PERSONAL PROJECT • PRODUCT THINKING •
UX DESIGN • ILLUSTRATIONS
Financial Literacy App
An app that helps 18 to 30-year olds learn about personal finance management so that they can make informed and effective financial decisions in their future.
My interest in personal finance grew during my college years. Soon I realized, there was so much more to planning your finances that I never learned at school. I asked my friends and peers in a similar setting as mine and found that most of them faced the same problems while learning about personal finances.
Based on my personal experience, I took this up as a passion project to make learning personal financial management easy for young adults.
UX Research, Product design, UI and illustrations, first attempt at Product Strategy
Figma, Illustrator, Photoshop, Miro
Initial market research 🔎
Having an overview of the current market was important to understand the scope of the problem and validate my initial assumptions. I found significant and relevant statistical data that supported my case. Here are some actionable findings from a survey conducted by FINRA in 2018.
Four of five adults say they were never given the opportunity to learn about personal finance
70% of Americans between the ages 18-39 years say they know that someday they need to be more financially secure; they just don't know how to get there.
22% of young adults feel overwhelmed about their finances
70% of young adults are stressed and anxious about saving for retirement
This means that there is actually a great thirst for financial education out there — the question is how to best deliver that information in a compelling way?
User research 🗣️
Interviewing young adults and indulging in open-ended discussions about their financial journey helped me understand their pain points. Synthesizing all the relevant insights, I created user personas of the target audience and mapped out a typical user journey. This helped me gain valuable insights into what the actual problem is.
Major pain points -
Feel overwhelmed because there is so much to learn and so many things they don't know, the task seems daunting
They don't know where to start or what is relevant to them
Self-learning is boring and confusing
Easily lose motivation
Don't feel confident that they will retain what they have learned
User story 👥
Want to learn about the basics of money
Only want to learn what is currently useful to them
Want to make informed and responsible decisions
Want to learn about the latest trends/changes in the financial field
Feel overwhelmed with the pool of information online
Confused and not sure where to begin
Find it difficult to keep up with the newest things happening in finance
Find all the technical words and jargons difficult to understand
Can't find relevant information
Aspire for a financially secure future
Want to invest wisely
Want to make better decisions about their finances
Want to save up for college or other planned expenses
Want to be independent and self-sustain
Needs and Aspirations
Want to be guided with where to start
Want to learn from successful people and their success stories
Want the content to be easily understandable, without complex jargons
Easy to understand, not very time consuming, relevant information
Defining the brief 🎯
How might we engage 18 to 30-year olds in learning about personal finance management so that they can make informed and effective financial decisions in their future?
Learnings from successful apps
Gamified, bite-sized lessons that make learning fun
- Streaks, badges, and achievements for sustained user engagement
- Intuitive and playful user interface
Helps user identify learning goals and relevant courses
- Review cards and quizzes for retaining information
- Downloadable content, accessible on the go
Design opportunities 💡
How might we make learning about finances fun and appealing for young adults?
By providing bite-sized lessons that are easy to understand, without technical jargons
Having a mix of both reading material and video lectures to make learning less monotonous
Gamification of their progress for active and sustained engagement
Introducing the idea of personal character that grows as the user learns more
How might we provide young adults with relevant information that aligns with their present learning goals?
- Identifying current priorities by asking personalized questions
- Just-in-time learning
How might we boost the learners' confidence?
- Short summarization after completing every course
- Short quizzes during and after every lesson
- Open-ended questions about finances and weighing in experts opinions on those
- Learning from real-life case studies, learning from successes and failures