Love and Finance
Design Brief Red Money
Design At The Edge Final Project
Andrea Allan Olivia Austin Gabrielle Dutz Seymore Fleck Jennifer Rodarte
TABLE OF CONTENTS INTRODUCTION •Project Abstract
•Design Question •Research Map •Opportunity Matrix •Secondary Research
ETHNOGRAPHIC RESEARCH •Interviews
̊Methodology •Survey •Personas •Ideo Human-Centered Design Toolkit ̊Interview Sheets ̊Identifying A Design Challenge ̊Recognizing Existing Knowledge Exercise •Observation •Rajesh Bilimoria Insights •Results
DESIGN SOLUTIONS •Physical Platform
̊Narrative 1 ̊Prototype •Online Platform ̊Narrative 2 ̊Prototypes •Machine ̊Narrative 3 ̊Prototype
CONCLUSION PRODUCTION NOTES
INTRODUCTION
“When the power of love overcomes the love of power, the world will know peace” - Jimi Hendrix
PROJECT ABSTRACT Given the parameters of redefining the world’s relationship with money in some way, “Red Money” is a project that examines the relationship between money and emotion, and how a bond between two people in love is truly and more concretely formed when they make the decision to partake in one another’s lives financially. Statistics of staggering divorce rates are highly publicized. Money-related issues in a relationship appear to be centered around a power struggle and a issues of control, which often results in severe inequalities. In learning about the complications of maintaining a healthy relationship through the lens of finance, a mediation service entitled “Red Money” was developed in which a third party would assist couples in all stages of a journey taken in order to gain financial sanity. By removing the emotional aspect of the relationship, Red Money will help couples find healthier methods of communicating about money and make smarter financial choices. This service is not about helping people increase their wealth in the future, but rather, learn more effective methods of managing the money they have in the present.
DESIGN QUESTIONS INITIAL QUESTION •What is the relationship between money and emotion? SUBSETS OF THE QUESTION •Is money such a powerful factor that it can completely corrupt love? •Is money just a metaphor for power and control? •Does one person always have to be dominant or can two people be in a relationship with an equal amount of power? •Does money or emotion prevail in strategy and decision-making? •Can an outside authority really influence a person’s decisions, especially when it comes to love? •How can a relationship be empowered by finance instead of destroyed by it
RESEARCH MAP Preliminary Research
-Simmel -Design At The Edge Lectures -NYT “How Debt Can Destroy A Budding Relationship” -This American Life Podcasts -NYT “Adam Smith, Marriage Counselor” -”Managing Your Money” -”People Prefer Online, But Prefer Branches For Services”
Primary Research
-Interviews -Survey -Observation -Rajesh Bilimoria of Continuum Lecture -Ideo Human-Centered Design Toolkit Exercises -Interview Sheets -Identifying A Design Challenge Exercise -Recognizing Existing Knowledge Exercise
Secondary Research
-Lantern Financial -Planet Money -Slate Magazine,“Our Newlywed Money Dilemma” 5 Part Series -Spousonomics -Financial Planning Association - Finance Management for Gen Y
OPPORTUNITY MATRIX
Finance Car Loans 401K Home Loans
Life Insurance
Mortgage
Credit Cards
Checks Stocks
Marriage
Girlfriend
Boyfriend
Separation
IRAs
Sometime Sharer
Debit Cards
Joint Account
Engaged
Straight Gay
Living Together
Union
Investment Portfolio
Student Loans
Common Potters
Love
DEBT
Bills
Divorce
Relationship
Financial Communication Planning Payment Services
Financial Consultation
ATMs
Electronics Transactions
Fees Mobile Banking
Wealth Management
Banking
Analysis Third Party Help Dispute Resolution
Therapy Anger Fear Worry
Imbalance
Mediation
PRELIMINARY RESEARCH Simmel, Money In Modern Culture
•”Modernity has made subject and object mutually independent, so that each can more purely and completely find its own development.” •”Money has moved between owner and possession, both as a connecting and a separating factor.” •”The money economy, which makes possible, first, a completely general interest and a means of connection and communication which is equally effective everywhere.”
•”Money invariably ties people together, for now everyone is working for the other and only the work of all creates the comprehensive economic unity which supplements the one-sided production of the Individual.” •”Money is ‘common’ because it is the equivalent for anything and everything.”
