Challenge:

The complex financial landscape and widening wealth gap have made it challenging for individuals to manage their finances effectively. This applies particularly to those facing economic disadvantages, which includes young Danes too. Traditional approaches, such as financial literacy education, have shown limited effectiveness, especially among low-income groups. Moreover, the proliferation of financial management products and services has added to the complexity and lack of financial overview for users. To address these challenges, this research draws upon theoretical foundations in artificial intelligence and persuasive design to create a user-centred solution. The solution has been developed using the Design Thinking methodology and tested with four iterations on young Danish adults aged 20-30.

Solution:

Our final result is a design solution called Money Mates that fosters positive financial behavioural changes by combining self-tracking, AI analysis, and goal-setting functionalities. Through iterative prototyping and user feedback, our thesis demonstrates the potential of AI and persuasive design in motivating young individuals to save and improve their financial well-being. The research emphasises the importance of trust, transparency, and ethical considerations in the design of financial products, as well as the need for further research to develop solutions that improve financial literacy while aligning with the prevailing technological landscape.

Graded 12__