The Money Machine: Combining Information Design/Visualization with Persuasion Design to Change Baby Boomers’ Wealth Management Behavior

  • Aaron Marcus
Part of the Human–Computer Interaction Series book series (HCIS)

Abstract

Finding a life-enhancing and wealth-preserving way of life is a twenty-first century global challenge, especially in the USA, where baby boomers reaching 65 are considering how to manage, preserve, grow, and use their lifetime financial assets. Baby boomers now constitute 40 % of the US population, controlling 67 % of the nation’s wealth. As they approach retirement, they are facing important decisions about their present and future.

Wealth management information, products, and services are available to increase financial awareness and propel changes by monitoring investments. Unfortunately, most of these tools do not focus on innovative data visualization. Further, they are often targeted to the PC/Web. Mobile solutions are emerging, but many baby boomers are not as familiar as their children and grandchildren with mobile-based as well as Web-based financial management.

Lastly, these tools lack effective persuasive techniques to convert baby boomers to safe and reliable action plans for preserving wealth in the face of economic and health-related uncertainty. While communicating critical data helps build awareness, it does not automatically effect behavioral changes. The question then becomes: How can we better motivate, educate, and persuade people to manage their finances, manage asset consumption, and preserve their legacy for future generations?

The Money Machine project of 2011 researched, analyzed, designed, and evaluated powerful ways to improve behavior regarding personal wealth and finances. The project intends to persuade and motivate people to reduce their asset consumption and increase the longevity of available funds by means of a well-designed mobile phone application concept prototype (with associated Web portal): the “Money Machine.”

The author’s firm has designed and tested analogous application prototypes in the recent past: The Green Machine aimed to change energy conservation behavior in 2009. The Health Machine application aimed to prevent obesity and diabetes through better behavior regarding nutrition and exercise in 2010. The Money Machine uses similar principles of combining information design/visualization and persuasion design. AM+A’s presentation and this chapter explain the development of the Money Machine’s user interface, information design, information visualization, and persuasion design. They also showcase the results and lead to the next steps of research and development.

Keywords

Obesity Europe Income Marketing Expense 

Notes

Acknowledgments

The author thanks his AM+A Associates, Designer/Analysts: Hélène Savvidis, Catherine Isaacs, Chris Chambers, Carlene O’Keefe, and Tim Thianthai, for their significant assistance in planning, research, design, analysis, and documentation of the Money Machine. The author also thanks Lucas Lima, AM+A Designer/Analyst for his persona drawings.

The author acknowledges subsequent publications about the Money Machine:

Marcus A (2012) The money machine: helping Baby Boomers Retire. User Experience Magazine, 11:2, pp 24–27