PRELIMINARY RESEARCH Design At The Edge Lecture
•
People Technology (Desirability) (Feasability) Business (Viability)
People
Bill Moggridge
Social Environmental Bill Moggridge
•1. The Narrative Problem 2. The Process Problem 3. The Capability Problem •”In order to be effective, we have to ask questions on a much broader basis.”
Valerie Casey
Tim Brown
PRELIMINARY RESEARCH •”What was the perfect balance of individual pursuits and joint undertakings?” -New York Times, Adam Smith Marriage Counselor
•
”She wants their financial arrangements to be clear and fair. But how do you define fair when you’re bringing a quarter of a million dollars in debt to a relationship?” -New York Times, How Debt Can Destroy A Budding Relationship
•
”Even if your assets don’t merit the attention of a professional, there are still investment decisions to be made, and the considerations are the same regardless of how much you have.” -Vogue Magazine, Managing Your Money
•
”If you don’t have faith in the person handling your account, every time you see a scary headline you’re going to panic. Second, no matter how good you money manager is, she or he is going to make mistakes. If you’re nervous, you’re going to try to stultify his efforts after the first wrong move and destroy the potential for a long-term relationship.” -Vogue Magazine, Managing Your Money
PRELIMINARY RESEARCH People Bank Online, But Prefer Branches For Service, The Financial Brand.com
41.4% Online 32.6% Branches 23.3% ATMs 1.5% Mobile 1.3% Telephone
Even though consumers trust online banking, mobile banking still lacks mainstream acceptance
78.7% Branches 18.5% Internet 2.5% Telephone 0.3% Iphone
When conducting major transactions
60% Branch 34% Phone 6% Online
Consumers most often wanted to speak with a person when they had an account issue
SECONDARY RESEARCH Lantern Financial
-values-based financial planning firm that specializes in helping young professionals, couples, and families. -�By developing necessary financial communication skills, we can help you set the foundation for a long, happy and successful marriage.�
SECONDARY RESEARCH NPR’s Planet Money Blog •” Having a conversation about this and really looking at the overall finances is really important. So, sitting down and then putting all your - what I call all your assets on the table, all your debts, you know, what you owe, what you own, your retirement plans and letting everybody really know what everybody’s coming in with. That’s really important.”
•
“It’s just prior beliefs about things that you haven’t even thought about. Some families, you know, they’re used to their - the parents spending a lot of money on the kids, on education. Other people don’t do that. And so when they get together, they forget to talk about these issues and they’re not even brought up and they’re not even aware. So it’s when they show up, it’s already a problem. So, the biggest problem, again, is sitting down with somebody professional who can do that.”
SECONDARY RESEARCH Financial Planning Association •Largest membership organization for personal financial planning experts
•
deliver advice using an objective, client-centered, ethical process.
•
“You may benefit from an objective, third-party perspective on what are often emotional, difficult decisions.”
•
The Financial Planning Process: 1. Establishing and defining the client-planner relationship. 2. Gathering client data, including goals 3. Analyzing and evaluating your financial status 4.Developing and presenting financial planning recommending alternatives.
5. Implementing the financial planning recommendations
6. Monitoring the financial planning recommendations.
SECONDARY RESEARCH Finance Management For Gen Y
• Digital customers now cut across all generations with Gen Y and leading the adoption curve
• 79% of U.S. adults are active online with Gen X and Y (49% of the adult population) leading the adoption curve on almost all online and mobile “behavior”
•Behavior is shifting to multi-device usage and real-time access to information when and where you want it is becoming the expectation •While online usage is likely contributing to a decline in branch visits, customers still demand multiple options. “Whatever is most convenient to me when I need it.” • Offering multi-channel options for dialogue will more effectively meet their needs and expectations where they need it when they will need it.
•Personalization continues to evolve, offering tailored content and personal connections to all
SECONDARY RESEARCH Slate Magazine Our Newlywed Money Dilemma 5 Part Series Jessica Grose Five part series discussing the various ways in which couples divide their finances and the methodologies that help them be financially stable. Results based on a survey of over 5,000 couples.
