Abstract
As populations live longer, the traditional sequential phases of life—learning, earning, and retiring—don’t account for the complexity of demographic shifts. To age gracefully across a multiplicity of life phases, people must develop financial literacy at younger ages. This paper proposes a redesign of financial educational services between financial advisors and first-time clients using a Service-Behavior-Engagement (SBE) framework. We propose an immersive, multisensory service design kit, Design for Longevity (D4L), which includes tangible artifacts to facilitate experimentation, vulnerable conversations, and purposeful play: Longevity Planning Blocks, cards, and an interactive canvas. To test the kit, we conducted a 30-minute demonstration, followed by the think-aloud research method for participant feedback. Key contributions include: (1) enhancing financial literacy through purposeful play, (2) integrating the game element into financial planning education and services, and (3) recognizing that designing for engagement is as critical as designing for solutions.
Keywords
education; financial literacy; design for longevity; financial planning service
DOI
https://doi.org/10.21606/drs.2024.364
Citation
Lee, S., F. Coughlin, J., Hodara, S., and C. Yang, M. (2024) Enhancing Financial Education for Longevity through Service Design, in Gray, C., Ciliotta Chehade, E., Hekkert, P., Forlano, L., Ciuccarelli, P., Lloyd, P. (eds.), DRS2024: Boston, 23–28 June, Boston, USA. https://doi.org/10.21606/drs.2024.364
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Conference Track
Research Paper
Included in
Enhancing Financial Education for Longevity through Service Design
As populations live longer, the traditional sequential phases of life—learning, earning, and retiring—don’t account for the complexity of demographic shifts. To age gracefully across a multiplicity of life phases, people must develop financial literacy at younger ages. This paper proposes a redesign of financial educational services between financial advisors and first-time clients using a Service-Behavior-Engagement (SBE) framework. We propose an immersive, multisensory service design kit, Design for Longevity (D4L), which includes tangible artifacts to facilitate experimentation, vulnerable conversations, and purposeful play: Longevity Planning Blocks, cards, and an interactive canvas. To test the kit, we conducted a 30-minute demonstration, followed by the think-aloud research method for participant feedback. Key contributions include: (1) enhancing financial literacy through purposeful play, (2) integrating the game element into financial planning education and services, and (3) recognizing that designing for engagement is as critical as designing for solutions.