Fidelity sponsored an investing competition aimed at increasing financial literacy through gamification. Powered by the social investing platform Rapunzl Investments, Fidelity gave away $10,000 in prizes, including $2,500 for a portfolio to Stuart Read, a student at Williams College.
From Envestnet | MoneyGuide's financial planning-focused Blocks to Yourefolio's beneficiary inheritance feature, gamification has see a variety of applications in financial services. Rapunzl is gamifying the stock market with a simulated stock competition, according to the company, with positive reviews from some of the colleges participating in the competition. Citing the "experiential learning" that the app encourages, Stephanie Hockman, a program director at Amherst College said that non-business students, in particular, benefitted. "As liberal arts students are increasing their presence in financial institutions, these competitions are a great way for students to apply what they are learning in and out of the classroom to better understand how their knowledge can apply in a ‘real world’ application.”
In 2018, Rapunzl also worked with Chicago high school students, attracting more than 6,500 students from 60 high schools. The Fidelity-sponsored competition saw participation from 124 students at 11 colleges.