SECONDARY RESEARCH Our Newlywed Money Dilemma
SECONDARY RESEARCH Our Newlywed Money Dilemma
SECONDARY RESEARCH Our Newlywed Money Dilemma
SECONDARY RESEARCH Our Newlywed Money Dilemma
SECONDARY RESEARCH Our Newlywed Money Dilemma
SECONDARY RESEARCH Our Newlywed Money Dilemma
Ethnographic Research
INTERVIEWS
wA meeting or conversation in which a writer or reporter asks questions of one or more persons from whom material is sought
METHODOLOGY HOW The format of this interview was to sit down with two people in a couple both individually and then apart. I talked to each person alone first and then sat them down together to ask them about how they manage finances in their relationship. I asked them both direct and indirect questions about their jobs, habits and thoughts on gender roles in relationships in order to try and get the most honest answers about how love and money work together in their lives.
WHY For initial interviews we wanted to just begin gathering as much data as possible. We wanted to start studying people’s behavior and try to understand some patterns so that we could get a direction in which to take our design solution.
WHO For my first interview I chose a young couple who was in the process of moving in together. I found them to be an interesting example because not only were they taking steps to merge their finances but the man in the relationship had a much higher income and was buying the apartment that they were planning on moving into. The woman was in her early twenties, about to graduate from college and she wanted to move into starting her career. The man was already very successful and financially stable and was in his late twenties. They have been together for a year.
WHAT WE WANTED TO FIND In this interview I wanted to find out both person’s view on the their roles in their financial futures. Because they were taking steps to merge their lives both in terms of their relationship and their shared finances, I wanted to know if they had planned how they were going to split things and who had what responsibilities. I also wanted to know what they thought about gender roles in their finances since they were more of a traditional couple.
RESULTS AND OBSERVATIONS: GILLIAN AND JACK
DIFFERENT EXPECTATIONS Because we interviewed the couple separately and together it was easier to get the subjects to talk freely about what they really wanted. I did find that their was some discrepancies between what they said alone and then together. Particularly, I found that Gillian expressed that she wanted to be more financially independent during our interview alone and then when she was with Jack, she was not as vocal about it. It seems that Jack comes from a more traditional family and he can see Gillian being more of a stay-at-home mom while he would be in charge of all the finances. I think this made me realize that when dealing with money in a relationship, it is not just money it is the associations with money that each person brings into the relationship.
GENDER ROLES As mentioned earlier, Jack comes from a more traditional family and he enjoys providing for Gillian. Because of this I realized that gender adds another layer of complexity to our solution and that we needed to examine all different types of relationships in order to have a good breadth of research.
PEOPLE NEED SAFE SPACE TO LAY OUT RULES Because Gillian was more honest when being interviewed alone I also thought that when tailoring a solution that it would be important to design it to give people space to be honest without feeling influenced or threatened.
METHODOLOGY HOW The format of this interview was to meet casually and to talk with a couple who are about to move in together after a long distance relationship.
WHY For this interview we wanted to understand how they felt about making not only the commitment to merge their lives after being separated physically but also about how they felt about planning a financial future together.
WHO Billy and Tricia were college sweethearts, but since graduation have been doing long distance. This past month, Tricia has decided to make the move to Chicago with Billy. Billy has a high-income job, and Tricia has been making money as well‌unfortunately she is going to have to leave her job when she moves. Because Billy has been living in the suburbs, he has been saving lots of money. Not only are they making a commitment to a much more expensive city life style, but Tricia will also be unemployed when she first moves.
WHAT WE WANTED TO FIND We wanted to know how the couple felt about moving in together and also Tricia’s feelings of losing her financial autonomy in the beginning of their move and journey together.
RESULTS AND OBSERVATIONS: BILLY AND TRICIA
WANTING CONTROL The main take away from this interview is that this couple is facing a lot of uncertainty. Money was a source of tension. They felt the need to secure their future but they do not have the exact tools to achieve that.
METHODOLOGY HOW We did an interview one on one with young male who is currently single.
WHY For this interview we wanted to get information from an outlier who is not part of our target audience.
WHO Mike Dooley is a young male who has never been in a serious relationship. He just graduated from NYU and is working as a freelance writer as well as a waiter. He is from Boston originally and has lived in New York for five years. Mike supports himself and has never taken any steps towards integrating finance into his relationships in any serious way.
WHAT WE WANTED TO FIND We wanted to understand Mike’s financial habits and thoughts on money and relationships because we realize that he has learned behaviors and conceptions now that he will bring into his relationships later in life. In order to understand couples’ finance we wanted to take into account how people act when they are not in a couple as well.
