Teaching Teens How to Manage Money
PROBLEM
Parents in the United States find it hard to teach their kids how to use money wisely.
HOW MIGHT WE
Teach kids in the United States to effectively save and spend their money wisely?
PROMPT
“In 5 hours, design and iOS app for kids 8-16 to teach them the benefit of saving and managing their finances. Design a returning user home, transactions, and payment screen that let’s users pay for a product or service".
PLATFORM
iOS
CLIENT
Design Exercise, 2019
Approaching The Challenge
First I wanted to identify the user as the age range in the prompt was quite broad. I researched money lessons parents are advised to teach their kids about money and compared it to account types available to kids based on their age the United States. This research helped me determine design goals, and identify a main target user.
Design Goals
Provide Educational tools in context.
Platform must be flexible and grow with Brody’s financial maturity.
Brody the Big Spender
Brody’s Needs
Understand where he is spending his money to make smarter financial decisions.
Understand short and long term goals to see the benefit of saving.
Understand how he can earn money.
Understand how to use his Debit Card.
Assumptions
iOS smart phone.
13 years old.
Parents have helped him create a savings account and checking account.
Receives a weekly flat-rate allowance.
Goal to save up for a large
Parents have visibility into Brody’s account with partner app.
Brody’s Journey
With the goal of saving to purchase a guitar, creating Brody’s user journey helped me unveil specific user questions. I ideated around these questions to ensure the product was reaching Brody’s needs.
Ideation
Looking at my sketches, I picked a couple of options I wanted to explore further that answered Brody’s questions. For inspiration, I looked at Mint, Headspace, Chime, and Dribble.
Flow Ideation
I reviewed my flows again and highlighted elements that I believed best answered Brody’s questions. Once I had determined a design direction, I started experimenting with color and interactions:
Solution
The Breakdown
Home Screen
When do I get paid next?
Includes easy access to see how to get paid and when they get paid next.
How much money do I need to save to buy a guitar?
Shows saving goals Brody has created.
How much money do I have to spend?
Shows total amounts in all account. Also includes how much money they have to spend without dipping into their saving goals to purchase an item.
Transactions
How much money have I spent so far?
Shows transactions list and overall spending.
What did I spend that money on?
Provides individual items, breakdown by category, and educational content.
Design Goals
Provide education in context
App is flexible
Saving Goals
When can I purchase the Guitar?
In addition to information provided on the home screen, we will send Brody a notification when he has reached his saving goal. I imagined this be animated with sound effects!
Purchasing
How much is it? How much money will I have left after this purchase?
Show Brody how much he will spend, and remind him how much total will be left in his account after purchasing. I also assumed this was a approved item to purchase by Brody’s parent through their parent app.
How do I use my Debit Card for online purchases?Teach Brody how to use his Debit Card by placing the entry forms where they would visually appear on his card.
If I Had The Time…
Although I am very proud of what I was able to accomplish and hit the prompt goals, if I had more time I would of liked to explore the flow of Brody completing chores to earn money. I also would of liked to explore incorporating money lessons the adapt based on the users age and needs.
I also would of liked to explore how we could advise Brody on how much money he should put away towards long and short term saving goals. And include educational content here that could help them reach their goals faster.
I also assume parents can send Brody money through their parent app here.