The Ontario Securities Commission (OSC) published a behavioural science research report examining how gamification can be used to enhance retail investor decision-making and outcomes, while also outlining mitigation techniques to address potential negative behavioural effects. The report, Gamification and Retail Investing: Positive Use Cases and Mitigation Techniques, is based on an online experiment with over 4,000 Canadians in a simulated trading environment. Participants allocated a hypothetical USD 10,000 across eight stocks and were exposed to one of four gamification techniques intended to encourage diversification: a real-time diversification score, goal framing, leaderboards, or rewards (badges). All four techniques produced a modest increase in portfolio diversification of 3.5% to 4.5%. The publication builds on the OSC’s earlier work on digital engagement practices in retail investing and was conducted in partnership with the Behavioural Insights Team (BIT).
Ontario Securities Commission 2026-02-03
Ontario Securities Commission publishes behavioural science research on gamification techniques to improve retail investor diversification
The Ontario Securities Commission published a report on using gamification to improve retail investor decision-making, revealing that techniques like real-time diversification scores and leaderboards modestly increased portfolio diversification by 3.5% to 4.5% in a study with over 4,000 Canadians. The research, conducted with the Behavioural Insights Team, also outlines mitigation strategies for potential negative effects.