Financial literacy has been overlooked by formal education sectors. Schools, both secondary or postsecondary, focus on academics but neglect to incorporate important life skills & knowledge such as financial literacy. According to the National Center for Education Statistics, one in five American 15-year-olds doesn’t understand basic financial concepts. This is highly concerning, and this shows that the country is in dire need of financial education, especially in younger generations.
One solution to that is to incorporate financial education within secondary and post-secondary education curriculum, with the help of a financial mobile app, where students and even the general public, can experience hands-on learning by managing their finances in real time.
To support the policy, we created an app wireframe prototype called SpendWell.
What is SpendWell? SpendWell is a Money Management Education App. The features include:
- Money management: budget allocation, savings calculation & reminder, can also learn about user spending habits & offer suggestions to manage their money better
- Financial education: bite-sized financial education, to complement financial education from schools.
- Topics covered: Financial literacy 101, Investment basics, budgeting basics (50.30.20 rules, and other rules), credit checks, tax Checklists ahead of every tax season, How to budget for debt payments/ fastest way to pay back debt, personalized budgeting for college students/ people with children