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Making Saving Money as a Team More Motivating for College Students

We all know that saving money is hard! Not just for college students, but for adults as well.

Saving for a rainy day is so much easier said than done.

Because... 1. 2. 3. 4. 5.


Interest rates are low (0.01%... Seriously?) Banks do not offer attractive incentive programs Our campus job barely covers our rent We’re too young to start thinking about saving! We don’t know how a good way to save besides putting money under our pillow We love our Starbucks! ← Don’t you wish this was your pillow?!

I decided to ask my local banker what is a typical college student’s experience with saving. This is what he told me.

Sounds depressing, huh?

Then, I decided that I should talk to college students to get their thoughts on banking. However, before I go out in the field, I need to...

This is what I learned from my new acquaintance, Ashley B.

After all the interviews, I thought, “This status quo doesn’t work for me.” I need to “reimagine the possibilities.”

I asked myself, “How Might We” questions.

Then, a brilliant solution spark came to me. Thanks to econ class where I learned about group lending in microfinance.

How might we use a group model to incentivize college students to save money?

Oh yes‌ peer pressure for the greater good!

This led me to think of these Possible Solution Ideas 1. Create an automated savings plan where for every dollar that you earn, a % goes to a group’s savings account that you can’t touch. 2. Create a mobile app where everytime you spend, a dollar goes into a group’s savings account that you can’t touch.

However, this is my favorite Solution Idea hands down. Create an online savings plan where you can share your goals and progress with a team, and hold each other accountable. Of course, there will be a built in rewards program when you achieve your goal!

This is my explanation. It’s my favorite solution idea because it aligns with my two personal values of accountability and purpose. When I set a goal, I have a purpose in mind of why I’m saving. I can visually see my progress week by week and see how close I am to achieving my goal. As a group, we will hold each other accountable and motivate each other to achieve our goals. Furthermore, who doesn’t like rewards? If banks offer a more attractive rewards program, I believe students will have a greater incentive to save. With that said, peer pressure can a be a good thing, if it’s the right kind.

Thank you! Well, this was fun! Thanks for reading & listening. Until next time‌

Appendix In case you are wondering how I sparked these Solution Ideas‌

Spark Frame

Striking a Spark

Unit 1 action project example