Improving Financial Literacy, Together
Often I see friends on social media promoting products and services they offer outside of working a full-time job.
Through conversations with these small business entrepreneurs, the common denominator was acquiring more money to become financially secure.
Yet, when I dug a little deeper to understand their strategies, what I uncovered sparked the idea for Flourish.
They were just winging it. A majority of them had no formal business education, mountains of student loan debt to pay off, and varying circumstances that required more money to live comfortably. They spoke of wanting to invest but not knowing where to start, needing to save money for big purchases like their first home, and not being able to openly speak to family about their money out of fear of judgement or jealousy.
Not so surprising, all of these people are also heavy users of social media. Saying that they typically check social media from the time they wake up to the time they go to bed.
So it got me thinking...
How might we leverage social media functionality to improve financial literacy and discussion amongst millennials who actively seek financial freedom?
9 weeks: February 11, 2021 - April 15, 2021
What information already exists regarding how millennials manage their money?
What products exist that teach financial literacy?
For projects that teach other topics, what did they get right? What are their painpoints?
How do users get the information they need?
How effective are those methods?
What are their needs and pain points?
Millennials want financial information sources that are easy to:
central location for information
effective search results
information that's void of difficult financial jargon
consumable in small amounts
transparency into others decision-making and successes
support when unsure about financial strategies
opinions to aid in decision-making
Competitors Have Useful Features
Message Boards to accompany courses. Users connect with each other to stay motivated through the courses that span several weeks.
Incentivized learning through short lessons and quizzes. Users swipe through lesson screens on mobile devices and are awarded cryptocurrencies upon completion.
Target Audience Persona
27 | Elementary School Teacher | Small Business Entrepreneur | Substantial Student Loan Debt | Living with Parents
Growing small business
Paying off student loans
Moving out of parents home
Scale her small business and leave teaching career
Save for down payment on a home
Network with dual-careered small business owners
Improve time management with business and work
Frequently reads finance articles and watches videos
DMs other small business owners on social media
Avoids making life plans too far into the future because she doesn’t know where to start
Doesn't know how to create a budget
Struggles to understand financial articles
Lack of like-minded friends/associates
A typical Flourish user has a desire to improve their financial circumstances. They may or may not have multiple sources of income, but they do maintain a steady full-time position. Their living circumstances can vary, but is not their ideal situation (e.g., renting, living with parents, roommates). They constantly worry about money, desire to make more money, yet splurge on things or vacations in order to maintain a level of happiness.