Marcus A (2013) The money machine. Inf Des J 20(3):228–246

Further Reading

  1. AARP Bulletin, July–Aug. 2011, 52nd ed., sec. 6. Print.Google Scholar
  2. AVA Book (2005) Designing for small screens. AVA Publishing SAGoogle Scholar
  3. Budvietas R (2011) Baby Boomers use social media differently than generation X and Y, 12 Jan 2011. Web. http://www.sexysocialmedia.com/baby-boomers-use-social-media-differently-than-generation-x-and-y/
  4. Carracher J (2011) How Baby Boomers are embracing digital media, 6 Apr 2011. Web. http://mashable.com/2011/04/06/baby-boomers-digital-media/
  5. Cialdini RB (2001) The science of Persuasion. Sci Am 284:76–81CrossRefGoogle Scholar
  6. Coughlin J (2011) Why US Baby Boomers are slow to buy smart phones: Technophobes or value buyers?, 13 Apr 2011. Web. http://bigthink.com/ideas/38209
  7. Credit Loan. Too big to fail: inside America’s economic downfall. Web. http://www.creditloan.com/blog/2011/06/28/too-big-to-fail-inside-americas-economic-downfall/
  8. Fidelity (2010) Fidelity enhances iPhone and iPod touch mobile app with access to workplace retirement plans, 22 June 2010. Web. http://www.fidelity.com/inside-fidelity/employer-services/fidelity-enhance-iphone-and-ipod-touch-mobile-app
  9. Hartman B (2011) Retirement plan – alarming statistics of middle-income Baby Boomers postponing retirement reported, 2 June 2011. Web. http://starglobaltribune.com/2011/retirement-plan-alarming-statistics-of-middle-income-baby-boomers-postponing-retirement-reported-9202
  10. Junior Achievement. Junior Achievement Programs. Web. http://www.ja.org/Programs/programs.shtml
  11. Lampa J (2009) 10 ways financial advisors can attract Baby Boomers in 2010, 25 Nov 2009. Web. http://www.producersweb.com/r/pwebmc/d/contentFocus/?pcID=99aebaf67fa527fec8cffb4286c7aa70
  12. Jones M, Gary M (2006) Mobile interaction design. Wiley, HobokenGoogle Scholar
  13. Juha L, Antti A, Pertti H, Ilkka S (2007) Personal content experience, managing digital life in the mobile age. Wiley, HobokenGoogle Scholar
  14. Lighthouse International. Big type is best for aging Baby Boomers. Web. http://www.lighthouse.org/accessibility/design/accessible-print-design/big-type/
  15. Norman J (2010) Boomers joining social media at record rate, 16 Nov 2010. Web. http://www.cbsnews.com/stories/2010/11/15/national/main7055992.shtml
  16. Orlov L (2010) AARP: Baby Boomers are not comfortable with the internet – really? 10 June 2010. Web. http://www.ageinplacetech.com/blog/aarp-baby-boomers-are-not-comfortable-internet-really
  17. Perez S (2010) Boomers slowly joining the mobile web, 4 Mar 2010. Web. http://www.readwriteweb.com/archives/boomers_slowly_joining_the_mobile_web.php
  18. Rao L (2011) Flurry: time spent on mobile apps has surpassed web browsing, 20 June 2011. Web. http://techcrunch.com/2011/06/20/flurry-time-spent-on-mobile-apps-has-surpassed-web-browsing/
  19. Samsung Electronics (2010) Persuasive money life. SAIT, Computer Science Lab, Future Experience Part, TorontoGoogle Scholar
  20. Simlinger P (2011) Editor. Inf Des J. Special Issue on Financial Information 19(3):203–279Google Scholar
  21. Six J (2010) Designing for senior citizens/Organizing your work schedule, 17 May 2010. Web. http://www.uxmatters.com/mt/archives/2010/05/designing-for-senior-citizens-organizing-your-work-schedule.php
  22. University of Maryland. Visualization. Web. http://www.cs.umd.edu/hcil/research/visualization.shtml
  23. Usability Professionals’ Association. Web. http://www.upassoc.org/
  24. Weiss S (2002) Handheld usability. Wiley, HobokenCrossRefGoogle Scholar

References

  1. AARP (2010) Approaching 65: a survey of Baby Boomers turning 65 years old. AARP, WashingtonGoogle Scholar
  2. Fogg BJ, Eckles D (2007) Mobile persuasion: 20 perspectives on the future of behavior change. Persuasive Technology Lab, Stanford University, Palo AltoGoogle Scholar
  3. Marcus A (2011) Gaming the user experience. User Exp Mag 10(4):32Google Scholar
  4. Marcus A (2012) The money machine: helping Baby Boomers retire. User Exp Mag 11(2):24–27Google Scholar
  5. Marcus A (2013) The money machine. Inf Des J 20(3):228–246Google Scholar
  6. Marcus A, Jean J (2009) Going green at home: the green machine. Inf Des J 17(3):233–243Google Scholar
  7. Marcus A, Dumpert J, Wigham L (2011) User-experience for personal sustainability software: determining design philosophy and principles. In Proceedings of design, user experience, and usability conference 2011, Orlando, FL, August 2011. Theory, Methods, Tools and Practice. Lecture Notes in Computer Science, vol 6769, 2011, pp 172–177. Springer Publishers, New YorkGoogle Scholar
  8. Marcus A, Dumpert J, Wigham L (2014) User-experience for personal sustainability software: applying design philosophy and principles. In: Proceedings of design, user experience, and usability conference 2014, Iraklion, Crete, Greece, June 2014. User Experience Design for Everyday Life Applications and Services. Lecture Notes in Computer Science, vol 8519, 2014, pp 583–593. Springer Publishers, New YorkGoogle Scholar
  9. Maslow AH (1943) A theory of human motivation. Psychol Rev 50:370–396CrossRefGoogle Scholar
  10. Newman R (2010) Why Baby Boomers are bummed out, 29 Dec 2010. US News and World ReportGoogle Scholar
  11. Social Security Administration (2011) Fast facts & figures about social security, 2011. SSA Publication No. 13–11785. SSA Office of Retirement and Disability Policy, Office of Research, Evaluation, and Statistics, Washington, DCGoogle Scholar
  12. Wang SS (2014) In tests, scientists try to change behaviors. Wall Street Journal, 28 July 2014. Retrieved from Wall Streen Journal Online, http://online.wsj.com. Checked 04 October 2014

Copyright information

© Springer-Verlag London 2015

Authors and Affiliations

  • Aaron Marcus
    • 1
  1. 1.Aaron Marcus and Associates (AM+A)BerkeleyUSA

Personalised recommendations