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CO-CREATE FINANCIAL PLANNING SERVICES FOR AN AGING POPULATION: DESIGNERS' PERSPECTIVES

Published online by Cambridge University Press:  19 June 2023

Sheng-Hung Lee ,
Joseph F. Coughlin ,
Maria Yang ,
Olivier L. de Weck ,
Chaiwoo Lee ,
Eric Klopfer  and
John Ochsendorf
Sheng-Hung Lee*
Affiliation:
Massachusetts Institute of Technology Department of Mechanical Engineering; MIT AgeLab
Joseph F. Coughlin
Affiliation:
MIT AgeLab
Maria Yang
Affiliation:
Massachusetts Institute of Technology Department of Mechanical Engineering;
Olivier L. de Weck
Affiliation:
Massachusetts Institute of Technology Department of Aeronautics and Astronautics;
Chaiwoo Lee
Affiliation:
MIT AgeLab
Eric Klopfer
Affiliation:
Massachusetts Institute of Technology Comparative Media Studies/Writing;
John Ochsendorf
Affiliation:
Massachusetts Institute of Technology Department of Architecture; Massachusetts Institute of Technology Department of Civil and Environmental Engineering;
*
Lee, Sheng-Hung, Massachusetts Institute of Technology, United States of America, [email protected]

Abstract

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The purpose of the study is to understand the design considerations for creating a provocative financial planning toolkit with services to help facilitate more constructive and meaningful conversations to build trust and empathy between financial advisors and senior people. We conducted four rounds of 60-minute co-creation workshops with eight invited participants from various design disciplines to work in pairs to generate four preliminary concepts suggesting design considerations. We used ATLAS.ti to do qualitative research analysis under an NCT (notice, collecting, thinking) model to identify 22 codes synthesized from verbal and behavioral data. The study concluded with three design principles: 1) the concept of financial planning is about people's expectation management, 2) a financial planning toolkit is designed under service systems, and 3) the tailor-made and modular design features can give financial advisors more flexibility to engage with senior people and enable them to share more about their life stories and needs to recommend financial planning packages precisely according to personal preference, health conditions, and financial status.

Keywords

Service designDesign processFinancial planningAgingProduct-Service Systems (PSS)
Type
Article
Information
Proceedings of the Design Society , Volume 3: ICED23 , July 2023 , pp. 947 - 956
Creative Commons
Creative Common License - CCCreative Common License - BYCreative Common License - NCCreative Common License - ND
This is an Open Access article, distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives licence (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is unaltered and is properly cited. The written permission of Cambridge University Press must be obtained for commercial re-use or in order to create a derivative work.
Copyright
The Author(s), 2023. Published by Cambridge University Press

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