Project overview

MY ROLE

This project took place between January 2023 and April of 2023.  I was the sole designer, end-to-end.

CHALLENGE

Motivating users to increase their financial literacy levels in order to help them make better financial decisions in the future.

SOLUTION

Mobile solution equipping users with essential tools to comprehend and manage their finances while sparking an interest in learning how to increase their financial literacy.

CURRENT PROBLEM SPACE

Now For Some Sobering News

Americans are good at a lot of things but apparently money management isn’t one of them.

And contrary to what people might think, the negative consequences of having a low financial literacy level cuts across all social and economic lines.

Deep Dive and The Discovery

RESEARCH

Given my limited knowledge of the subject matter, I delved into extensive research on financial literacy.

In additon, I conducted one-on-one interviews to gain a more holistic view of the users.

These were the three main insights I discovered after synthesizing the interview data:

And that’s when it hit me:

Users didn’t need more information but someone who could guide them through their journey.

Eager to put these insights to use, I jumped into the design phase.

1. Education is key

Interviewees emphasized that education played a pivotal role in shaping one's financial literacy.

2. Struggling to stay on track

Despite their efforts participants admitted to struggling with maintaining motivation to learn about finance.

3. Navigation difficulties

Understanding the intricacies of the financial system was a common challenge for participants.

THE PERSONA

Millenials: Maligned, Misunderstood, and In Trouble

Late-gen Millennials stood out as prime candidates for financial guidance due to significant milestones that they would likely be experiencing at this point: marriage, parenthood, and major investments such as homeownership, shifts that would force them to confront neglected areas of their lives like health and finances.

There were also additional economic factors uniques to this generation. Compounded by decades of stagnant wages, the 2008 recession, and the recent pandemic's impact, Millennials are confronting an uncertain financial landscape.

FACTS

  • A staggering 62% live paycheck to paycheck, struggling to cover bills.

  • Nearly half would face difficulty handling a $400 unexpected expense.

  • Millennials bear an average debt of $19,000, surpassing Generation X's $12,800 at the same age.

PROTOTYPES AND TESTING:

ROUND 1

Curious To Learn, More Curious To Try

My initial design received a warm reception, capturing users' interest and curiosity about budgeting, a concept many hadn't explored before.

However, it wasn't without its problems. All issues stemmed from one major design flaw: simplicity at the cost of clarity and usability.

Users expected to find budgeting tools in the Earn section, associating paycheck management with saving money.

When they eventually found the tools in the Save section, the wording of the subsection confused them.

Armed with the users’ observations and recommendations, I started the second iteration of the app.

PROTOTYPES AND TESTING:

ROUND 2

Even Better The Second Time Around

Once again, the app resonated with users, perhaps even more strongly this time.

They appreciated the app's simplicity, facilitated by my approach to the structuring of the content. Testers could dive into the app with minimal learning curve.

This time, I introduced three other budgeting methods, making the total now four. As soon as testers realized they had multiple options to achieve their goals, they eagerly explored each method.

The addition of an Information Symbol (accompanied by an overlay with a short introductory blurb) for each budgeting method was well-received. Clear information about what each method entailed and where it would lead removed a minor frustration that had been noted by every user in the previous round of testing.

However, like last time, there was a recurring issue with navigation regarding the location of the budgeting tools section.

To address the earlier complaint, I replaced the Save section with a dedicated Budget section, placing it prominently for easy access.

Despite this improvement, the wording within the actual subsection caused confusion, slowing users down as they searched.

With these last notes, I proceeded to design the final prototype.

Click on the above image to try out the prototype.

IMPACT

2. Looking forward to future iterations

They were eager to discuss the integration of other functions beyond the app's primary focus such as connecting to financial accounts and a timeline for its release.

1. Immediate impact on their lives

Users quickly recognized that the potential practical knowledge the app provided could immediately applied to their lives.

Striking A Chord In Unforeseen Ways

3. They learned something

Users made a real connection with the app. They felt a real sense of accomplishment as they moved forward using the app. As one participant stated, “It didn’t make me feel stupid.”

Though I knew that I wanted to make an impact on users’ perspectives regarding financial literacy, I wasn’t prepared for the personal connections that they would make with the app.

Below are the 3 major results I immediately made note of:

KEY TAKEAWAYS

1. Design important things faster first

In hindsight, I would have bypassed lo-fi prototyping and headed straight into the hi-fi stage.

The time I spent on those initial lo-fi prototypes would have been better spent on further user testing and further defining the direction of the project.

I Know What I Don’t Know But I Still Know A Lot

2. Just enough research

While research is invaluable, there's a tipping point where more isn't necessarily better.

There comes a time when you must trust that you're prepared enough and move forward with what you have at hand.

Though I learned that I had a few more things to learn, I realized that the skills I had already developed would serve me well as I moved forward in my new chosen field.

There were definitely parts of the process where I ended up tripping over myself a few times. These stumbles, however, taught me how to pivot quickly and when to just keep moving forward.

3. Ask better questions

Relying on a script template proved insufficient, leaving me stumbling through early interviews.

This oversight, however, also provided me a valuable lesson on prompting real time adjustments for a more effective engagement.

NEXT STEPS

Putting What You Learn To Good Use

Considering users’ reactions, I believe that its viability lies less in its development as a standalone product and more in its integration within current financial apps.

Providing educational information within an existing financial app would further empower users to take more interest in their financial lives and help make better decisions in the future.

2. Immediate application to users’ lives

Envisioning the integration of these functionalities within apps like Mint, users quickly recognized the significant benefits that increasing their financial literacy could offer in managing their financial lives.

1. Integration of additional functions

Participants expressed keen interest in future iterations, particularly in its potential for syncing with personal finances.

3. Pocket financial friend

The ability to “chat” with JUNO via AI is worth exploring. In essence JUNO is - while limited - a financial advisor of sorts for people who normally wouldn’t be able to afford one.