B. LAREAU, C. PRINZ, L. SCHERGER, A. STAHL, K. THOMAS, K. WHITE
“My parents didn't teach me much about savings.”
“I learned small things from him [my dad] but not really more than I should've.”
“I learned saving on my own, my mom just said save money and don't spend it.”
Enable parents to prepare their children for financial independence using allowance as an educational tool
Smart Allowance dynamically introduces rewards and incentives to teach children how to handle their finances responsibly; an educational experience as unique as themselves
Purchased spending data
USAA member spending/saving data
Cluster analysis of spending/saving behavior combined with domain expert advice
A/B test rewards/incentives for kids
- Purchase a data set about how parents allocate money for their children
- The user’s previous spending habits - what the child has spent and what the parent has given the child
- Pre-training will need to be done on the advice giving system to identify categories of spenders and give personalized
- Removes the human work of creating and curating sample budgets. Only one to two screens to adjust settings for the parents. Simple ML curated choices are presented
- Are we fostering a dependence on an application they might not have in the future?
- What if the app gives poor advice to the parents or gives the wrong advice for a certain situation?
- What if the app never reaches an ‘equilibrium state’ of healthy spending and kids are getting cycled through different spending profiles?
- Who decides what good advice is?
- What happens if the software provides really bad advice?
- Is there a way to game this system to cheat out rewards with suboptimal spending habits (ex. Spending poorly one week and very well the next to claim a reward that requires huge changes in progress)
- Are we breeding children that will become obsessed with money/greedy?
- Does our product focus so much on rewards that no attention is spent on actually learning