Formative assessment in Digital Game-Based Learning (DGBL) involves evaluating students’ learning progress through interactions in a game environment. This study aimed to analyze university-student players’ perceptions of game-based feedback during a DGBL intervention. Data gathering involved a qualitative approach with learning analytics embedded in the game, an online survey, and video recordings of the game sessions. The study engaged eleven university students enrolled in a private higher education institution in Mexico. The researchers analyzed the data through content analysis and descriptive statistics. The study’s key findings were: (a) the game provided four types of feedback: guided, diegetic, outcome, and static; (b) these feedback types were integrated with game mechanics, quizzes, mini-games, and non-player characters (NPCs); (c) students’ perceptions of content-related feedback efficacy varied, while most participants found content-related feedback clear enough to assess their performance a sizable portion felt somewhat unclear about game-related feedback, especially when it came to the technical parts of the game; (d) specific feedback types influenced players’ financial behaviors, such as investing and saving strategies. These findings have significant implications for educational communities and decision-makers, highlighting the importance of effectively integrating feedback mechanisms in educational games to enhance learning outcomes and behavior modification.