WEEK 7: INTERVIEW & DESIGN PLANNING

 

Do Good Project WEEK 7

CASE STUDIES

I did an analysis on products that gamify finance experience to help in ensuring the effectiveness of my design planning. Unfortunately, most of them are solely interactive website and apps. I wasn't able to find any interactive installations that gamify finance.

Here are the few key takeaways I conclude:

• Gamification element and relatable narrative-led approach makes the learning process more engaging and enjoyable.
• User is able to recap and reinforce their acquired knowledge.
• The absence of winners or losers fosters a cooperative environment, making it more about learning and understanding than competition.
• Setting a goal to achieve at the end of the interaction will motivate the user to complete the entire process.

INTERVIEW

In this interview, I want to delve into the daily financial challenges faced by my interviewees. Drawing on the insights gathered from the questionnaire, I have tailored a set of questions to delve into the specific financial hurdles individuals encounters in their day-to-day lives.

Research Methodology

Objectives

1. To gather insights into the financial situations and challenges faced by interviewees in their day-to-day lives.
2. To evaluate the level of financial knowledge among interviewees, examining whether they acquired it through parental guidance or formal education.
3. To obtain an in-depth understanding of how interviewees allocate their budgets, including priorities, challenges, and decision-making processes.
4. To investigate how external factors, such as peer pressure and a lack of financial literacy, influence the financial decision-making of interviewees.
5. To assess interviewees' willingness to learn about financial matters, what motivates them to acquire financial knowledge, and the priority they place on financial education,

Research Procedures

1. Examine existing financial gamification products to understand their features, usability, and effectiveness in enhancing financial literacy.
2. Conduct a detailed comparison of various financial gamification products to identify strengths, weaknesses, and unique features.
3. Develop a questionnaire based on the insights gained from the review of financial gamification products and the research objectives.
4. Conduct survey and develop a validated user persona and problem statement based on the survey insights.
5. Develop interview questions based on insights of the survey and the user persona
6. Review and Refine questions
7. Find Interviewees and engage in one-on-one interviews with selected participants
8. Organize and analyze the collected data that align with the research objectives.

Questions

Interviewer Responses

I was able to gather 4 interviewees around the age between 20-25 years old.

First Interviewer

SUMMARIZED KEYPOINT:

1. The participant prioritizes studies over gaining additional knowledge about finance.
2. The participant believe that online resources does not give accurate advices. the participant trusts and prefers financial advice from parents.
3. Advice from family and relatives serves as a motivational factor, inspiring the participant to improve financial management skills.
4. The participant expresses a strong desire for financial independence, demonstrating a willingness to learn about investments and find better ways to allocate their budget for increased financial stability.

Second Interviewer

SUMMARIZED KEYPOINT:

1. They are not quite fully aware of all the features in their banking app
2. The participant does not feel a sense of urgency to improve their financial literacy, as they have the safety net of parental support.
3. While parents advise the participant to use money wisely, there is no demonstration of specific methods or strategies to do so.
4. Finance is not seen as an interesting topic for the participant. They admit to lacking sensitivity to numbers.
5. Studies take precedence over finance management for the participant.
6. The participant prefers financial advice from friends, looking up to those living independently as role models. 
7. The participant find comparisons with friends about financial situations are enjoyable.
8. The participant is not interested in seeking financial advice from online resources.

Third Interviewer

SUMMARIZED KEYPOINT:

1. Despite the help of their parents’ explanation or online resources (Podcast & YouTube), the participant struggles to comprehend financial concepts and terminology. They reckon it would be easier to grasp the whole money concept if there are visuals or stimulation.
2. Participant feels planning out a budget feels like a waste of time for them because of unexpected situation like, emergencies, sales, needing a ride or not needing one.
3. They are not quite fully aware of all the features in their banking app
4. Participant prioritise studies over finance. They will be more willing to improve their financial literacy if it’s more easy to grasp the concept.
5. They find statistic and stats that track their expense will give them a sense of urgency to use their money wisely
6. The participant enjoy comparing with their friends about finance, such as “how broke they are”. It makes them feel less alone in the money struggle. Their friends pitch in with alternative spending ideas at times.

Forth Interviewer

SUMMARIZED KEYPOINT:

1. The participant aims to prove to their parents that they can handle their finances effectively.
2. The participant's ability to control impulsive spending is linked to the amount of allowance they receive.
3. Rather than turning to parents or online resources, the participant leans towards seeking financial advice from friends. This is because their friends are in the same boat as they are, so they are able to relate to their friends more often.
4. The participant prioritise their studies over their finance.
5. The abundance of financial information makes it challenging for the participant to identify practical strategies. It takes more effort to learn more about finance
6. To make finance more digestible, the participant expresses a preference for information that is bite-sized, simple, and concise.
7. The participant expresses a desire to enhance financial management skills for future professional life in the working industry.

DESIGN PLANNING V1

DESIGN PLAN :

My first design plan is creating an interactive projection mapping that display a finance literacy-themed game that stimulate undergraduate students’ day-to-day struggles of managing their finance.

PURPOSE:

This initiative aims to focus on raising awareness among undergraduate students about the importance of managing their budget effectively.

GAME MECHANICS:

GOALS:

• User have to help a financially struggling student in settling debts owed to different friends.
• User have to ensure that the protagonist manages their allowance wisely, otherwise they will face consequences such as food insecurity, debt accumulation, Limited social activities, etc.

MECHANICS:

• Educational Modules: Mini-lessons on financial literacy are integrated into the game, providing players with practical tips on budgeting, investing, and managing debt.
• Budgeting Interface: A budgeting system allows players to allocate funds for different expenses, including debt repayment, essential needs, and optional items.
• Feedback and Tips: Regular feedback and personalized tips are provided to guide players toward better financial decisions and improved well-being.

DESIGN PLANNING V2

DESIGN PLAN:
My design plan is creating an interactive projection mapping that provides learning experience for students to grasp essential finance concepts, specifically focusing on budgeting strategies.

PURPOSE:

• This initiative aims to focus on raising awareness among undergraduate students about the importance of managing their budget effectively.
• To help students to foster better understanding of financial principles by delivering visual aids and simple/concise explanation.

GOALS

• User have to go through different learning experience of financial principles, such as:
• budgeting
• saving
• debt management

Reference list:

Financial Football. (n.d.). Financial Football. [online] Available at: https://financialfootball.com/play/ 

greenlight.com. (n.d.). Debit Card for Kids and Teens | Greenlight. [online] Available at: https://greenlight.com/.

hntsam.com. (n.d.). How Not to Suck at Money – Sponsored by Invesco QQQ. [online] Available at: https://hntsam.com/.

klarnamoneytalks.com. (n.d.). Welcome to Money Talks, the digital card game brought to you by Klarna. [online] Available at: https://www.klarnamoneytalks.com/.

Mclaughlin, A. (2020). Meet Nestlums, the app teaching kids all about money. [online] Creative Review. Available at: https://www.creativereview.co.uk/nestlums-app/ [Accessed 4 Feb. 2024].

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