Financial Literacy refers to the set of skills and knowledge that allows an  individual to make informed and effective financial decisions which  influences general well-being and overall quality of life. The target users for  this project are young migrant salaried individuals of Mumbai, belonging to  the lower-income strata, who “earn enough to stay afloat but not enough to  save”. These individuals are forced to start working at a very early age due  to poor financial condition of their families. A chronic problem that they face  during their working lives is the exhaustion of income without their  knowledge of where all the money went, leaving them without any funds to  save. Primary research has identified that - due to the lack of expense  tracking habit, the concerned individuals are unable to get a global view of  their incoming and outgoing cash flow, which prevents them from  identifying the high expense streams and thus plannning necessary action to cut  down expenses.

In addition, these young individuals have family  responsibilities, personal ambitions and dreams like - starting a business,  learning a new skill, marriage of sisters, repairing or constructing their  homes, agricultural requirements etc. Due to non-existent savings, these  responsibilities often lead to financial shocks (sudden requirement of funds)  and that is when the individual or his family resorts to loans from mostly  rural community funds, thus incurring debt and interest rates which further  cuts down on their incomes, which delays or impedes achieving their  personal dreams.  In this project I propose a service that allows young migrant individuals to  budget and track expenses digitally, while steadily saving for  personal/family goals with other family members in a collaborative manner.  The service leverages on existing financial literacy infrastructure i.e. NGOs,  content creators, finance experts etc. to provide financial tips, information  and workshops aligned with an individual's personal and family saving goals. 

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• Service Design for Financial Literacy......
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