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Group 8 - Akash, Arya, Aswathy, Kritika, Shailesh, Shiksha, Simandhar, Yagvik

SAARTHI

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Saving & Rethinking investment

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Problem Statement

According to the Investopedia Affluent Millennial Survey, 46% of millennials surveyed say they aren't saving enough money and 39% say they expect to be forced to work beyond retirement age.

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You have been assigned as “Consultant - Behavioral Scientist” to the government of India to help design a novel mobile application that aims to increase savings for Indian Millennials.

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Biases and Barriers - Behavioral Insights

    • status quo bias
    • choice overload leading to choice avoidance
    • social norms
    • cashless effect
    • optimism bias and overconfidence effect
    • myopic procrastination
    • mental accounting

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Solution and Rationale

    • Emotive messaging - increases intrinsic motivation
    • giving more meaning on why to save - benefit to self, others
    • social norms - number of people who have enrolled encourages them to stay in the group
    • Default or preferred savings options - that tackles choice overload
    • targeting self concept - badge for savings
    • self monitoring
    • scheduled consequences and review behavioural goals

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SAARTHI

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SAARTHI

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Drawbacks

    • Intrinsic motivation could be slow to impact than monetary incentives though long lasting
    • Social norms may not work in cases where the financial decision is highly personal one

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    • Emotive messaging has to be carefully drawn, considering the issue of finances can be personal and a source of insecurity for several individuals; and we do not want our audiences to get overwhelmed with the underpinned messaging.

Ethical principles

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    • The default option would not push one universal option as the recommended brackets could be more than one's ability at a time, which would not only be detrimental to the purpose of this app but is also driven by sheer ignorance of differential social standings.
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    • Challenging social norms can be too huge of a task, needs to be addressed with utmost consideration because even resistance to saving and investing can also have layers of sensitive reasons. To simply regard it as ignorant could be a reflection of our clouded lens and privileged position, and to avoid that hasty judgement we need to be extremely empathetic towards our target audience.

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Measuring Impact

Insights from user data and feedback surveys can be further used to improve the overall app experience

For measuring impact-user feedback surveys can be conducted within the app

Stratified random design can be used to suggest different saving strategies to different people and then their overall impact can be measured

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Thank You!