Nest Egg is a planning mobile application which provides an interesting solution to help children form good money management habits. The child user can set a goal for some money, like buying a toy or giving a donation. Kids can get money by doing chores, getting gifts, or being awarded for some good deed. They will then put this money into a virtual egg jar, to be saved to separated goals they have. Once they save up enough money for a particular goal, they can request from family member by sending them the achievement card. With this interesting mechanism, the sense of achievement and responsibility will drive kids to form good money management habits in a delightful way.
Institution: Tyler School of Art
Art Direction: Bryan Satalino
Date: 2019 Fall
My professor Bryan's daughter gave me this desire to do something to help kids form good money management habits. Bryan wants to teach his daughter Lily how to use money efficiently. However, she is easily tempted to give up.
Bryan said: "My kid Lily spends a lot of money on candies and ice cream. When she hears the music from the ice cream truck, she forgets completely about money management. There is barely any money in that piggy bank now.”
It is difficult to help kids form good money management habits because they are distracted by short-term temptations. According to research, 83% of pre-teens have not awareness of money management.
I interviewed some kids, and here are the top reasons why they have trouble forming good money management habits:
A. It’s hard to start managing money.
“I don’t know how to start it. Just saving it?”
B. Persistence is hard. (Impulse Control)
“I put money in my piggy bank, and take it out to buy candies all the time. There is nothing in the piggy bank now."
C. Children (or pre-teens) have no sense of value of money.
“I want a $34 car toy. I don’t know how long time I can get it if I saving money for them everyday.”
D. Accounting is hard.
“I put in and take off money from my piggy bank. After some time, I don’t know how much money in my piggy now.”
I created some solutions targeting the problems that I found above.
A. Creating a task is a good start, it gives users a plan that they can stick to.
B. Providing positive incentive to children.
C. Visualize the progress towards the goals。
D. Easy to check and manage money.
Let children develop a good habit of saving. Children will live independently in society in the future, and the formation of consumption and savings concepts is indispensable. Parents should cultivate their children’s sense of saving from practice and guide their children to store excess pocket money in their “egg jars” to develop good habits.
The intelligence of preschool children is enough to understand simple financial concepts, and most children have formed basic financial habits before the age of 12.
I picked some parent-child pairs do the testing.
Based on their feedback, I deleted some pages, and mixed their funciton with another page to make the information architecture simpler and easier to understand. I also edited some pages' hierarchy to make the layout easier to use.
Also, I get an idea from the testers that the Virtual Egg Jar's have different size, and it depends on the amount of the goal's money. Such as, $100 Egg Jar is larger than $80 Egg jar. Thus, children can intuitively recognize the amount of money.