2021
Finance and Gender : an investigation into gender disparity
Design for change
System design
Design research
PROJECT CONTEXT
Duration -
Role -
Module -
Guide -
2.5 months (10 weeks)
Student, M.Des. Graphic Design
NID Design Project 3
Tanishka Kachru (NID)
ROLES & RESPONSIBILITIES
Scope of work
Design thinking, Investigative research, User interviews, IDEO's design kit, System design, Gigamap
BACKGROUND
Financial Literacy is the understanding of finance-related concepts that enhance an individual's ability to make informed decisions about personal financial goals. In India, a significant portion of the young population lacks this knowledge. When looked into it from a gender perspective, Financial Literacy rates were even lower among women, highlighting a gender-based financial gap in society.
This project identifies Financial Behavior as a crucial life skill that requires awareness and adaptation among women, to help bridge the existing disparity. It considers system-level design interventions, using investigative research methods.
Finance and Gender : an investigation into gender disparity
2021
Design for change
System design
Design research
DESIGN APPROACH
The project started with a series of inquiries like-
• What are the various reasons, social, cultural, economic, behavioural, etc., for the gender disparity to exist?
• What is Financial Literacy? How is Financial literacy different from Financial Education and Financial Behaviour?
• Is the concept of Financial Literacy known to people? etc.
Going forward, it utilised a variety of-
-
Research methodologies like design thinking, secondary research, surveys and interviews with the expert and focus groups, Global Gender Gap report 2021, and
-
Analytical toolkits like IDEO's Impact Ladder, Multi-level canvas by System Innovations,
to uncover insights, culminating in an enriching learning journey that led to the validated design solutions.
DESIGN APPROACH
The project started with a series of inquiries like-
• What are the various reasons, social, cultural, economic, behavioral, etc., for the gender disparity to exist?
• What is Financial Literacy? How is Financial literacy different from Financial Education and Financial Behavior?
• Is the concept of Financial Literacy known to people? etc.
Going forward, it utilised a variety of-
- Research methodologies like design thinking, secondary research, surveys and interviews with the expert and focus groups, Global Gender Gap report 2021, and
- Analytical toolkits like IDEO's Impact Ladder, Multi-level canvas by System Innovations,
to uncover insights, culminating in an enriching learning journey that led to the validated design solutions.
BACKGROUND
Financial Literacy is the understanding of finance-related concepts that enhance an individual's ability to make informed decisions about personal financial goals. In India, a significant portion of the young population lacks this knowledge. When looked into it from a gender perspective, Financial Literacy rates were even lower among women, highlighting a gender-based financial gap in society.
This project identifies Financial Behavior as a crucial life skill that requires awareness and adaptation among women, to help bridge the existing disparity. It considers system-level design interventions, using investigative research methods.
PROJECT CONTEXT
Duration - 2.5 months (10 weeks)
Role - Student, M.Des. Graphic Design
Intent - NID Design Project 3
Guide - Tanishka Kachru (NID)
ROLES & RESPONSIBILITIES
Scope of work - Design thinking, Investigative research, User interviews, IDEO's design kit, System design, Gigamap
RESEARCH SUMMARY
The project adopted a participatory approach, engaging the target group of women- the young women from the NID student community. This approach was pertinent, considering these budding designers were on the cusp of entering the professional realm.
None of us see the system. We see our own part based on our background and history. And we all think that we see the most crucial part.
Some of the key validations and findings were:
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Financial literacy in India is profoundly affected by substantial gender-based disparities prevalent in society.
-
Finance is a dry subject. It needs to be taught unconventionally.
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A pull towards learning about financial management needs to be created.
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The practice of learning about money management through trial and error needs to change.
STRUCTURING THE PROJECT
The project was structured using IDEO’s Design Kit- IMPACT LADDER, to understand the near-term and long-term goals of the project and the critical shifts needed to reach the long-term goals.
Immediate short-term goal : Implementing a self-reflective tool that can facilitate changes in women's financial behaviour.
Essential long-term goal : to achieve Financial Independence and self-sustaining plans for future self
CONCEPTS
Mapping of the possible directions of the design deliverables was done, which could be the outcome of this process-driven project with the active participation of the focus group.
From the list of design directions, a systemic/adaptive game-based learning approach (reflective tool) was a preferred direction to be taken, that would lead to designing a gamified learning platform.
Interactive approach
Game-based learning
Reflective tool-kit
Systemic design
Interactive approach
Game-based learning
Reflective toolkit
System design
WHY A GAME DESIGN?
According to Jane McGonigal (a game designer from America), games are a powerful platform for change.
A game design is a system design in which players engage in an artificial conflict, defined by rules, that results in a quantifiable outcome. According to LeBlanc's definition, it involves the interplay of Mechanics, Dynamics, and Aesthetics. This framework facilitates a passive way of learning the experience by blending motivations and guidance.
When the design intervention of a game-based learning platform is mapped onto an Iceberg Model, it becomes possible to envision an optimistic outcome. This could streamline the learning and implementation processes, ultimately fulfilling the long-term objectives of the IMPACT ladder.
The project was selected to be exhibited in RSD11 Symposium | Systemic Design Association : Maps and Exhibits, co-hosted by National Institute of Design.
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TAKEAWAYS
- Learning about the prominently existing form of disparity related to women and money.
- Gaining insights into society's perceptions, dynamics and attitude for money management.
- Leveraging user-centred design interventions at a systemic level that can disrupt the existing landscape & trigger change.
- Meticulously diverging yet streamlining the project scope to capture the expected essence of system design.
TAKEAWAYS
- Efficiently absorbing and managing business requirements and expectations.
- Exhibiting active collaboration and effective communication with cross-functional teams, to achieve project milestones.
- Planning and executing design sprints following agile methodology.
- The pinnacle of this project experience is achieving a balance between user-focused designs and the business's vision.
- Learning about the prominently existing form of disparity related to women and money.
- Gaining insights into society's perceptions, dynamics and attitude for money management.
- Leveraging user-centred design interventions at a systemic level that can disrupt the existing landscape & trigger change.
- Meticulously diverging yet streamlining the project scope to capture the expected essence of system design.