Recipe-app

Gallo

Earn Money
1. From doing chores,
2. Reward from learning on app,
3. From Side-hustles,
4. From relatives as gift (sagun)

Learn Money
1. Tailor made lessons according to child's age & education,
2. Learn by gamified way,
3. More visual then text,
4. Quiz

Manage Money
1. Can save as per goals,
2. Can save by investing in different investment instrument curated by parents,
3. Can take Loan from parents,
4. Cash flow analysis

Due to time constraints, First I had decided to use the desk research

I gone through some articles (Teenagers About Money, Ways to Teach Kids money), videos (video1, video2, video3) & books (Rich dad poor dad, Psychology of money) and got following insights from it.

1.1
Set an example-

Kids are following your footsteps so first equip your self with financial know how and act according to it. So there will be learning section for parents also.

1.2
Power of giving-

You can’t go wrong with giving. One of the best things you can do for your kids is teach them to appreciate and understand the power of giving before they go out on their own. They focus less on them self and will see the needs of others more. For better future of humanity.

1.3
Teens are competitive-

We all know that when we were 10-16 old how rebellions we were. If someone tells us to do something we wouldn't but if it’s a challenge then we were giving our all to win it. This insight can be used to motivate teens in learning finance by gamified way.

1.4
Finance is not a taboo-

Sex and finance conversation are considered as taboo in our society. We should take inspiration from marwadi baniya family. Debit and credit should be part of child's vocab and there is no shame in it. Money is not bad in fact we think money is evil and we never try to learn it and most of that people ended up broke.

1.5
Saving & Investing exposure-

Saving money and investing in different assets can give kids investing exposure early in life. There will be goal based saving feature to motivate kids for saving.

1.6
Attitude with money-

Budgeting and saving is nice but we have to equip our kids with right attitude towards money. We have design learning experience in such a way that kids will learn about egoistic spending, freedom by money, assets vs liabilities etc.

1.7
Learning Cash flow early-

I was in my first year of engineering when I read Rich dad poor dad. The concept of cash flow quadrant explained in book have stuck in my mind and then I have noticed it's usage in real world. So I wanted to integrate this as a feature in app.

User surveys

I have done user surveys with the help of my two cousin brothers. One is 11 and second is 16 year old. They done survey with their 30 friends and here are broad answers we got.
‍
Objective of questionnaire:
1. To know How & where kids spend pocket money?
2. How much they’re familiar with finance concepts?
3. To make design decision according to the answers

How much pocket money do you get?

₹300 - ₹1000, based on parent’s financial condition and age of a child.

Do you have income source other than pocket money?

Only one kid is doing side hustles and rest are on pocket money only.

What is a 5% percentage of 300?

28 out of 30 kids answered correctly so we can say basic maths is shorted.

What kind of app you use currently for learning? & How’s your experience?

Vedantu, byju's, unacademy & physics walla are most used apps. And they say experience is the same on all these apps. Everything is the same nothing delightful and exiting.

How do you keep track of your pocket money?

12 out of 30 kids aren’t using anything they just remember. And others uses notes on mobile or paper to keep track of expense.

Do you have your personal smartphone?

28 out of 30 kids have their own device. This number is high because of covid ed-tech push.

Where you spend your pocket money?

Clothes, stationary, petrol, food, gifts, party are common answers.

Where you keep your saving?

Mostly in piggy bank or just in cash. So no investment.

User(family) interview and Insights we got

I have done user research of 2 families with 4 kids(10-16 year old). And conversation was open ended.

2.1
Manage study-

Manage study with learning and managing finance. 15-18 year are crucial years for studies. So goal is to how to teach money to kids with less time and efforts as possible.

2.2
Siblings are comitative-

How would you feel as a 12 year old boy if your sister got more chocolates than you? This same competitive spirit can be felt by you in terms of saving.

2.3
Cognitive & Collaborative learning-

Application of knowledge should be the central part of kids learning. So quizzes will be based on kid's attitude towards money not based on facts he remembered. Also visuals should be the core part of curriculum.

Feature inspiration we took

Minor Card, onboarding & KYC according to it.

From SBI account for minor, Fampay, etc.

Saving by goals & net-worth

Indmoney

Card skins

wrapcart.com

Add Expense feature

Splitwise

Toddle kids & parent app

Learning section

Zerodha varcity

Signup flow

This KYC steps are for making child’s minor account with debit card included.

If one of the parents(from max 3 parents*) have child login code then other 2 can directly signup with it and will be assigned to the same child or can add new child.

Login screen on kid's app. Simple hassle free login with just a login code provided by parents or can scan QR code from parent's app.

Home screen

What user wants from home screen?

Primary goal: Adding income/expenses. So there are two easily accessible buttons in middle of the screen.
Secondary goal: Scanning broad statistics like total balance, saving & transactions.
Ternary goal: Showcasing kid's all saving as per goals and used Zeigarnik effect to show progress and motivate kids.

1. Profile with badges

Using Insight 1.3

It's not social media app so instead of showing profile picture we can show this kind of badges or level.
Kids will gain level by completing challenges like achieving saving goal, finishing learning module, spending less, etc.
So kids will compete with siblings and friends by showing this badge and get motivated to save & learn more.

Great going

Star

Crown

2. Notification indicator

User can perceive the type of notifications by fill color inside the bell icon like following

Gone out of
pocket

Come in
pocket

Neutral

No
notification

Notification page

3. Spending for soul's ROI

Using Insight 1.2

We should teach our children power of giving and make the future of humanity brighter.
So with this feature parents can request kids to donate for some cause or kids can themselves donate and add that expense manually.

Cash flow quadrant

- Be it business finance or home finance understanding cashflow is very crucial for financial wellbeing.
- Cashflow quadrant includes Income, Expenses, Assets, Liabilities.
- By clicking on any of this quadrant user can get in depth view of that particular quadrant. Also user can analyse weekly, monthly, quarterly & yearly cash flow.

Using Insight 1.7

Learn money

1) Learn by topics
- Here kids will learn money by tailor made curriculum.
- Kids prefer video as the most efficient way of learning following by images and text. So we have to curate topics and curriculum keeping this in mind.

Using Insight 2.3

2) Quizzes to assess kids attitude of money
- Quizzes includes 2-3 questions after every module about application(real world scenario) instead of asking facts and figure.

Using Insight 2.3

3) Random rewards
- Every module have some monitory or point as a reward. Parents get to define these amounts for each module.
- That’s how we can make boring process of learning gamified and fun.
- And child will get sense of earning(income) by putting efforts instead of getting pocket money without doing anything.

Using Insight 1.3

4. Daily dinner table topics & small snippets of wisdom
- To make finance conversation less of a taboo, this feature will provide dinner table finance topics everyday to parents and kids. So both parents and kids have to read about that topic and discuss with family.
- And secondly because of low attention spam, kids learn and remember small interesting nuggets of wisdom easily. So this will provide the interesting facts and figures about finance to kids once a day.

Using Insight 1.4

Profile & Skin ordering screen

On left there is a profile section screen of kid's app. And on right it's profile of kids on parent's app.

4. Change child

There're more than one child can be assign to single parent. So parent can switch between kids profile from that dropdown.

5. Learning for parents

Using Insight 1.1

There're more than one child can be assign to single parent. So parent can switch between kids profile from that dropdown.