Consob has recently highlighted the risks of the “gamification” of investments — a phenomenon that makes trading resemble a game, particularly among younger people.

What Is Meant by the “Gamification” of Investments?

Gamification transforms trading into a game-like experience by exploiting elements typical of apps (notifications, rewards, leaderboards) to simplify complex operations. According to Consob, this approach attracts young people in particular through social media and online platforms, but it carries risks linked to the use of real money and to superficial decision-making.

What Are the Benefits of Gamification?

It increases participation by retail investors in the markets.

It improves understanding of complex financial instruments.

It offers transparency in the selection of products suited to one’s own risk profile.

What Risks Does Treating Investments as a Game Entail?

Impulsive decisions: notifications and intuitive interfaces encourage trading without in-depth analysis.

Herd behaviour: copying the successful strategies of others (e.g. cases such as GameStop in 2021) can generate speculative bubbles.

Exposure to fin-influencers: promotions on social media often lack transparency, exposing investors to misleading information.

Why Is the GameStop Case an Emblematic Example?

In 2021, the GameStop share price experienced an artificial surge driven by coordinated buying on forums and social media. This demonstrates how gamification and herd behaviour can distort markets, exposing investors to sudden losses when bubbles deflate.

Who Are Fin-Influencers and Why Are They Risky?

Fin-influencers promote investment strategies on social media, often without recognised qualifications or clear disclosures. Consob stresses that following their advice can lead to decisions based on incomplete or distorted information.

How Can One Protect Oneself from the Risks of Gamification?

Education: studying financial products before investing.

Verification of sources: treating with scepticism any advice not supported by objective data.

Planning: defining long-term objectives and a realistic risk profile.

What Does Consob Recommend to Investors?

The authority urges investors to avoid superficial approaches and to regard investments as informed choices, not games. It reiterates the importance of:

Disregarding social pressures or promises of quick gains.

Understanding the products being purchased.

Assessing the reputation of the platforms used.

Conclusions

Gamification can bring new investors closer to the markets, but it demands caution.