Driving Financial Literacy in a Time of Great Disruption

Technology continues to dramatically transform the financial services industry.
We now have the ability to think about new kinds of currency, new highly customized services, new customer engagement platforms that reach far beyond the traditional physical infrastructures of our past, and more.

Planet_03
null
null
null
null

FINANCIAL LITERACY

What remains a huge challenge, now compounded by this increasingly digital world, is an understanding of the essential principles of what we could call financial literacy. Financial institutions are struggling to leverage emerging technologies in a purposeful and meaningful way for consumers and clients. But consumers also are trying to understand these new tools while grappling with a lack of basic understanding in sound financial habits, including at the most basic level, saving and investing.

WE BELIEVE THAT EDUCATION AND LEARNING IS AT ITS BEST AMONG IN YOUNG PEOPLE, WHO ARE WIRED TO LEARN AND EAGER TO LEARN.

WE HAVE KNOWN...

We’ve known this need for a long time. For example, a National Bureau of Economic Research survey found that one-third of Americans over the age of 50 knew the answers to all 3 questions about compound interest, inflation, and risk diversification. And an Organisation for Economic Co-operation and Development survey found that 44% of U.S. students scored at the lowest levels of financial literacy. And now we are adding technology to this without fixing the core problem.

WE HAVE THOUGHT...

We’ve thought a lot about this for young people in particular. We believe that education and learning is at its best among in young people, who are wired to learn and eager to learn. This becomes less so perhaps over time, so we wanted to look at young people to see if we can bring knowledge and learning, financial literacy, to this important group. A group that can have a significant influence on our economy, as Millennials constitute the largest consumer generation in history, composing more than a quarter of the American population. They are expected to spend more than $200 billion annually and over $10 trillion in their lifetimes.

AS WE HAVE BEEN RETHINKING...

And just as we’ve been rethinking education and learning in technology, we wanted to look at new ways of learning among ages 8-21, to reach them early, through their preferred channels, in ways they can understand and enjoy, and with a distinctly human touch.

Approach of Money

How the younger generations approach and conceive of money

Save Money

How the younger generations save money

Spend Money

How the younger generations spend their money

Strategize Financially

How the younger generations strategize financially

Look for Guidance

Who they turn to for guidance and advice

DESIGN THINKING

For us at Infosys, this meant reimagining the possibilities of financial services. It meant developing a solution that could engage young people’s creativity and instinct for play, and combining these with an incentive to exercise foresight and strategic thinking—a solution such as the one we developed in “Lost Nebula,” which is a cooperative, turn-based board game that helps children learn about the virtues of saving and investing in a fun, hands-on way.

But we didn’t do this by deciding on the solution. Instead, we used Design Thinking to understand more about the problem—how the younger generations approach and conceive of money; how they save, spend, and strategize financially; and who they turn to for guidance and advice.

We wanted to develop a deep empathetic understanding of their point of view, so we spoke with a wide variety of young people across libraries, parks, and other public venues. We even invited the children of our own Infosys employees to come to our office and be interviewed. All of this resulted in the design and prototype of our board game, which we playtested across a wide variety of people from different ages and backgrounds. We even brought it to game conventions for feedback.

An Educational Boardgame

Set in outer space, Lost Nebula is a physical boardgame with 4 players working together as astronauts on a mission to save a dying Earth…

without
https://www.infosys.design/lostnebula/wp-content/themes/maple/
https://www.infosys.design/lostnebula/
#d8d8d8
style1
paged
Loading posts...
D:\home\site\wwwroot/
#
on
none
loading
#
Sort Gallery
on
no
yes
off
on
off