Reimagining Financial Wellness for Gen Z
Challenge
Despite the availability of financial tools and educational resources, many young Canadians struggle with financial literacy, leading to anxiety, avoidance behaviors, and poor financial outcomes. The 2024 Financial Stress Index reveals that financial concerns remain the top stressor for Canadians, with a significant impact on their mental health and well-being.
My Role
The Solution
SaveM' integrates goal visualization, personalized guidance, and intervention nudges at critical decision points to empower users rather than simply tracking their financial activities. By meeting Gen Z where they are, both digitally and emotionally, SaveM converts financial anxiety into financial confidence. Our approach focuses on behavioral psychology.
Define the problem
Desk research and competitive analysis. We narrowed down our target users to Gen Z.
Our Solution
Brainstorm solutions. Create low and high-fidelity wireframes.
Present
Presented our solution before experts from Sun Life.
Define
31%
of Canadians don't pay off their full credit card balance each month.
42%
of Canadians say money is their leading source of stress in 2024.
Only 7.1% of Canadian adults consider themselves 'very knowledgeable' financially.
Why is this a problem?
The User Personas
Persona #1: Ben Pierre, The Busy Professional
After processing this feedback, we moved forward with persona creation and developed the Ben persona.
However, the experts from Sun Life recommended that we narrow our focus to a specific user group, as our original persona, Ben, was too broad. Despite having only a few hours to respond to this critique, we remained calm and adapted quickly.
I suggested shifting our focus to Gen Z, and the experts loved the idea!
Gen Z is more likely to feel stressed (42%), anxious (37%), and overwhelmed (31%) than any other generation when it comes to their financial situation. (source ↗)
Persona #2: Aaron Adams, The Aspiring Artist
To humanize these insights, we developed Aaron. Aaron is a recent marketing graduate navigating the challenges of financial independence while balancing his passion for music, travel, and shopping. Managing finances is especially challenging on his limited income.
To better understand the feasibility and impact of our idea, we explored Aaron's financial journey, his current "as-is" scenario.
Key Insights
Money Stress is Real
70% worry about their finances, but only 30% actively track spending.
Impulse Spending
65% struggle with overspending on food delivery and online shopping.
Gamification works
80% are motivated by progress tracking, challenges, and rewards.
Conversational UI is Key
Users want financial guidance that feels like chatting with a friend, not a lecture.
User Journey
We identified a recurring pattern where users experience highs upon receiving income, followed by discretionary spending, emergency expenses, financial anxiety, and ultimately resignation, creating a cycle of financial instability.
Each of us individually brainstormed ideas and then narrowed them down to the final features list.
Our Solution
Easy Financial Goal Setting
A fun and flexible way to set financial goals that let users adjust their goals without pressure, reducing financial anxiety.
Learnings
Research is the cornerstone of the design process. Thank god we were provided with a great research report by Sun Life. It was easier for us to dive into the needs of our users, understand the problem space, and pull this off in 24 hours!
When the clock struck the final hour and we were called to the main hall for presentations, our team was still busy finalizing some screens. It was nerve-wracking to step up and present our work in front of the experts, but I decided to take on the challenge. Despite my initial fears, the presentation went exceptionally well, and it was a rewarding moment that boosted my confidence.
Working with a design team for the first time on a design project, I realized the value of differing opinions. When multiple perspectives come together, the ideas are richer and more innovative. Although there were debates, it was exciting to see how these differences pushed us toward better solutions.
The Designathon showed me how much can be accomplished in just 24 hours. From researching to ideating, prototyping, and finally presenting, our team was able to move through all the critical stages of design. It was a testament to the effectiveness of focused teamwork and time management.
