Empowering Financial Wellness: A Case Study on Mpower
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Competitive Analysis
User Research
Information Architecture
Design System
Wireframing
Prototyping
Content Strategy
AI-Driven UX Design
The "Why"
Mpower is designed with a mission to bridge the financial literacy gap for young adults, low-income individuals, and gig workers—groups often overlooked by traditional financial education and tools. This app isn’t just about budgeting or tracking finances; it’s about equipping people to take charge of their financial futures confidently.
Vision
In the United States, financial literacy rates are alarmingly low, and many existing banking and budgeting tools don’t meet the needs of users with limited financial knowledge.
Context
I wanted to design a tool that not only tracks finances but empowers people to understand and manage their money confidently. This project is about fostering financial well-being for those who need it most.
Inspiration
The Goal
Through a combination of financial tools and educational content, Mpower aims to:
Research and Insights
To validate Mpower’s purpose, I conducted a literature review, revealing statistics that underscore the need for financial literacy tools:
These insights revealed a clear need for a tool that goes beyond tracking expenses, actively educating users and helping them build financial resilience.
Literature Review
To gain a better understanding of our users, I conducted interviews with 10 individuals within our target demographics. Here are some key insights, supplemented by user quotes that illustrate the depth of their needs:
User Interviews
I reviewed existing financial tools and analyzed gaps that Mpower could address:
Mint: Great for tracking but overwhelming with ads and lacking educational content.
YNAB: Excellent for budgeting but complex and difficult for beginners to navigate.
Acorns: Provides micro-investing, but lacks a strong educational component to empower users in understanding their investments.
The market lacks an app that combines intuitive budgeting and tracking with strong educational resources tailored for underserved demographics. Mpower fills this void by merging financial guidance with practical tools to improve financial stability.
Competitor Analysis
Americans don’t have enough savings to cover a $1,000 emergency expense
56%
Americans say high school didn’t adequately prepare them to manage their money
88%
Americans turns to high-cost borrowing options like payday loans due to a lack of financial understanding
1 in 4
Provide users with resources and guidance that make financial concepts easy to understand and apply
Empower users to manage their budgets, savings, and debts with confidence, reducing reliance on high-cost borrowing options
Build financial resilience in users by instilling skills that support long-term financial health
4 out of 10 users expressed difficulties in consistently sticking to a budget due to unexpected expenses or income variability.
Struggles with Budgeting and Sticking to It
"I start with good intentions but tend to go over budget, especially during sales or events."
— Lauren, 21, College Student
3 out of 10 users cited irregular income as a significant barrier to financial planning and savings, especially among gig workers and freelancers.
Inconsistent or Irregular Income
"Some months are great, others not so much. It makes planning ahead difficult."
— Sarah, 35, Freelance Graphic Designer
3 out of 10 users find it challenging to save, often due to tight budgets and the lack of an emergency fund.
Difficulty Building Savings and Emergency Funds
"It's hard to save anything. Every dollar I earn goes toward necessities."
— Jasmine, 30, Single Mother
4 out of 10 users mentioned feeling overwhelmed by their financial situation, particularly when managing debt or unexpected expenses.
Overwhelm and Financial Stress
"Yes, especially when I think about my student loans. The amount I owe feels huge, and I'm not sure how I'll pay it off."
— Emily, 22, Recent Graduate
4 out of 10 users expressed a lack of confidence in their financial knowledge, especially regarding credit, debt, and investing.
Limited Financial Knowledge
"Investing. I know I should start thinking about retirement savings, but I don't understand how stocks or mutual funds work."
— Emily, 22, Recent Graduate
Low-income, unbanked, and minority communities often lack financial literacy resources, limiting access to informed money management.
Low financial literacy often leads people to rely on high-cost borrowing methods, which can quickly add up and create cycles of debt and stress.
32% of workers run out of money before payday, showing a need for budgeting tools to help stretch income and prepare for emergencies.
Financial illiteracy is often passed down, with 87% of teens lacking basic financial understanding, leaving them unprepared for financial challenges as adults.
Target Users
This group needs straightforward tools and clear advice to help them manage debt, build good financial habits, and work toward long-term goals without feeling overwhelmed.
Needs
With little prior experience in financial management, they face the challenge of budgeting and saving for the first time.
Challenges
Young adults, usually between 18-25, are at the start of their financial journeys. They’re often balancing student loans, everyday expenses, and the pressure to save for the future while navigating new responsibilities in school or their first jobs.
Who they are
Young Adults and Students
They often lack the resources to break out of this cycle and could benefit from simple, accessible tools that make it easier to budget, save incrementally, and learn to manage debt without feeling judged or excluded.
Needs
With limited access to traditional banking services, they may rely on high-interest loans for emergencies, making money management more of a struggle for survival than planning.
Challenges
Many low-income individuals and families live paycheck to paycheck, where even small financial disruptions can have significant impacts.
Who they are
Low-Income Individuals
This group needs flexible financial management tools that accommodate their unpredictable earnings, offering ways to save automatically, track expenses, and prepare for tax season even when income varies from month to month.
Needs
They juggle multiple gigs while trying to set aside enough for taxes, manage irregular expenses, and plan for the future.
Challenges
Gig workers and freelancers—those working without steady paychecks—experience frequent income fluctuations, making it challenging to plan financially.
Who they are
Gig Workers/Freelancers
Feature Prioritization
Based on our research insights, the following features were prioritized to address the most pressing needs of our target users:
Insight
Users often struggle with creating and sticking to a budget, especially with fluctuating income.
Feature
A simple, flexible budgeting tool that adapts to variable income levels and provides personalized tips to stay within spending limits.
Budgeting Assistance
Insight
With 61% of Americans unable to cover a $1,000 emergency, building a safety net is critical.
Feature
Automated savings suggestions that encourage small, regular contributions toward an emergency fund, based on individual income patterns.
Emergency Savings Goal
Insight
Many users feel overwhelmed by debt and need structured guidance.
Feature
Tools to help users track debt repayment progress, prioritize high-interest debts, and explore payment strategies.
Debt Management Tools
Insight
Freelancers and gig workers face income fluctuations that make traditional financial planning difficult.
Feature
Options to adjust budgets dynamically and set aside money for taxes, with insights on managing cash flow through variable earnings.
Income Variability Support
Insight
Limited financial literacy leaves many users unaware of key money management strategies.
Feature
Integrated, bite-sized tips and educational content tailored to user profiles, covering basics like credit building, investment, and savings strategies.
Financial Education Tips
Prototype