RESULTS AND OBSERVATIONS: MIKE DOOLEY
OLD HABITS DIE HARD One of the key understandings we got from interviewing Mike is that he had already developed a method for organizing his finances and it would not be expected for him to change a lot once, and if, he starts to share his finances with another. Mike also doesn’t like to talk about money a lot because it is an uncomfortable topic. We began to understand that in order for our service to be truly effective we need to be aware that not all users are the same and not all user behavior will be predictable or logical.
WHAT IF CASH IS KING Mike does not have a corporate job and deals with cash very often. Although he does have a bank account he does not use a credit card and only really banks by depositing and writing checks for rent. We also need to keep cash in mind when we design systems because not everybody works in a digital world. Through interviewing Mike we started to remember that we need to be aware of all the varying forms of money and how each is dealt with.
METHODOLOGY HOW The format of this interview was similar to our first interview we did. We sit down the couples first seperately and then together. We talked to the wife, Laurie, first and then the husband. Because they have been married for a long time we wanted to speak with them separately because we were more interested in their own seperate views as opposed to the wealth of shared personal experiences and information.
WHY We wanted to interview a couple that has been married and financially connected for a long time. We also wanted to talk to a couple that had kids because we hadn’t spoken to a couple who had that level of financial responsibility.
WHO Laurie and Micheal have been married for 29 years. They live together in their family home in Hazleton, PA. Laurie works as a civil servant in the mental health field for the commonwealth of PA. She has a daughter in college and often worries about tuition costs. Laurie faces unique challenges being the predominant breadwinner in a 30 plus year marriage which has often faced turmoil over financial issues.
WHAT WE WANTED TO FIND For this interview we wanted to find out what their perspective was on their finances and how a married couple manages their money. We also wanted to examine the gender dynamic between the two and how having a child effects how they manage their money and relationship.
RESULTS AND OBSERVATIONS: LAURIE AND MICHAEL
CHILDREN AND HOUSES We found in this interview that Laurie not only manages the finances for her and her husband but she also helps her daughter out. This is a three person relationship where one person is the keystone to all three of their financial well beings. Laurie and Michael are not only helping to pay their daughter’s college tuition but they also pay off their mortgage and maintain their home. There is a lot on Laurie’s plate and we realized she could use tools to not only help her simplify the day to day but also the big picture things.
LOVE VS MONEY We found in our interview that Laurie was uncomfortable discussing money and she felt the it impeded on her and her family’s relationship. She is an ideal candidate for Red Money but she is afraid to bring up money because she doesn’t want to upset anybody. We started to understand from interviewing her that love and money shouldn’t mix in her mind even though they do in her life. We realized from this interview that starting the conversation is most often the most difficult part of working towards money management.
METHODOLOGY HOW The format of this interview was to talk to Rob and Christine individually and then together. The interviewer asked some of the same questions for the individual part as well as when they were together and compared answers to see what the person thought their partner would answer. Questions were tailored to subjects such as domestic chores, sex, and money. Common themes through Spousonomics and Dailyworth blog helped frame our questions.
WHY After interviewing a variety of other subjects we realized we didn’t touch upon people later in their life cycle.
WHO Rob and Christine have been married 12 years and are financial dependent. Their financial freedom is an ongoing process especially after Rob lost his job at Bear Stearns during the economic crisis. Their relationship took a toll because they just purchased an apartment and managing their debt became a serious issue.
WHAT WE WANTED TO FIND For this interview we wanted to find out what their perspective was on their finances and how a married couple manages their money. Because Christine takes on almost total control over their finances we were curious to see whether that affected Rob and his role as the husband. In sitting down with Rob and Christine, we also wanted to understand their financial management model and whether it has affected their relationship. Also, discovering what their opportunities were for a healthier relationship and whether they were willing to work with a mediator or an online service were big factors when conducting this interview.
RESULTS AND OBSERVATIONS: ROB AND CHRISTINE
WIFE LEADS THE WAY TO FINANCIAL FREEDOM Christine takes total control when handling the finances, she invoices every input and output. Managing both their salaries she takes care of their fixed expense, equity for the future and a weekly cash flow. Together they discuss new investments and ways to reduce debt. Christine took on the responsibility of managing the fiances because her husband wasn’t as detailed as she would like him to be.
GENDER ROLES Rob comes from a traditional Italian family and Christine is a Jehovah Witness. Traditionally, in both cultures, the male takes over the responsibility of handling the finances. Rob’s philosophy on the matter is: ”to make my wife happy and if handling the money is what she likes to do then one less task for me!” Interviewing Rob and Christine was refreshing because they had total financial control, yet Rob had no idea what their financial standing was.
