Research & INSIGHTS
We started with extensive exploratory research to understand UK residents’ needs & priorities, controllable & uncontrollable factors around their spending. We targeted people aged 25-30, who are more likely to be nudged for behavioural changes as they just started earning a regular income with fewer considerations on finance management and are vulnerable to the uncertainties on government’s financial support post-retirement. We took the extreme user approach to learn from extreme user behaviours to identify opportunities and elements that lead to sustainable financial status.
As an outcome, we identified three user mindsets - ‘Spend it All’, ‘Intense Saver’ and ‘Visionary Investor’. Majority of the ‘Intense Savers’ are unaware of the drastic difference between annual inflation and overall growth on their savings, which gradually brings down its value. We decided to focus on the ‘Intense Savers’ as we found cash piling to be a significant issue for both individuals as well as the larger economy.