Mind Your Money App
As a student I found it difficult to manage my money in the first years at university, I had unrealistic expectations of how far my money would go and found it very easy to get caught up in what others are doing, finding myself just spending money to fit in. Without thinking about the cost!
My proposal was to create an app for university students which address the six social-psychological aspects, that make it challenging for students to save money.
1. Cognitive Overload
2. Empathy Gaps
3. Optimism and Overconfidence
4. Instant Gratification
5. Harmful Habits
6. Social Norms
The app will help them save for the future, manage their money better and make them learn more about their own financial capabilities, whilst using daily money saving tips, spending caps and a rewards system to help combat the six main issues.