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PennyPal: Kids Saving App

A Fintech app created to help children between the ages of 5-10 cultivate the habit of savings and learn the basics of financial education. The app is centered on simplicity and ease of use for its users. We adopted a gamification approach because of the target users to make learning the basics of financial education fun.

Client

Capstone Project

Year

2024

Role

Product Designer

Duration

1 week

Challenge

This project presented unique challenges, particularly in creating a user experience that was both educational and engaging for its users. Simplifying complex financial concepts like tracking expenses and saving goals required reimagining standard financial tools into fun. Balancing aesthetics with functionality was critical, as the design had to be visually stimulating without overwhelming young users, requiring a focus on clear visual hierarchy, and bright colors, that encourage learning through play. These design choices were developed within a tight timeline, adding the challenge of rapid iteration to effectively meet the project’s goals.

Desk Research

I analyzed two leading apps in the kids' fintech space, focusing on saving and financial education, and compared them with my concept. This research allowed me to refine my design to align with industry standards while maintaining a unique approach. I then implemented my design ideas, integrating the insights gathered to create a tailored and effective solution.

User Research

The next step was to interview the participants recruited, figure out their points, and understand what demotivates them. I interviewed secondary users (parents) for this project because the kids cannot use the app without authorization. Through this research, I was able to identify the following key pain points:

Parents want to monitor and control their child’s financial activities, but children want a sense of independence.

Kids in the 5-10 age group have short attention spans and varying levels of reading comprehension.

Kids may find it hard to visualize how much they’ve saved or how close they are to reaching their goals.

Kids often expect instant rewards, making it difficult to convey the value of long-term saving.

Parents may find it difficult to set up accounts or manage multiple aspects of the app.

User Research

Parents want to monitor and control their child’s financial activities, but children want a sense of independence.

Kids in the 5-10 age group have short attention spans and varying levels of reading comprehension.

Kids may find it hard to visualize how much they’ve saved or how close they are to reaching their goals.

Kids often expect instant rewards, making it difficult to convey the value of long-term saving.

Parents may find it difficult to set up accounts or manage multiple aspects of the app.

Solution

Implement a dual interface for kids and parent offering detailed controls like goal-setting, and transaction approval.

Gamify the savings process by creating missions or challenges

Streamline the parental onboarding experience with a simple, guided setup process that highlights the most important controls

Clear Visual Cues for Progress and Achievement

Solution

Solutions

Implement a dual interface for kids and parent offering detailed controls like goal-setting, and transaction approval.

Gamify the savings process by creating missions or challenges

Streamline the parental onboarding experience with a simple, guided setup process that highlights the most important controls

Clear Visual Cues for Progress and Achievement

Key Features

Income and Expense Tracking:

Users can easily input and categorize income and expenses. It enable children to monitor their financial behavior in a fun, engaging way, fostering good financial habits from an early age.

Learning and Resources

A fun, interactive learning hub designed for kids to explore financial lessons on saving, spending, and earning money through stories, videos, and quizzes.

Setting and Tracking Goals

This feature lets kids set and track personal savings goals, like saving for a new toy or book, with progress bars showing how close they are to reaching them.

Gamification

Users can earn points and unlock achievements as they complete financial tasks or hit savings goals, encouraging good financial habits through playful rewards and competition.

Conclusion

Working on the Piggypal saving app was very exciting because I had understood the brief before I embarked on the project. Conducting my research wasn’t hectic; this was because my research participants are everyday users of similar apps, and I could use their current pain points to design not just an aesthetically pleasing app but one that intends to solve a problem. I considered this an invaluable opportunity to delve into the fintech world and explore how problems are solved.

Feel free to explore the Figma mockup here.