A phone application that allows young adults to better manage their money through a visual representation of their expenditure, allowing them to be more responsible consumers.
Based on our research, the use of cashless payment among DBS customers within 18 to 35 years of age, in Singapore, have shot up by 60% this year compared to in 2020. At the same time, only 40% of those within 18 to 24 years of age are aware of their spending.
Thus, Squeez aims to address the need for better financial management, especially in today’s increasingly cashless society. This is specifically for our target audience of young adults in Singapore, aged from 18 to 25, with a large proportion of this age group still undergoing tertiary studies, and not yet financially independent.
Through the use of Squeez, we hope for our target audience to adopt better spending habits by being more aware of their spending. When users adopt better spending habits, they are able to see benefits in their savings and financial status in the long run.
The digitalisation of money today has largely increased its fluidity, to the extent where we are less likely to feel its weight and consequence. While we are unable to mimic the physical weight of money, we have instead embraced the visual weight of money. Such is done by transforming the numericality of money into something more tangible, like a blob that grows in accordance to its value. Its weight is further emphasised by showing tension when the blob interacts with the screen, which represents their spending boundary, and other blobs, which represent other transactions. Thus, by visually displaying the tightness of one’s financial situation, we hope to put our users in a Squeez, to encourage more responsible spending habits.