Assessing the Effectiveness of Financial Literacy Mobile Apps Using the Content Analysis Approach

Abstract

This study aimed to assess the effectiveness of financial literacy mobile apps for learning purposes using a content analysis approach. For this purpose, 200 mobile apps from Google Play Store and Apple App Store were identified and extracted that were about financial literacy and matched the search criteria using a structured sheet. Using the purposeful sampling technique and selection criteria, 163 apps were shortlisted for the analysis. By means of content analysis method, these apps were examined using 13 different features related to learning design from the cognitive theory of multimedia learning’s (CTML) principles, Jakob Nielsen’s usability heuristics, and other valuable features of mobile apps from the literature. The results of the assessed features were found to be in the following number of the selected apps: export of data (34/163, 21%), gamification (80/163, 49%), plans or orders (91/163, 56%), reminder (102/163, 63%), community forum (34/163, 21%), social media (33/163, 20%), tailored education (134/163, 82%), tracker (53/163, 33%), free of cost (117/163, 72%), usability (149/163, 91%), multimedia principle (100/163, 61%), pre-training principle (106/163, 65%), and personalization principle (117/163, 72%). These results provide hints regarding the quality of existing financial literacy apps on the two most popular marketplaces of mobile apps.