A Budget Setting Design Intervention for Reducing Personal Expenses for Chinese Young Generation

Yuxiang Yan, Huaxin Wei, Jeffrey C. F. Ho, Analyn Yap

Research output: Chapter in book / Conference proceedingConference article published in proceeding or bookAcademic researchpeer-review

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.
Original languageEnglish
Title of host publicationInteractivity and Game Creation - 9th EAI International Conference, ArtsIT 2020, Proceedings
Subtitle of host publication9th EAI International Conference, ArtsIT 2020, Aalborg, Denmark, December 10–11, 2020, Proceedings
EditorsAnthony Brooks, Eva Irene Brooks, Duckworth Jonathan
Place of PublicationCham
PublisherSpringer
Pages409-424
Number of pages16
ISBN (Electronic)978-3-030-73426-8
ISBN (Print)978-3-030-73425-1
DOIs
Publication statusPublished - 10 Apr 2021

Publication series

NameLecture Notes of the Institute for Computer Sciences, Social-Informatics and Telecommunications Engineering, LNICST
Volume367 LNICST
ISSN (Print)1867-8211
ISSN (Electronic)1867-822X

Keywords

  • Behavioral economics
  • Interaction design
  • Personal finance
  • Spending control

ASJC Scopus subject areas

  • Computer Networks and Communications

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