Imagine an application that not only allows you to create savings accounts but also engages you in an exciting financial learning experience. Welcome to PiggyBank! PiggyBank is an innovative application whose mission is to enhance the financial literacy of young Portuguese individuals. In an intuitive, dynamic, and comprehensive manner, this platform promotes personal finance management, encouraging savings and the understanding of financial concepts.
Currently, there is a significant gap in the understanding of basic concepts related to personal finance management and loan applications. Among the Portuguese population, the lack of this knowledge, or better yet, the absence of good financial literacy, leads individuals to make increasingly uninformed decisions, often leading them into crisis and indebtedness situations. According to the European Central Bank (ECB), Portugal is the worst country in the Eurozone in mastering this topic (CGD, 2022). Financial literacy is the ability to make the best decisions regarding one's financial life. All of us face the challenge of dealing with money, especially once we start working and receiving a salary.
From financial literacy to gathering insights
To elaborate on the topic, we conducted semi-structured interviews with two main identified stakeholders (high school students and parents/guardians).
Based on the obtained results, we created two map structures and interview guides to draw conclusions for our project.
After organizing the results into their respective quadrants (Says, Does, Thinks, and Feels), we were able to identify small clusters of ideas, facilitating a quicker and simpler collection of insights from each stakeholder.
PROBLEM STATEMENT
Young individuals between the ages of 12 and 18 want to improve their financial autonomy because they feel restricted in managing their money (income and/or savings).
For the ideation of ideas, we employed various methods to arrive at the final solution, utilizing methodologies such as Worst Possible Idea, Brainstorming, and Affinity Diagram:
These methods are valuable for idea generation and can help in developing innovative solutions to the identified problem statement.
To create the wireframes, we wanted to not only materialize the final diagram created, but also make an initial representation as reliable as possible of the relationship between actions and navigability between the various content areas, and, consequently, design additional actions/functions, enriching, in the future, the overall application experience. Additionally, we also wanted to make sure we created several spaces where written content can live.
And how did we come up with this incredible solution? We listened to our young users! We conducted detailed tests with two age groups, ranging from 12 to 15 years old and from 15 to 18 years old, to understand their needs and preferences. Semi-structured conversations and interviews allowed us to grasp their perspectives and real needs.
Furthermore, we conducted unmoderated and moderated usability tests, ensuring that every aspect of our application was carefully evaluated. From navigation to aesthetics, every detail was thoroughly considered.
We discovered valuable insights and are already working on significant improvements. We added explanatory labels to ensure that nothing escapes the user's understanding. We improved communication regarding tokens and transfers to be more transparent.
The PiggyBank app has arrived and is an ally for the financial literacy of young Portuguese individuals. An exciting and educational experience that will transform how young people manage their finances.
