Reframing Financial Well-being for Adolescents

Abstract

The goal of this project was to create a new and meaningful product, using Vision in Product design, and Positive Design methods, that could give the Dutch network of financial support organizations directions for improving the financial well-being of adolescents in 2025. The project was hosted by Wijzer in Geldzaken and Geldfit, who both concern themselves with supporting individuals in navigating the complex and fragmented landscape of personal finances in the Netherlands, in order to further national financial well-being. Following the Vision in Product design method, research was conducted towards the driving forces that make up the future context, by collecting factors, discovering clusters, and finally structuring a worldview that can be used to reveal future experiences and behaviors of adolescents in the context of financial well-being. The key characteristics of this future context have been identified as being overwhelming, with a high likelihood of experiencing personal vulnerability, as well as developing financial vulnerability. Through adherence to the Positive Design Manifesto, further research into economics, and clarification of the designer’s opinions about the future context, the designer takes a position on a desired future society. This position is presented as an ambition for a society that supports the well-being of adolescents, illustrated by a number of transformational values and principles that outline how a focus on human flourishing instead of economic flourishing can be realized. Moreover, four visions, that flow from the ambition, are presented on how to improve the individual and social financial well-being of adolescents in 2025. An illustration of how these visions can be used to create transformative products is presented, by outlining the development of a conceptual product. The product facilitates resilience to financial shame experienced in social situations, through the integration of principles from scientific theory, and the stimulation of maintaining small amounts of debt. Finally, a brief letter of advice intends to help individuals and organizations interested in this work to understand how to apply it for themselves.