Abstract
Young Koreans who are financially inexperienced and unconcerned about environmen-tal and social issues cannot achieve balanced goals—economic self-sufficiency, envi-ronmental-health sustainability and ethical consumption—for a sustainable future. Although current personal finance apps provide daily, weekly and monthly spending trends, they do not effectively raise awareness of these goals. In response, we envi-sioned an alternative expense tracking app UI with two reference points against which a user can compare his/her current spending: (1) the user’s peer age/household/income group spending averages and (2) expert recommendations on the appropriate savings rate, energy consumption limits and ethically manufactured products. According to a survey questionnaire that evaluated the effectiveness of the alternative UI design, participants’ priorities are skewed towards individualistic goals of fulfilling their material needs. However, the alternative UI design was comprehen-sible and participants considered the two reference points valuable for personal finance management. These findings are discussed in relation to financial socialisation.
Keywords
financial literacy, sustainability, awareness change, mobile app user interface design
DOI
https://doi.org/10.21606/drs.2022.799
Citation
Hahn, Y., Lee, J., and Kim, M. (2022) Envisioning personal finance and expense tracking for a sustainable future, in Lockton, D., Lenzi, S., Hekkert, P., Oak, A., Sádaba, J., Lloyd, P. (eds.), DRS2022: Bilbao, 25 June - 3 July, Bilbao, Spain. https://doi.org/10.21606/drs.2022.799
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Conference Track
Research Paper
Included in
Envisioning personal finance and expense tracking for a sustainable future
Young Koreans who are financially inexperienced and unconcerned about environmen-tal and social issues cannot achieve balanced goals—economic self-sufficiency, envi-ronmental-health sustainability and ethical consumption—for a sustainable future. Although current personal finance apps provide daily, weekly and monthly spending trends, they do not effectively raise awareness of these goals. In response, we envi-sioned an alternative expense tracking app UI with two reference points against which a user can compare his/her current spending: (1) the user’s peer age/household/income group spending averages and (2) expert recommendations on the appropriate savings rate, energy consumption limits and ethically manufactured products. According to a survey questionnaire that evaluated the effectiveness of the alternative UI design, participants’ priorities are skewed towards individualistic goals of fulfilling their material needs. However, the alternative UI design was comprehen-sible and participants considered the two reference points valuable for personal finance management. These findings are discussed in relation to financial socialisation.