Designing Wealth for College Students

Treecko X Troutwood

Project Overview

A financial action app for students.

As part of CMU MHCI's capstone project, we partnered with Troutwood to create a future vision of their financial planning service, aimed at students. We saw a substantial opportunity gap within the accessible financial planning landscape, especially catering towards individuals just starting out on their financial journeys or with a lower net worth.

Based on weeks of research, prototyping & testing; we delivered a mobile service that helps users create a financial plan based on their goals and keeps them on track by leveraging principles of behaviour change. By partnering with institutions to offer the mobile app service to its students, we pioneer an incentive-based system that aids students in learning about and actioning upon their money matters.

The problem

Gen Z is on track to be the first generation in history to be worse off financially than their parents.

Despite the importance of money affecting every facet of life, young people struggle with financial insecurity, which can lead to stress, anxiety, and even a shortened lifespan.

The importance of saving for retirement is often overlooked as people struggle to prioritize saving for a goal so distant in the future. With pensions becoming a benefit of the past, the responsibility of saving for retirement falls onto the individual – a burden that many cannot shoulder.

64_%

Americans live paycheck to paycheck

1.7T

Student loan debt in the US is upwards of $1.7 Trillion.

¹/₇

College grads earn less than the poverty threshold

64_%

Americans live paycheck to paycheck

1.7T

Student loan debt in the US is upwards of $1.7 Trillion.

¹/₇

College grads earn less than the poverty threshold

Our goal

Images from the field, workshops, research sprints

64_%

Americans live paycheck to paycheck

1.7T

Student loan debt in the US is upwards of $1.7 Trillion.

¹/₇

College grads earn less than the poverty threshold

About this project

The research project aims to help college students become financially independent by improving their knowledge of financial concepts and encouraging positive financial behaviors.

We use behavioral design techniques to tackle the emotional and behavioral challenges of achieving financial independence.

With Troutwood, you can

The problem

Gen Z is on track to be the first generation in history to be worse off financially than their parents.

Despite the importance of money affecting every facet of life, young people struggle with financial insecurity, which can lead to stress, anxiety, and even a shortened lifespan.

The importance of saving for retirement is often overlooked as people struggle to prioritize saving for a goal so distant in the future. With pensions becoming a benefit of the past, the responsibility of saving for retirement falls onto the individual – a burden that many cannot shoulder. Professionals estimate that individuals need to have upwards of $1 million dollars in wealth to retire, an amount many struggle to attain by retirement age.

Assess

Create a financial roadmap based on your goals

Troutwood meets you where you're at and helps you grow towards your goal. Whether it's creating a budget, saving for a dream vacation, beating debt or strategizing long-term investments, we adapt to your aspirations.

Plan

Build a realistic budget and plan for your goals

Troutwood empowers you to craft a comprehensive budget that aligns with your goals. Creating a roadmap to financial success, keeping you informed and top of your money matters along the way.

Track

Gain clear insights into your finances

Track all your expenses effortlessly. Get a high-level overview with monthly summaries of your expenses and uncover insights that reveal simple avenues for saving.

Glimpses of the project

Highlights

Ask Fin

A smart AI assistant to aid you along your journey

Delightful design

Bye bye sppreadsheets, we make money fun!

Going beyond the numbers

Gamify your savings. Earn real-world rewards for your financial behavior.

Death to Debt

Troutwood helps you plan for the best ways of conquering debt.

Demystifying financial concepts

It's not just about learning, but actionable leearning that you can apply to your daily life.

Learn what's working, what's not

Review your progress, and move forward every month by making small and consistent steps.

All the tools to conquer money

Review your progress, and move forward every month by making small and consistent steps.

Our partners

Troutwood is an early-stage startup that is focused on empowering individuals with the tools to own their financial future.

The Troutwood App is the flagship product of the entire eco-system of products that aims to realize this goal of financial independence, by helping users create a financial plan that works for them.

Emotion

01

Money is emotional.

If students overcome the learned helplessness about their financial situation they can transform negative mental models into positive ones, leading to positive financial behaviors.

Information

02

Complex information deters learning.

Since college students are confused by the jargon used in financial planning applications, we can design the language used and deliver information in layman’s terms and deliver short form content to students.

Goals

03

Momentum drives success.

By acknowledging short term goal achievements and creating a feedback loop, users will savor the short term benefits and be more driven to complete their long term plans.

Research snapshots

Images from the field, workshops, research sprints

Designing Wealth for College Students

A financial action app for students.

Our goal

With Troutwood, you can

Gen Z is on track to be the first generation in history to be worse off financially than their parents.