Fiduciary News – by Christopher Carosa
401k retirement education has seen many changes recently. One of the elements that makes this most intriguing is the addition of gamification techniques to the education process.
Gamification may be driven by a perception that it appeals to younger workers, but all age groups intuitively understand what it means. In fact, you might say the “game” of life is interlaced within our DNA. Everything we do exudes gaming components. And if something doesn’t, well it can be remade to appear to be a game.
“Gamification is making a game out of ordinary situations, like learning, making purchases, or exercising,” says Dr. Sandra Loughlin is a Managing Principal and Head of the Learning Advisory Practice at EPAM Systems, headquartered in Newtown, Pennsylvania. “Introducing game elements—rewards, competition, achievement—motivates people to engage in the target activities more frequently and with more intensity. Gamification triggers a rush of dopamine, the neurotransmitter associated with pleasure, which means it is effective for virtually everyone from young children to older adults.”