COMMUNICATION Christine knows that Rob is in the dark on their finances and sometimes she, admittedly, enjoys this. However, she often wishes that he would become more involved. When designing a solution I’ve realized that it’s important to allow the partner to become involved and voice their opinion.
SURVEY
A sampling, or partial collection, of facts, figures, or opinions taken and used to approximate or indicate what a complete collection and analysis might reveal.
ONLINE SURVEY We wanted to have some quantitative data to compliment all the ethnographic research and interviews we did. We put out a survey online using a combination of social media tools and the website survey monkey. Our sample size was 80 people.
KEY SURVEY FINDINGS From the surveys we got a better idea of our target market and what their feelings were about love and finance. We also learned that the online versus offline debate was one that need to be investigated further as the numbers were coming back relatively even on both sides. This was a good jumping off point for us to point us in the direction of how to better frame our problem.
Age range 18-25 25-35 35-45 45-55 55-65
TOOL yes
budget spending with significant other
would you use a tool to help plan budgeting
28% women 16% men
46% women 10% men
56% no
no
C
+/-
/
X
C
+/-
/
X
7 4 1 0
8 5 2
9 6
+
7 4 1 0
8 5 2
9 6
+
3 .
=
3 .
=
44% yes
DESIGN OUTCOME
money source of tension
tool most likely to use
YES NO
LOVE $
31% women
9% men
$
44% women
16% men
total 40% yes 60% no
43% adviser
57% online
PERSONA
The aspect of someone’s character that is presented to or perceived by others. Often used to understand target audiences for marketing or design.
ROB
CHRISTINE
[
]
I’m constantly stressed about our money situation and Rob doesn’t get it
[ Mo’ money mo’ problems ]
[ Meet Christine and Rob Deceglie . . .] Statistics Christine Freelance hairdresser and part-time associate at Anthropologie Thirty years old Lives in Queens, New York Married 12 years Citizenship: American Ethnicity: Caucasian / German Religious views: Jehovah Witness
Statistics Rob -
Roles and Responsibilities Part time associate manages finances deals with most of the domestic chores Wife & Aunt
Roles and Responsibilities Full time office manager Painting Illustrating Sculpting Manages online portfolio Manages blog
Christine's Story Christine is a creative person and enjoys being a wife. Always planning ahead Christine managed Cosmetology School while in High School and worked straight out of school at the Saks salon. Rob and Christine married at the age of eighteen against their parents wishes and the tension from their parents is still a current issue. Christine has had to pick up a part time job to subsidize the income her husband lost during the economic crisis.
Office manager at Barclays Freelance artist Thirty one years old Lives in Queens, New York Married 12 years Citizenship: American Ethnicity: Caucasian / Italian Religious views: Roman Catholic
Rob's Story Rob is also a very creative person and does not enjoy working at Barclays. Because he has a financial responsibility to his wife and his household he doesn't mind working there because he still has his creative outlets. Majoring in Illustration from F.I.T. Rob would love to work full time as an artist but its not lucrative enough. Currently Rob and Christine are working on a " how-to organic cocktail book".
PUBLIC OBSERVATIONS
Watch (someone or something) carefully and attentively. Trying to retain information about behaviors.
OB S
ER VA TIO NS
CARD SLAMMERS
One person, without looking at the bill, just slams down a credit or debit card onto the table, with neither person being too particularly concerned about price
CAUTIOUS EXAMINERS
When presented with a bill, each took turns carefully looking over what each person owed. One person would present a card while the second person would give the card holder cash or pay for a tip
SEPERATE ENTITIES Observation of coupleʼs bill paying behavior and interactions at movie theater ticket kiosks and restaurants
Clear signs of love and affection shown during the meal or selection of a movie but very apparent and clear division of finances when the check came.
ETHNOGRAPHIC RESULTS
An item of information obtained by experiment or some other scientific method; can be done using user based observation of all types.
