The younger generation has a problem: they are stressed about many things. Financial security is one of the top stressors in Generation Z and Millennials' lives.
Although these generations are more frugal with their money, they lack clarity of how to manage it and feel like they are clueless about financial wellness.
Moneyspace is a financial wellness app created by Headsapce that uses data visualisation to reduce this stress. Financial wellness is all about improving quality of life
by reducing self-doubt and financial stress. It aims to make Gen Z and Millennials confident in their financial decisions, and make their finances one less thing to stress about.
It was found that one reason Gen Z and Millennials stress so much about their finances is a lack of clarity. They are unsure of what money they have, and get overwhelmed by the number of apps or websites they must visit to get to their finances from different places such as investments, banks, and savings.
Moneyspace aims to bring all your finances to one place. It makes it easy to see what money you have and where from a single app, instead of going through many tabs and apps to keep track of your financial situation.
Moneyspace wants to go beyond this and improve financial wellness by educating users about finances and prompting them to make better financial decisions, such as starting a budget.
As such, Moneyspace is a complex application with many functionalities. Here is a look at how its users might interact with it:
User Journeys
App Architecture
Since Moneyspace is a brand extension of Headspace, it would have a very similar visual identity. Instead of the Headspace shape characters, Moneyspace will have its unique plant characters. These plants were inspired by Headspace's current shape use.
To further incetivise users, Moneyspace will use gamification to make setting financial goals intuitive. The familiar Headspace characters were transformed into plants
that grow as your financial journey grows. You can collect the fully grown plants as trophies in a trophy roomto show off to friends on social media!
As users open the app, they will receive trophies for completing the onboarding process (such as setting a budget) that explains the plant system and gets that reward hormone going.
Users will be prompted to set personalised financial goals and view them from a "Goals" page on the app to see the progress visually as the plant grows incrementally with each milestone of the goal reached.
Furthermore, users can receive plants by completing set achievements. An example is to link an investment or complete a learning course.
Part of financial wellness is understanding your finances. That's where Moneyspace's "Learn" pages comes in. Here are recorded audio lessons categorised in different courses for users to save and listen to. Transcripts of each lessona re also provided for accessibility. The learn tab will be filled with information about investing for complete beginners, to more experienced investors, and much more, like why planning for retirement is important now.
