Global problem
Wealth inequality across generations is becoming more and more prevalent.
Regional problem
Millennials disproportionately face high debt and low savings compared to older generations.
Local
problem
But after talking to real people, we found that the problem was a little less about generational wealth, and more about
how we talk and learn about money.
Research - Who did we meet and what did they say?
We've spoke with students and young-adults who opened up about their journey in financial choices that unveiled fears encompassing loans and a desire to avoid debts. Varied strategies for investing were observed, with some preferring traditional methods, while others ventured into equities.
Surprisingly, they seek advice from an extensive range of sources – be it buddies or the Internet (particularly Reddit!).
This absence of a single, trusted source highlighted the need for a tool/platform to build financial clarity and confidence.
Problem Statement
Dave, a first-generation incoming grad student, needs to decide on how he’s paying for school who finds himself confused by how he can minimize his tuition needs a way to learn about available options through work studies, grants, or scholarships because he wants to feel less stressed and have more control over his finances.
Our Solution & lo-fi wire-framing
We explored numerous concepts, including entertaining games and educational apps, with the goal to create a safe environment for youth to discuss about financial matters. Subsequently, we developed low-fidelity prototypes to collect initial feedbacks on the fundamental ideas.
Feedback
We interviewed our participants again!
Our initial idea of a board game, seemed daunting to them, though they appreciated the gamification element.
So, we shifted our focus to developing an app - it had an easier learning curve and a broader user reach.
Consequently, we went back and adjusted our goals to better reflect our user needs. Eventually, the app emerged as the perfect tool for helping young adults navigate the financial world.
Problem Statement 2.0
Dave, a graduate student who wants to financially secure himself for the future, needs a way to understand how to approach financial decision making because he wants to know more but everybody around him talks about different approaches.
Second Solution
Our objective? To build an interactive, educational application where individuals can tailor their financial education journey.
Picture this: MoneyLingo!
MoneyLingo allows individuals to select a finance topic, assess their understanding, and set a learning speed. Daily lessons reward them with coins to participate in a stock market simulation game – an enjoyable, low-risk approach to explore investing!
MoneyLingo Design
To foster a calming and trustworthy experience, we developed a design system centered on user trust and clarity.
Color Scheme
Our main design employs calming blues and deep blues to inspire a feeling of trust, security and stability, which is important when dealing with finances.
Fonts
We chose Lato, a clean and readable font family, for a user-friendly experience. Varying weights of Lato are used throughout the app to create visual hierarchy and guide users.
MoneyLingo Ideation & Design
Feedback
We followed up with our interviewees for additional feedback on numerous aspects of the application. There were an array of important things we learned from visual tweaks to making changes to the flows. The change list included the following:
1. Navigation - Visual alterations to the navigation.
2. Stock Game - Improve introductory sequence to the stock game flow.
3. Onboarding - Clarify the underlying purpose of the onboarding questions.
4. Content - Adding context to each section for better understanding.
Final Designs
Future Scope
Seek sponsorship and allow users to translate virtual currency (coins) into actual monetary investments.
Partner with investment platforms, or financial advisors to provide financial services to users, facilitating a seamless transition from theoretical learning to practical application.
Develop a comprehensive course outline suitable for academic entities or cohorts wishing to utilize the MoneyLingo app concurrently
Incorporate micro-credential and badges that users can earn and share on their professional network
