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prashant-iyer
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Improving Financial Literacy
For College Students
The ProposalProblem: There is no place for college students to find relevant, understandable and actionable financial information to develop financial literacy.
Value Proposition: An App that would reach college students who feel that their current financial state is out of control and who would like to get a handle on it as soon as possible
For Whom: College Students
Supporting Quotes:"I would work every summer, since freshman year, and like I would I would get money and then the next week I’m like, “I’m out of money! Like Where’s it going?” like I don’t know where it’s going. ““It could be better if I had a more systematic plan.”
Contextual Inquiry ProblemsWhat is the best plan for my individual situation? I'd like a machine to tell me that.
There is no information in plain English
People get their financial information from their social
group
Contextual Inquiry ProblemsPERSONALIZED RELATABLE SOCIAL
The Working SolutionWhat we learned:
● How personal people are with their money, how emotional it is, similar to how people talk about weight loss
● how important it is to interview outside the group so you don’t get group think
What was surprising:● Surprised about how close the methodology was to sociology● Everyone has money issues, regardless of background● People recognize that they are lacking financial literacy
What would we do differently:● Wish we’d group buy in/more foundation as part of a group● We would narrow our focus group earlier● We would test our ideas earlier
The Working SolutionWhat we learned:
● Money is Emotional● User research for testing essential
What was surprising:● How close the methodology was to sociology● Everyone has money issues!● People recognize that they are lacking financial literacy
What would we do differently:● Get the group foundation first● Narrow the group focus earlier● Test our ideas earlier
What’s Next?● Secondary motivation
o Colors, Progress chart
o Create Own Goals for Trophies
● Responsive across all Devices
● Getting Sassy to encourage good spending habits
● Additional learning tools and linking resources
● Comparison graphs to visualize averages/norms
What’s Next?● Secondary motivation
o colors, progress charto creating own goals get own trophies
suggestion for goals group goals individuals competing against the same goal
● Have a website as well b/c people are comfortable setting it up on the computer● Getting Sassy to encourage good spending habits:
o You spent a lot on coffee this week! Getting enough sleep?o You didn’t eat out this week. Where are your friends?
● Additional learning tools like simple financial dictionary that provides definitions to finance novices. o Would also include resources to links
● Some sort of comparison graphs so people have a visual link for whether what they are doing is within or outside of the norm. o Match like with like.
Assessment
Yes. Definitely Viable.● Research additional prototypes and gather feedback● Strongest evidence: “I’d use this.”
Assessment
Yes. Definitely Viable.● Need more research time● Additional prototypes and feedback● Strongest evidence: “I’d use this.”