Changing the road to financial literacy and personal finance.
A 10-week project to
create a new platform
that solves a current
Lack of financial literacy exacerbates the opportunity for financial wellness especially for people living at or above the poverty line in Georgia, USA.
72% of people in Georgia were only able to answer 3 or fewer questions on a 5 question financial literacy test
Offer people access to gamified financial knowledge and make the adoption of better money management seem effortless and fun in order to create good saving and spending habits.
Penny is an app that's main purpose is increasing financial wellbeing through financial literacy. The visual language of the app is designed to be approachable to a user and aims to relieve some of the anxiety associated with financial knowledge. In order to bring that about the app has four main areas of use:
Learning about various important financial information typically involved reading up or listening to dense and intimidating information. Through the lessons portion of the penny app we designed each lesson to offer bite-sized chunks of knowledge broken up by quick tests to reiterate the information. The lessons are offered on important categories of Debt, Interest, Loans, Security and Savings
The Savings section of the app allows users to save and budget in a more incentivized manner. In the savings section, users can open 'savings buckets' to which they can assign a personal or group goal and a timeline. As they keep contributing our design allows them to personalize these buckets to generate more excitement. These buckets can be shared and contributed by multiple people with a common goal.
The Budgeting section allows users to see visually the breakdown of their spending and set budgets within those categories.
The portfolio section is where users can see their long term savings and statistics. They can also use the simulation to better understand the effects different financial decisions may have in the future.
In order to incentivize users into adopting better money habits and educating themselves, penny offers reward points that are received upon completing lessons, achieving saving goals, and staying on or under budget. These points can then be redeemed in the form of discounts, coupons and offers for local businesses.