Final Presentation Financial Management for Millenials December - PowerPoint PPT Presentation

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 American adults do not have any kind of retirement savings The bottom 40% of income-earners save less than 1% on average Nearly half of millennials rely on credit cards to cover basic necessities Sources Investopedia Business Insider 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? Poor spending habits Millennials are more persist for high-income Spending is a inclined to be earners with one-third highly emotional affected by social of those earning over activity with deep pressures when it $100,000 reporting psychological roots comes to spending living paycheck-to-paycheck Sources Investopedia Business Insider Team Romeo | Common Cents

Problem motivation 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 17% psychological barriers to saving that people face. 17% of Americans have budgeting apps or tools downloaded, such as Mint or integrated tools provided by their bank Team Romeo | Common Cents 5

How might we overcome the psychological barriers to saving? Team Romeo | Common Cents

Our proposed Solution Common Cents: A gamified money saving, spending habit improving application for the millenials. Team Romeo | Common Cents

Simply “FINE” the cents to the jar Team Romeo | Common Cents

Why the name C ommon C ents? C ommon: It will be a common and collaborative platform for millenials to invite friends and create bet groups. C ents: 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! Team Romeo | Common Cents

Common Cents demo Team Romeo | Common Cents

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

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

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

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

Play a Bet Team Romeo | Common Cents

Play a Bet 1. Invite Friends Stock Image Source - https://www.freepik.com Team Romeo | Common Cents

Play a Bet 1. Invite Friends 2. Set Goals Stock Image Source - https://www.freepik.com Team Romeo | Common Cents

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

Ongoing Bets Team Romeo | Common Cents

Ongoing Bets 1. Select a Bet from the list Team Romeo | Common Cents

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

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

How will you fine someone? Team Romeo | Common Cents

How will you fine someone? 1. Select a Bet from the list 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 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 Team Romeo | Common Cents

What about George? Team Romeo | Common Cents

What about George? 1. Click ‘CHANGE SPENT AMOUNT’ Stock Image Source - https://www.freepik.com Team Romeo | Common Cents

What about George? 1. Click ‘CHANGE SPENT AMOUNT’ 2. Record correct amount Stock Image Source - https://www.freepik.com 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 Team Romeo | Common Cents

Your Jar Team Romeo | Common Cents

Your Jar 1. Hit ‘REDEEM’ on the unlocked card Team Romeo | Common Cents

Your Jar 1. Hit ‘REDEEM’ on the unlocked card 2. Confirm your transaction Team Romeo | Common Cents

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

Questions? Team Romeo | Common Cents

Appendix 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. 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. Team Romeo | Common Cents