Imagine a credit card to empower your children with the financial knowledge they need for a money-smart future. Coin introduces a low-interest, no fee credit card. Establishing a solid financial foundation during formative years enables children to develop healthy habits and reach future financial goals.
Studies show that parents frequently dread discussing finances with their children. It’s a topic rarely taught early or thoroughly enough – and leads to future financial challenges and illiteracy. Coin is looking to encourage the conversation. Read more to learn about an in process passion project.
Research + Validation
44% of Americans would have trouble coming up with $400 to cover an emergency expense, and a third of Americans have $0 saved for retirement.
Coin establishes healthy spending and saving habits so a child can build financial intelligence.
69% of parents have some reluctance when it comes to talking about money with their children. And only 23% of kids say they talk with their parents frequently about money.
Coin helps parents navigate the financial conversation.
Those who cannot pay in cash, 45% use a credit card, frequently with high interest rates. About a quarter borrow from friends or family, and another 27% sell items or use a payday loan to pay the expense.
Coin encourages financial flexibility without high-interest rates.
Color Development
Primary and Secondary treatments. The colors are intentionally muted primary colors for a vibrant and familiar personality.
Typeface Development
Utilized Poppins as base typeface for both display and body copy. Below is a showcase of different ways to structure content.
Solution
To create a credit card and platform that encourages conversations between parents and children about money. Teach life long lessons in an engaging and approachable way that will benefit their future financial health and independence. Enable parental control and oversight, as well as establish rewards for intelligent spending and financial comprehension.
Rationale
As soon as children are old enough to spend money (6-8 yrs), start explaining saving too. Learning the value of money management early on will enable smart financial decisions in the future.
Results
Learning Opportunities Built-In
In addition to the low-interest rate for the Coin card, parents can select a “Parent-Paid Interest” for each child’s card. This will simulate interest for the child and teach a valuable less about compounding interest.
Parental Engagement and Control
From intuitive dashboards to goal-setting, parents can trust their children will learn to navigate their finances. Parents can select the type of/specific stores where their children can spend. With real-time notifications, parents can see where their children are spending and provide instant feedback.
Brand Awareness
As parents adopt Coin as a way to teach their children financial independence, parents will share with one another. Word-of-mouth conversions will happen naturally. Coin will become a household name.
First experiences imprint on our memories. The emotional connection to one’s first credit card will carry into adulthood. Coin users will convert into startup/e-commerce vertical adoption.
What I Worked On
Strategy
Market Research
Development
B2C
Engagement
Branding
Concepting
Research
Tone of Voice
Messaging
Copywriting
Design
Art Direction
UI Design
Activation
Social Strategy
Social Reach
Sources:
https://www.marketwatch.com/story/nearly-half-dont-have-the-cash-to-pay-for-a-400-emergency-fed-survey-finds-2017-05-19
http://money.com/money/4258451/retirement-savings-survey/
According to a 2017 T. Rowe Price survey,