For user research (and to understand how to practically set up Internet surveys), I created a survey. It would be great if you could participate.
I would like to get a better understanding of how people prepare for when they get old. Do you ever think about it? How do you plan, and what type of provisions do you make? Do you feel positve about it, scared, or curious? This research is part of the Interaction Concept Course, Designing for New Banking Experiences in the Master Course at the Umeå Institute of Design. The project is conducted in collaboration with the Brazilian Bank Itaú. Eventually, I would like to design something to help us save up and prepare for the future – whatever it may bring. I will evaluate this survey anonymously – and don´t worry, it won´t ask you any financial numbers!
Shlomo Benartzi: Save more tomorrow
_The present bias
When asked what they would have at a conference break one week ahead, more people tended to pick bananas over chocolate. At the actual event, more people picked chocolate.
It takes effort to actively make a decision FOR something – to tick a box. If asked to tick a box only if they want to change a decision, people are far less likely to do so.
“If people frame mentally Saving for Retirement as a loss, they will not do it.” If monkeys receive one apple, they are happy. If they get two, and then one is taken away, they get angry.
_Save more tomorrow
Save more tomorrow is a simple financial principal: make a decision today to put a part of your salary directly into savings, starting at a set point in the future.
_Daniel Goldstein: The battle between your present and future self
Goldstein talks about “commitment devices”: A decision that you make with a cool head to bind yourself for when you have a hot head” “Resisting temptation is hard: its an uneven battle between your present and future self.“
He developed different “behavioral time machines” that show the influence of your current behavior on your economic future. One Time Machine shows internet Images of apartments close to you that you will be able to afford. Another shows your aged face, changing expression with the percentage of income you dedicate for savings today.
For a short project in a day, I worked with Daniel Jansson. We designed a system that incorporates some of the advantages of cash money into digital money and its physical tokens.
Advantages of cash money:
- makes budegting easier: after you spent what you carried with you, you can spend no more
- it is very easy to track how much you have left
- if you lose it, you do not potentially lose all your money with it, as in a cash card.
- it is tangible: you can feel in your pocket and get a sense of how much you have left.
- sentiment: Along with tangibility, we have a lot of associations, stories to coins and notes. Digital money, in comparison, feels cold.
Concept: The concepts consists of two main components: tangible, rechargeable moneytokens and a home station to manage your accounts.
At the home station, you can create and plan different budgets for your spending. As you spend, the cost will be withdrawn from the budget it fits to (eg shoes from clothing, choccolate from sweets).
You charge a cashtoken by placing it on the station. Drag the amount you want to charge it with from the bar of that budget onto the token. The token will then display the amount it is charged with, and increase in thickness according to the amount you charged it with. In the homestation bar, that amount will then be displayed faded, and associated with a token.
As you use it for payment, you place the token on a station in the shop. It will withdraw the amount. The token will shrink, and change its number. The amount will vanish from your home display.
With this design, you can easily limit your spending, eg when going out, or the amount of money you give to a child. If you lose a token, or it gets stolen, you can deactivate it from your homestation – the money is still yours.