People hold different personal meanings for their credit, debate, and cash use besides their actual intrinsic value (i.e. cash for small purchases, credit card for emergencies)
Connotations of independence and consequently financial freedom are differ among genders. Women want financial freedom because they fear losing precious professional freedom to a man whereas men fear being stifled and entering into a commitment that is difficult to walk away from by giving up control of their assets
As shown in preliminary research, money really is the source of power and control in a relationship. Many people donʼt consider it in such abstract terms but, the person putting forth their money, has an apparent amount of control
THE BIGGEST OUTCOME OF CONDUCTING OUR ETHNOGRAPHIC RESEARCH IS FINDING THE UNIVERSAL RESULT AMONG ALL PARTICIPANTS: PEOPLE HAVE DIFFICULTY BEING COMPLETELY OPEN AND HONEST WHEN IT COMES TO DISCUSSING THEIR FINANCES, ESPECIALLY THE PROSPECT OF DISCUSSING THEIR MONEY WITH A THIRD PARTY. THEY FEEL UNCOMFORTABLE DUE TO PERCEIVED INADEQUACIES
IDEO HUMAN CENTERED DESIGN TOOLKIT
The free kit, available for download here, walks users through the humancentered design process and supports them in activities such as building listening skills, running workshops, and implementing ideas.
INTERVIEW SHEETS
The interview sheets from the human centered design kit really helped us to pull out relevant information from our subjects without asking directly. Having them fill out the sheets made the interview more informal and relaxed and helped us get closer to our subjects. The highlight sheets were particularly helpful because post interview we could organize our thoughts and reflect on the significant findings in the interview.
IDENTIFYING A DESIGN CHALLENGE
Brainstorming the design challenges and possible hindrances helped us in framing our design solutions more realistically. We worked with a third party colleague who works at the online company GILT GROUP and he helped us also understand the factors that contribute to the success of online services.
RECOGNIZING EXISTING KNOWLEDGE
Using the methodology of free word associations we mapped out our existing knowledge on the challenges of love and money. We started by writing down on post-its the first things that came to mind when prompted with our topic (we also had friends come and add to it as well so we could get a wider variety of views). We then organized all the post its into conceptual groups to see what the common strains between everybody’s thoughts were. We found that there were both very positive and very negative groups of thought on the topic. The paradox was that money was seen as a force that can bring relationships forward and at the same time a very destructive part of a relationship. This discovery helped us to understand how critical our solution is and also how it needed to be based in not only helping in managing finances but also moving towards rewards and milestones.
RAJESH BILIMORIA
“One of your biggest challenges is going to be to get people to start talking about it, taking the first steps are the most critical and the most difficult, without that you are dead in the water�
KEY INSIGHTS FROM A GUEST SPEAKER Hearing Rajesh speak was critical to the development of our project. Because he has worked with banks within our domain of investigation and he has done comprehensive research on our topic, he provided a lot of invaluable insight on what was important to develop in our project and also pointed out things we had previously not considered. One of the main points he stressed with managing money is that there is a difference between managing short term goals and long term goals and there needs to be a link or communication between the two. His work with an elderly couple on their finances and his observation of their habits were very impressive and provided a wealth of knowledge for us. When we asked him about our online vs offline solution he told us that we should pursue both because neither on their own could be the final solution. This helped us a great deal in understanding how to conduct our research and frame our problems from that point on. Possibly the most critical thing that we learned from him is that no matter how elegant the design solution is, you need the user to engage with it initially in order for it to make a difference. Because we had learned in our interviews that it was very difficult for people to discuss money, this drove the point home that it is of the utmost importance that we engage people from the start or else we do not have a chance of success.
Design Solutions
Red Money
A comprehensive financial planning consultation firm predominately geared towards young couples,seeking clarity and better methodologies of communicating in terms of their finances. Red Money is based on a three-tier approach that consists of 90 days of consistant, one-on-one financial counseling, a digital money-managing platform and a banking machine that is intended for joint-checking account purposes.
THE PHYSICAL & ONLINE PL ATFORM
“we realized that the sensitive issue of money management was not so easily solved with just one solution or another, we wanted to see if we could frame it in terms of online or offline” -Group Brainstorming Session
STORY ONE: PHYSICAL PL ATFORM Scott and Meredith have been dating for 2 years. They have been living together for 9 months and are planning to wed in October 2011. Even though they have been committed to one another for years, and have been splitting finances as equally as possible, Scott and Meredith feel that making a more substantial commitment to their love means melding finances. Even though both Scott and Meredith are behind this idea, they are unsure of how to fully go about it, especially considering that Meredith earns more money than Scott at the moment. Scott is worried that he will lose the last bit of independence he has by putting everything into one pot. Meredith is equally concerned. She is a product of divorce who watched her mother lose everything because she just blindy left all the finances to her husband. Before meeting Scott, Meredith used Mint, a digital platform, and liked managing her finances online when she was single. They know what they want but are unsure of how to accomplish their financial plans fairly. They want everything to be as equal as possible. They see Red Money as an answer to their problems and begin the process by meeting with a Red Money consultant. The consultant provides them with a checklist of things that they should be doing while simultaneously discussing communication issues and rethinking modes of operation in their daily, weekly, and monthly financial activity. Additionally, the consultant helps them define their relationship in terms of one of Red Money’s archetypes, which further helps their quantify their needs in terms of Red Money’s offerings.
