WEEK 6: QUESTIONNAIRE

 

Do Good Project WEEK 6

After researching on several articles on educating students about financial literacy, it became evident that budgeting is the foundation of financial education. It provides the structured approach in managing our finance. Hence, I concluded that focusing on budgeting is important because it not only provides the foundation but it's a practical skill that all of us needs to have in order to make an informed financial decision. 

Here is the few budgeting approach I have researched:

• 50/30/20 budget rule
• envelope budgeting
• zero-based budgeting
• pay-yourself-first budgeting

I also found several references for gamification in financial literacy which I will analysis later on. 

Project Proposal refined ver.

Problem statement: The lack of financial literacy among undergraduate students results in issues, such as poor budgeting, fail to save, and accumulation of debt. These issues contribute to students becoming financially dependent individuals, placing a burden on those who provide financial assistance.

Action Plan: According to Gharleghi (2015) report, education, financial socialisation agents and money attitude have contributed up to 71.5% towards financial literacy among undergraduate students in Malaysia. In light of these findings, I propose a creative solution by creating an interactive projection mapping that display a finance literacy-themed game. This initiative aims to focus on raising awareness among undergraduate students about the importance of managing their budget effectively.

The game aims to foster a physical and interactive experience, allowing users to gather in a shared space and learn together with their friends or family. Users will navigate through real-life financial scenarios based on the budget decisions made during the game play. By doing so, the user will have a deeper understanding about budgeting and financial decision-making.

Furthermore, this interactive projection mapping has the potential as an educational tools for various clients, including associations and government entities. It can be used in any events, workshops, educational campaigns, or public and private institutions . Other than that, it has the capacity to attract diverse audience, including those who might not actively seek or unaware of financial literacy.

Overall, this solution provides a platform where users can collectively learn and apply financial principles. The collaborative learning experience allows friends and family to participate and share insights. Hence, it makes the process of learning more enjoyable and informative.

Secondary research (Questionnaire)

As mentioned from the previous blog, the research objectives of the questionnaire are as follows:

1. To find out the spending habit whether they have become the burden or not?
2. To know is there any difficulties in their financial management.
3. Identify the impact of having the mentioned financial management difficulties.
4. Identify the reason of not changing their ignorant habit about financial management.

After completing the questionnaire, I've gathered a total of 13 respondents with equal numbers of 18-20 yrs old and 21-24 yrs old. The majority of the respondents are from private institutions while 61.5% fall into the M40 household income category. Furthermore, a significant portion of the participants, accounting for 69.2%, indicated that they do not have a part time job.

The insights I have gathered from the survey are as follows: 

Based on the insights, I came up with validated user persona and problem statements

Validated User Persona

Validated Problem Statement

For undergraduate students aged 18 to 28.

Who lack of financial literacy to be independent to manage their finance without relying on external support.

The Special Design Product is an interactive projection mapping that allow users to gather in a shared space and learn together with their friends or family about budgeting and financial decision-making

Final Thoughts

Based on my research, I've decided to focus on budgeting as the topic of my product. Later on the survey and getting the validated user persona, I now have a deeper understanding of their challenges, allowing me to empathize with themm more effectively, given my own similar experience. 

Reference List:

Anon, (n.d.). Play Money Magic. [online] Available at: https://playmoneymagic.com/.

Anon, (n.d.). Play STAX. [online] Available at: https://buildyourstax.com/.

‌Malaysian Financial Planning Council. (n.d.). Financial Literacy Programme ‘My Money & Me’. [online] Available at: https://www.mfpc.org.my/education/mymoneyme/.

OppLoans. (n.d.). 21 Financial Literacy Games to Make Learning Fun for Kids, High School Students, and Adults. [online] Available at: https://www.opploans.com/oppu/financial-literacy/games-financial-literacy/.

Timeforpayback(n.d.). Play Payback. [online] Available at: https://www.timeforpayback.com/.

Visa (n.d.). Visa launches Mind Your Ringgit web game to help young Malaysians achieve financial empowerment. [online] Available at: https://www.visa.com.my/about-visa/newsroom/press-releases/visa-launches-mind-your-ringgit-web-game-to-help-young-malaysians-achieve-financial-empowerment.html