This week I began research for my idea
In a tutorial some advice was given that should try target my app at a certain age range. Initially I was unsure as I wanted my finance app to be available for everyone to use no matter the age but after some thought I thought it would be a good idea as it would allow me to focus on one user group and when my theoretical project expands I can then incorporate other groups of people.
Market Research
Age Range – 16 to 24
- There is about 1.2 billion young adults in the world
- A significant number (75%) say that most of their financial understanding and knowledge comes from their parents. That number increases to 88% when those who say they are self-taught are included. Only 8% cite school as their main source of financial education
- The percentage who say they worry about money remains high at 67% (2019: 69%)
– That increases to 82% in the 17–18 age group (2019: 82%) - 59% say that Covid-19 has made them feel more anxious about money
- 83% want to learn more about money and finance in school – a 1% increase compared to last year.
What would young adults like to learn more about?
- Financial products – such as mortgages, pensions, loans and credit cards – along with budgeting and debt management came top, followed closely by tax
– 77% said they hadn’t received any information about tax in school (2019: 78%)
– 41% do not know or are unsure how a student loan works (2019: 37%)
– 32% would like to learn more about pursuing a career in the finance sector.
Learning more about the statistics related to young adults and finance I realised that there is a market need for a financial app like the one I have in theory as it can help young adults reach financial stability and take control of their lives.