PHYSICAL PROTOT YPE ONE FIRST MEETING 1. Seperate Initial Consultation
2. Initial Financial Planning Meeting, reviewing the results of the survey responses
3. Go through a typical week of expenses and dissect issues on previous decisions that have been made and where miscommunications have occurred
4. Ask couple to develop an archiving system for their expenditures both joint and seperate
PHYSICAL PROTOT YPE ONE OVERALL PL ANNING SCHEDULE 1. Review the archving systems that were created since the previous session
2. Discuss a list of major events that are important to the narrative of the couple (that which will form the basis of further counseling sessions).
3. Work on a more comprehensive, but customized archiving system based on these life events. Center this system around the coupleʼs specific communication needs.
PHYSICAL PROTOT YPE ONE TIME LINE
Timeline
Regular consultation sessions during clientsʼ first 3 months of membership -Development and recognition of financial mentality and practices
MONTH 1
-Analysis of existing activities -Discussion of communication issues in terms of financials -Development of archiving system based on existing habits -Determiniation of important goals and events for the couple
MONTH 2
MONTH 3
Based on goals the couple values and events that are taking place in their life, the couple begins preparing for these events and taking steps necessary based on the work being done with a financial planner
-Couple is asked to make a significant financial decision and discuss how they are handling financial decisions now compared to past experiences. Changes in communication are clearly outlined in the hopes of maintaining this new level of operating. -Transition from physical sessions to online finance manager. After the 3 month mark, couples will predominately operate with our service on a digital level, only using the physical session on a per-need basis.
PHYSICAL PROTOT YPE ONE PL ANNING CHECKLIST
Pre-Wedding Checklist 1. Is there debt? 2. Are there investments 3. Where will we live? 4. How will we handle the money? 5.What about insurance? 6. What about estate issues? 7. Is there a budget? 8. What about retirement? 9. What about tax status? 10. Does there need to be a prenuptial agreement?
THE DIGITAL PL ATFORM
“the surveys indicated that there was a favoritism towards working online and managing your finances digitally, we wanted to see where we could go with the constraints of being purely digital.� -Love and Finance Group
STORY T WO: DIGITAL PL ATFORM
After going through regular financial planning sessions with a consultant for three months, Matt and Meredith make the transition from regular one-on-one counseling to managing their finances digitally. After discussing some pre-marital issues, they have developed methodologies for merging their finances and creating plans for achieving their long-term goals, some of which include saving for a house (long-term) and honeymooning in Fiji (short-term). Matt and Meredith will always have the option of returning for counseling on a need basis when big options or decisions arise, but their interaction with Red Money will be predominantly digital. They will be able to track and manage their money, connecting with mobile and social platforms. The digital platform will be more conducive with Matt and Meredith’s busy, young, professional lives but Red Money digital system will allow them to have a place to keep track of their finances and maintain them on a day-to-day basis. The digital realm allows them to be responsible and talk to each but on their terms and according to their schedules.
Design Solutions
DIGITAL PROTOT YPES
Prototype One
Money Mediator
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Money Can’t Buy You Love...
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We’re not telling you how to spend your money, were just helping you ease the financial tension. Pick a model below or customiize your own. Leave the complications of how much and why to us, so you two can get back to the love.
* The Traditionalist Old fashioned couple - man taking care of his lady
* Dutch 50/50 Split!
* Girl Power Mamas bringing home the bacon.
*Customize Your Own Story Our formats may not be for everybody... but don’t let that stop you from using our money mediator. Perfect for roomates, or any situation where finances are split between two or more people.
Prototype Two
Money Mediator
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Money Can’t Buy You Love...
The Traditionalist
Dutch
Girl Power
Old fashioned couple man taking care of his lady
50/50 Split!
Mama’s bringing home the bacon!
