Research Article
A Budget Setting Design Intervention for Reducing Personal Expenses for Chinese Young Generation
@INPROCEEDINGS{10.1007/978-3-030-73426-8_25, author={Yuxiang Yan and Huaxin Wei and Jeffrey C. F. Ho and Analyn Yap}, title={A Budget Setting Design Intervention for Reducing Personal Expenses for Chinese Young Generation}, proceedings={Interactivity and Game Creation. 9th EAI International Conference, ArtsIT 2020, Aalborg, Denmark, December 10--11, 2020, Proceedings}, proceedings_a={ARTSIT}, year={2021}, month={7}, keywords={Spending control Behavioral economics Personal finance Interaction design}, doi={10.1007/978-3-030-73426-8_25} }- Yuxiang Yan
Huaxin Wei
Jeffrey C. F. Ho
Analyn Yap
Year: 2021
A Budget Setting Design Intervention for Reducing Personal Expenses for Chinese Young Generation
ARTSIT
Springer
DOI: 10.1007/978-3-030-73426-8_25
Abstract
In China, the young generation faces the problem of low savings, partially due to their lack of self-control in monetary spending. This paper would like to provide a design solution to reduce this demographic’s spending based on a literature review covering such behavioral economics theories as mental accounting and prospect theory. A quantitative research method consisting of surveys and experiments were conducted to collect design insights from users. Our proposed design is a budget setting and spending tracking system in the form of a mobile application and a smartphone case. This system uses a relational display of value and cost to primarily help users reduce spending by setting up a limited budget and facilitate the recording of transactions. Based on user evaluation of the initial prototype, we reflect and summarize a set of strategies for future design for personal finance .