Abstract
For many people, money is the primary source of anxiety. Identifying this as a business opportunity, and further reassured by data that shows how children are already veteran consumers of mobile apps by the age of 6 years, financial service providers have in recent years started offering financial apps to children, marketing these services as educational tools that increase financial literacy. But despite perceived advantages, consumer protection regulators should be very concerned about children using these financial apps given the gamification features incorporated into their design, as well as their potentially addictive, gambling-enticing, social-pressure encouraging, behaviorally and developmentally—disruptive impact. Using ethical reasoning, behavioral law and economics insights, and legal analysis, this chapter examines these issues and calls for regulators to focus on finding policies that would be more conducive to positive financial outcomes for consumers.
| Original language | English |
|---|---|
| Title of host publication | Activist Retail Investors and the Future of Financial Markets |
| Subtitle of host publication | Understanding YOLO Capitalism |
| Publisher | Taylor and Francis |
| Pages | 152-169 |
| Number of pages | 18 |
| ISBN (Electronic) | 9781000860238 |
| ISBN (Print) | 9781032397276 |
| DOIs | |
| State | Published - 1 Jan 2023 |
| Externally published | Yes |
Bibliographical note
Publisher Copyright:© 2023 selection and editorial matter, Usman W. Chohan and Sven Van Kerckhoven; individual chapters, the contributors.
ASJC Scopus subject areas
- General Economics, Econometrics and Finance
- General Business, Management and Accounting
