Final Presentation Financial Management for Millenials December - - PowerPoint PPT Presentation

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Final Presentation Financial Management for Millenials December - - PowerPoint PPT Presentation

Feb 25, 2024 157 likes •580 views

Final Presentation Financial Management for Millenials December 12, 2019 Team Romeo Lauren de Luna Abhijeet Saxena Meenal Jakatdar Team Romeo | Common Cents Problem Motivation Team Romeo | Common Cents Problem motivation Nearly half of

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SLIDE 1 Team Romeo | Common Cents Lauren de Luna Abhijeet Saxena Meenal Jakatdar December 12, 2019 Team Romeo

Final Presentation Financial Management for Millenials

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SLIDE 2 Team Romeo | Common Cents

Problem Motivation

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SLIDE 3 Team Romeo | Common Cents

Problem motivation

Nearly half of American adults do not have any kind of retirement savings The bottom 40% of income-earners save less than 1%

  • n average

Nearly half of millennials rely on credit cards to cover basic necessities

Sources Investopedia Business Insider
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SLIDE 4 Team Romeo | Common Cents

Problem motivation

The economy is in an uncharacteristic stage of growth. America seems as prosperous as ever, but the financial health of Americans continues to decline. Why? Spending is a highly emotional activity with deep psychological roots Poor spending habits persist for high-income earners with one-third
  • f those earning over
$100,000 reporting living paycheck-to-paycheck Millennials are more inclined to be affected by social pressures when it comes to spending Sources Investopedia Business Insider
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SLIDE 5 Team Romeo | Common Cents

Problem motivation

5

17%

17% of Americans have budgeting apps or tools downloaded, such as Mint or integrated tools provided by their bank Current tools available Various budgeting tools and apps are available, but they are not used widely because they lack the accountability to be
  • effective. These tools do not address the
psychological barriers to saving that people face.
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SLIDE 6 Team Romeo | Common Cents

How might we

  • vercome the

psychological barriers to saving?

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SLIDE 7 Team Romeo | Common Cents

Our proposed Solution

Common Cents: A gamified money saving, spending habit improving application for the millenials.

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SLIDE 8 Team Romeo | Common Cents

Simply “FINE” the cents to the jar

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SLIDE 9 Team Romeo | Common Cents

Why the name Common Cents?

Common: It will be a common and collaborative platform for millenials to invite friends and create bet groups. Cents: The groups formed can be based on a money-spending bet; the losing person will be fined and the cents will be added to his/her jar!

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SLIDE 10 Team Romeo | Common Cents

Common Cents demo

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SLIDE 11 Team Romeo | Common Cents

Common Cents demo

Stock Image Source - https://www.freepik.com
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SLIDE 12 Team Romeo | Common Cents

Common Cents demo

Stock Image Source - https://www.freepik.com
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SLIDE 13 Team Romeo | Common Cents

Common Cents demo

Stock Image Source - https://www.freepik.com
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SLIDE 14 Team Romeo | Common Cents

Common Cents demo

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SLIDE 15 Team Romeo | Common Cents

Play a Bet

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SLIDE 16 Team Romeo | Common Cents

Play a Bet

  • 1. Invite Friends
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SLIDE 17 Team Romeo | Common Cents

Play a Bet

  • 2. Set Goals
  • 1. Invite Friends
Stock Image Source - https://www.freepik.com
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SLIDE 18 Team Romeo | Common Cents

Play a Bet

  • 2. Set Goals
  • 1. Invite Friends
  • 3. Start Bet
Stock Image Source - https://www.freepik.com
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SLIDE 19 Team Romeo | Common Cents

Ongoing Bets

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SLIDE 20 Team Romeo | Common Cents

Ongoing Bets

  • 1. Select a Bet from the list
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SLIDE 21 Team Romeo | Common Cents

Ongoing Bets

  • 2. View group’s progress
  • 1. Select a Bet from the list
Stock Image Source - https://www.freepik.com
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SLIDE 22 Team Romeo | Common Cents

Ongoing Bets

  • 2. View group’s progress
  • 1. Select a Bet from the list
  • 3. Add your spendings
Stock Image Source - https://www.freepik.com
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SLIDE 23 Team Romeo | Common Cents

How will you fine someone?

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SLIDE 24 Team Romeo | Common Cents

How will you fine someone?

  • 1. Select a Bet from the list
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SLIDE 25 Team Romeo | Common Cents

How will you fine someone?

  • 1. Select a Bet from the list
  • 2. Hit the ‘FINE’ Button
Stock Image Source - https://www.freepik.com
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SLIDE 26 Team Romeo | Common Cents

How will you fine someone?

  • 1. Select a Bet from the list
  • 2. Hit the ‘FINE’ Button
  • 3. You did it!
Stock Image Source - https://www.freepik.com
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SLIDE 27 Team Romeo | Common Cents

What about George?

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SLIDE 28 Team Romeo | Common Cents

What about George?

  • 1. Click ‘CHANGE SPENT AMOUNT’
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SLIDE 29 Team Romeo | Common Cents

What about George?

  • 1. Click ‘CHANGE SPENT AMOUNT’
  • 2. Record correct amount
Stock Image Source - https://www.freepik.com
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SLIDE 30 Team Romeo | Common Cents

What about George?

  • 1. Click ‘CHANGE SPENT AMOUNT’
  • 2. Record correct amount
  • 3. Awaiting Group Approval
Stock Image Source - https://www.freepik.com
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SLIDE 31 Team Romeo | Common Cents

Your Jar

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SLIDE 32 Team Romeo | Common Cents

Your Jar

  • 1. Hit ‘REDEEM’ on the unlocked card
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SLIDE 33 Team Romeo | Common Cents

Your Jar

  • 1. Hit ‘REDEEM’ on the unlocked card
  • 2. Confirm your transaction
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SLIDE 34 Team Romeo | Common Cents

Your Jar

  • 1. Hit ‘REDEEM’ on the unlocked card
  • 2. Confirm your transaction
  • 3. Money transferred back to your bank
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SLIDE 35 Team Romeo | Common Cents

Limitations

  • People may not be honest while recording their spending
  • Adding spending manually can be a daunting task
  • People might not stick to the app for long after losing their initial bets
  • Might be difficult to incentivize people to participate
  • Low amount of money saved
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SLIDE 36 Team Romeo | Common Cents

Future considerations

  • To provide incentives to the user
  • Automate expense tracking in the application
  • Adding an Artificial Intelligence based Financial Advisor
  • Ad-hoc fining functionality
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SLIDE 37 Team Romeo | Common Cents

Questions?

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SLIDE 38 Team Romeo | Common Cents

Appendix

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SLIDE 39 Team Romeo | Common Cents

Budgeting/finance apps on the market

Ideas for incentives:

1. Presenting points to the bet winner in the wallet, which can later be encashed for repaying in lost bet. 2. Using the Fine amount for investment and returning users with a greater amount 3. Offering them vouchers for watching advertisements after winning a bet.
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SLIDE 40 Team Romeo | Common Cents

What about people who are not losing the bets?

  • Letting the users set personal goals for ex: Saving for a trip and forming a calculated investment
road map for the same.
  • The app can show how by not losing the bet the user is saving the money for the above mentioned
and goal.