Saving Application - saving for low incomes
To explore the role design and design thinking can play in the context of behavioral science under the sponsorship of the Center for Advanced Hindsight from Duke University.
The Center for Advanced Hindsight is a behavioral science research group at Duke University that specializes in applied research in health and financial decision-making. Research from the Center and the behavioral sciences has demonstrated the importance of descriptive and injunctive norms in influencing behavior. Unfortunately, in the financial arena very little positive financial behavior is visible, and instead what we see is consumption behavior.
Collaborators: Michele de Souza and Aashna Patel
Our primary goal is to help people with low incomes save for emergencies
Our design goal is a tangible product with an application
We are defining low incomes as any household that makes under $50,000 a year.
Design challenge: most households in the US and abroad are underprepared for an emergency. About 42% of Americans would sell something or borrow to cover $400 unexpected expense.
The product would be placed in your preferred vicinity like work desk, kitchen, bathroom etc.
The screen will be divided as per the goals (2 long term and 3 short term). It will be represented in the same way on the app for the user to easily visualize their progress.
It has the following features:
“Coin” like sound when you tap on an image you intend to save
“Happy” sound when you tap again after you have saved at the end of the day. If not, it becomes your goal for the next day.
The application would be downloaded on your phone and would be accessible anywhere.
There is an onboarding process where the user is prompted to create an account, link bank account, and set long-term and short-term goals. *already setting aside a $400 emergency fund.
Features include setting reminders for saving goals, transferring money between goals, visual timelines of goal progress.
The final deliverable of this project is a high-fidelity prototype of visible (and tangible) representations of savings to better influence descriptive and injunctive norms among low-income people living in the United States and Kenya.