Problem: How might we increase financial literacy among college students and recent college graduates?
- Previous studies find that high school students are not getting a good financial education and do not have much or any knowledge regarding personal finance (Chen,1998).
- There is a demand for financial knowledge among young people in college because there isn’t a whole lot of opportunity to learn about finances in school.
- The development of our app would hopefully prevent or relieve financial stress and burden by making money management more attainable—if we are able to prevent students from dropping out of school due to finances, we have done our job.
Solution: Accounts is made specifically for students.
- The user is in control of how much they want to spend, or they can allow Accounts to generate a plan for them. This allows the user to have guidelines and create healthy habits.
- Our app would give users more financial relief and stability because it will be equipped with everyday money organization tools and student loan trackers.
- It is our primary goal to assist people in finding ways to collect their spending essentials and habits in one place.
- Market our app before launch on social media platforms, such as Instagram and Twitter, to spread the word on a larger scale.
- Conduct polls through Instagram and Twitter to better understand how knowledgeable students are about money. By doing this, we will increase the engagement and build awareness for this problem.
- Use in-app advertising to target our demographic of 18-25-year-olds. This will give us a better opportunity of having a higher click-through rate.
- Utilize influencer marketing by having students become our influencers. Through this, we will build trust and credibility, along with building lasting partnerships. We would also like to host Q&A's on social media platforms with professors and experts on the best ways to manage money.
Initiating a project that covers the scope of college student budgeting is a large task which would require up-front cost to build such a network. The app we are developing would require a simple design, dealing largely with finance and with fluctuating user traffic (depending on the size of university) that would require a strong build to handle high volumes of people. Therefore, our app would launch for $75,000, a happy medium, which could buy us two full-time engineers, for $37,000 each for one year.