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Future Profits Behavior Design
- 1. Educate teenagers and young moms about $$
- 2. The Problem Lack of financial education Bad money management
- 3. GOAL: Get them thinking about money management
- 4. Solutions 1. Compete & Learn at the Cohort (Game ON) 2. Take the Social Challenge
- 6. Fogg Model Parameters 1. Triggers - Notifications, Friend updates 2. Motivation - Friends’ Challenge, Real Savings 3. Ability - Easy steps (Direct links to track expenses, saving apps etc. within the game.)
- 7. Fogg Model Parameters Ability Low Low High HighMotivation M - Real Savings A- Mobile app use Integrated Apps, Coupons M - Long term planning A - Financial theory M - Debt free A - Financial theory M - Savings Goals A - Team based learning
- 8. Player Types and Game Mechanics Achievers Socializers Badges Challenges Social Engagement
- 9. At the Cohort 1. At the Cohort - Game ON
- 10. 1. Game ON • Game introduces personal finance principles at each step - Concepts of credit, savings, investment, insurance, NPV, credit scores etc • Both teams start with same income.
- 11. # With each step/choice Net worth $ +/-
- 12. 1. Game ON At the end, Team with highest net worth wins - Team 1 0 25 50 75 100 May June July August Team 1 Team 2
- 13. Results • Life skills teaching game - learn about savings, tracking, investments, debt, credit, insurance etc. • Share and learn as a team - more efficient than teaching
- 14. 2. The Social Challenge
- 15. # Declare a savings goal (as a % or $$)
- 16. # Challenge friends, share on social media and get support
- 17. # Gain points for real world activities - just like a diet/fitness challenge Using coupons, reducing spending, earning part-time, taking a skills class, budgeting, reducing bills, tracking etc.
- 18. # Gain points for referrals # Earn badges to show off!
- 19. Results • Competitive, social and peer pressure help to stick to goals. • Real savings are achieved. • More confidence and better financial management skills.