OSC publishes research on using gamification to improve investor outcomes

TORONTO, Feb. 3, 2026 /CNW/ - The Ontario Securities Commission (OSC) today published its third behavioural science research report on gamification and retail investing, continuing its extensive work to understand how digital engagement practices influence investor behaviour. 

The new report, Gamification and Retail Investing: Positive Use Cases and Mitigation Techniques, explores situations in which gamification can enhance investor decision-making and outcomes. The report also explores various techniques designed to mitigate the negative influence of gamification on investor behaviour.  

As a core component of the research, the OSC conducted an online experiment with over 4,000 Canadians who took part in a simulated trading environment. Participants invested a hypothetical $10,000 across eight stocks while being exposed to one of four gamification techniques designed to increase the diversification of their portfolios: 

• Diversification Score – a real-time score (out of 100) based on diversification level
• Goal Framing – setting diversification goals and tracking progress in reaching those goals
• Leaderboards – comparing diversification scores to other users
• Rewards (Badges) – awarding badges for meeting diversification thresholds

Results showed that all four techniques had a modest yet positive impact, producing a 3.5% to 4.5% increase in portfolio diversification. Diversification is a strategy to help investors mitigate risk and smooth returns over the long term.  

"Understanding the behavioural impact of gamification is critical to ensuring that digital engagement practices support, rather than undermine, investor outcomes," said Kevin Fine, Senior Vice President, Thought Leadership at the OSC. "Gamification techniques can put investors at risk, but when used thoughtfully, they can encourage positive behaviours like portfolio diversification." 

The new report builds on insights found in the OSC's research report Digital Engagement Practices in Retail Investing: Gamification & Other Behavioural Techniques, followed by two additional research reports: Digital Engagement Practices: Dark Patterns in Retail Investing and Gamification Revisited: New Experimental Findings in Retail Investing. 

The OSC's Investor Research and Behavioural Science Team partnered with the Behavioural Insights Team (BIT) on the study.  

The OSC has resources to help investors understand the potential influence of digital engagement practices on their decision making. GetSmarterAboutTrading.ca exposes users to gamification tactics in a simulated stock market. For more information about investing, investor protection and behavioural science, visit GetSmarterAboutMoney.ca and sign up for the OSC's popular e-newsletter, Investor News. 

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca. 

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SOURCE Ontario Securities Commission

For Media Inquiries: Julia K. Mackenzie, [email protected]; For Investor and Industry Inquiries: 1-877-785-1555 (Toll Free), [email protected]