Mission Statement
Customize Your Own Story! Our formats may not be for everybody... but don’t let that stop you from using our money mediator. Perfect for roommates, or any situation where finances are split between two or more people
We’re not telling you how to spend your money, were just helping you ease the financial tension. Pick a model below or customiize your own. Leave the complications of how much and why to us, so you two can get back to the love.
THE ATM LOVE MACHINE “there needs to be tangible reinforcements that are positive that are associated with managing money, we need to try and make it fun and ease the stress and tension� -Red Money Design Team
STORY THREE: THE MACHINE The initial reason Matt and Meredith sought out the services of Red Money was to find a successful way of merging their finances in a more comprehensive, thorough way. Through Red Money, they were able to find what aspects of being ‘common potters’worked for them and what did not. Matt and Meredith were married in October and have been using Red Money’s to manage their finances for over a year. One month after their wedding, Matt received a promotion at his job. To incorporate this change in income, Matt and Meredith returned to their consultant to deal with this change. In addition to managing their money using the website, they have also developed a formal joint checking account and carry out banking transaction using the service’s ATM. The Red Money ATM is affiliated with the couple’s bank and it is a way for them to keep their joint transactions in check while communicating with each other about their shared spending. The Red Money ATM is a software program on typical bank machines that allows for the couples to leave notes after each transaction if they want, alerting the other person if there is something unusual in their finances. Melding this financial responsibility with an act of love, both Matt and Meredith have a special red money ATM card and use it when are dealing with their joint account exclusively. This helps them organize their finances in specific places and also asserts their trust in each other when making financial decisions for each other.
MACHINE PROTOT YPE Step One: Insert card into regular or Red Money ATM Step Two: Perform transaction (deposit, withdraw, transfer..etc) Step Three: If necessary leave a note for your significant other. ex. I took out $ 200, it’s for the baby sitter. Love you. See you at home.
COUPLES CARD
Conclusion
CONCLUSION After researching and developing this idea for a semester, we have learned a lot about the depth and complexity of this problem. In all our research and development, we continue to see the same theme: we need to connect to our audience in a very concrete way in order to spur actual change and have our service be valuable. If we had more time to develop our concept we would want to make the process more cohesive and meaningful to our users. We would also want to incorporate more innovative design thinking processing through the development of the ATM love machine, in part because we feel like it could be a more critical piece of our solution. An area that we feel our brief could have delved into further was the marketing of Red Money. As Rajesh Bilimoria told us, the most complicated aspect of creating financial services is getting people to open up and create an atmosphere in which people will want to return to discuss their true feelings. While we feel that what we have offered is a good starting point, Red Money has the potential to be expanded on and given more character and definition. By more closely examining the user experience in detail, such as the transition from consultation appointments to managing everything online, Red Money could be a significant design concept with real potential to create a meaningful and significant impact, changing the way couples communicate and share their lives together.
Bibliography
-http://www.slate.com/id/2281983 -http://finance.yahoo.com/expert/article/moneymatters/956 -http://www.empathica.com/ -http://continuuminnovation.com/Team/Rajesh-Bilimoria.aspx -http://www.futureselfservicebanking.com/ -http://www.wnyc.org/shows/lopate/2011/feb/14/ -http://www.socialedge.org/blogs/skoll-world-forum-2011 -http://www.nytimes.com/2011/04/16/yourmoney/16money.html?_ r=2&src=recg -http://www.fpanet.org/ -http://www.fpanet.org/LifeGoals/GettingMarried/ -http://www.lantern-financial.com/howwecanhelp.php -How Debt Can Destroy A Budding Relationship, NYT, Ron Lieber 09/03/2010 -Wicked Cheat ATMs and the neo-feudal economy, Gustav Peebles -The Future Piggy Bank, 3/10/11 -Adam Smith, Marriage Counselor, NYT 02/11/11 Jenny Anderson -SXSW 2011: The Future Of Consumer Lending Guardian -Managing Your Money, Lisa Gubernick Vogue Magazine -Finance Management for Gen Y -People Bank Online, But Prefer Branches for Service, 10/04/10, The financialbrand.com -George Simmel, MoneyIn Modern Culture
Production Notes
THIS DOCUMENT WAS CREATED USING ADOBE CS5 InDESIGN PANTONE 485 C BELOW IS SOME OF THE GROUP’ S PROCESS WORK IN ORDER TO GIVE A MORE COMPREHENSIVE VIEW OF RED MONEY’S DESIGN THINKING PROCESS