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Asset building through rewards-based system: innovative steps to retirement planning

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Asset building through rewards-based system: innovative steps to retirement planning

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Content Running Head: Asset Building Through Rewards-Based System 1
Asset Building Through Rewards-Based System:
Innovative Steps to Retirement Planning
Genevieve Waterman, MS, MASM
Doctoral Capstone Project
Doctor of Social Work
Suzanne Dworak-Peck School of Social Work
University of Southern California
December 2020
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Table of Contents
Executive Summary ........................................................................................................................ 4
Conceptual Framework ................................................................................................................... 6
Wealth Disparities ....................................................................................................................... 7
Income Disparities ...................................................................................................................... 8
Financial Health of Americans ................................................................................................... 9
Emergency Savings ................................................................................................................... 10
Social Significance. ................................................................................................................... 11
Cumulative Inequality Framework. .......................................................................................... 12
Theory of Change ..................................................................................................................... 13
Problems of Practice and Innovative Solutions ............................................................................ 14
Stakeholder Perspective ............................................................................................................ 15
Builds on Existing Evidence ..................................................................................................... 16
Innovation Domain ................................................................................................................... 17
Logic Model .............................................................................................................................. 18
Project Structure, Methodology, and Action Components ........................................................... 19
Design Process .......................................................................................................................... 20
Value Proposition...................................................................................................................... 22
Unintended Consequences ........................................................................................................ 23
Implementation Strategy. .......................................................................................................... 24
Implementation Framework. ..................................................................................................... 25
Implementation Outcomes ........................................................................................................ 26
Financial Plan............................................................................................................................ 28
Personnel/Staffing Costs. .......................................................................................................... 28
Revenue Model. ........................................................................................................................ 29
Alternative Financial Security Campaign ................................................................................. 30
Conclusion .................................................................................................................................... 33
Solution Implications ................................................................................................................ 33
Limitations ................................................................................................................................ 34
Next Steps ................................................................................................................................. 36
References ..................................................................................................................................... 37
Appendix 1: Theory of Change ..................................................................................................... 44
Appendix 2: Logic Model ............................................................................................................. 45
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Appendix 3: Competitive Analysis ............................................................................................... 47
Appendix 4: Design Feature Comparative Analysis ..................................................................... 52
Appendix 5: Prepopulated Goals List ........................................................................................... 53
Appendix 6: User Flows ............................................................................................................... 54
Appendix 7: Failure Points ........................................................................................................... 56
Appendix 8: Wireframes ............................................................................................................... 57
Appendix 9: Prototype .................................................................................................................. 60
Appendix 10: Implementation Pre-Survey ................................................................................... 83
Appendix 11: Implementation Follow-Up Survey ....................................................................... 84
Appendix 12: Implementation Gantt Chart ................................................................................... 85
Appendix 13: Implementation Outcomes Utilizing RE-AIM Framework ................................... 86
Appendix 14: Alternative Financial Security System Success Metrics ........................................ 86
Appendix 15: FFYO Funding Model by Retailer Type ................................................................ 87
Appendix 16: Number of Application Visitors by Marketing and Revenue ................................ 87
Appendix 17: Start Up Budget ...................................................................................................... 88
Appendix 18: FFYO Budget ......................................................................................................... 89
Appendix 19: Campaign Structure................................................................................................ 90
Appendix 20. Alternative Financial Security Campaign Infographic .......................................... 91
Appendix 21: Low-Income User Persona ..................................................................................... 92
Appendix 22: AFSS Product Roadmap ........................................................................................ 93

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Asset Building Through Rewards-Based System

Executive Summary
The grand challenge, Build Financial Capability for All, aims to address the issue of
providing vulnerable populations with the opportunities to build financial assets such as
emergency or long-term savings. Disadvantaged individuals are less likely to have the
opportunity to build assets over their lifespan. This affects their abilities to achieve significant
milestones in life such as homeownership, financial security, and a comfortable retirement in
later life. The current financial system penalizes low-income or vulnerable populations, widening
disparities across the lifespan. Given the constraints of the current financial system, it is
important to create and implement solutions that assist low-income populations to build assets
and improve their economic mobility.
This paper will examine various disparities that have contributed to the retirement crisis
and the impetus for change. An alternative financial security system (AFSS) was created to
disrupt the societal inequities that impede vulnerable populations from achieving financial
security throughout their lifespan. The innovative solution was developed to focus on the low-
income working class or “working poor” defined as individuals who hold full-time positions but
earn wages that are below the poverty line. This group has a higher risk to remain in the poverty
cycle and have few opportunities to achieve economic mobility throughout their careers, placing
them in financially vulnerable situations such as living paycheck to paycheck, relying on social
systems to close the gap between income and expenses, and not accumulating savings for
emergencies.
AFSS aims to provide an opportunity for low-income individuals during their prime
earning years (ages 25-45) to participate in financial planning and asset building through the
utilization of rewards programs, thus providing an opportunity to elevate themselves to an
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advantaged state using external factors to advance in the current financial system. The core
components of the alternative financial security system include a digital application with the
development of a rewards-based program, a national network of participating retailers, and the
creation of a limited liability company. The application allows users to create customized
financial goals to improve their financial situation and to receive a reward once their financial
goal has been achieved. The accumulation of completed financial tasks and rewards will provide
support to the user to begin the asset building trajectory of developing financial security,
building short-term or emergency savings, and eventually accumulating savings for long-term
goals or life events.
The design process was comprised of the development of user personas based on
nationally representative administrative data and case studies from volunteer low-income
participants. User flows outlined the tasks and user decisions throughout the experience. Low-
fidelity wireframes were created to replicate the user experience within the app. High-fidelity
mockups, created in consultation with a user experience (UX) designer, represent the final stage
of the design process prior to sending the final requirements to the web developer. The
application aims to utilize a market of hybrid models that approach improving financial
behaviors through gamification. Over time, the innovative solution will be able to identify long-
term trends of savings behaviors such as the development of long-term savings goals. The ability
to identify users who achieve financial security at earlier ages may assist in determining
generational differences of economic mobility.
A minimal viable product (MVP) of the digital application will be available to users in
late summer 2021. Implementation and marketing strategies will identify the successes and
challenges of using digital advertising to encourage low-income populations to participate in
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virtual asset building. Utilizing lessons learned from local and regional implementation, the
digital application will become widely available to low-income populations across the country in
2022 with a national network of participating retailers.
Removing social system inequality for low-income populations may place individuals in
a better financial position to save for short-term and long-term goals such as retirement. The
combination of financial tools and rewards programs is an innovative approach to offset
obstacles in the current retirement system and empower low-income individuals in later life. The
current solutions in the retirement landscape are reactive to the problem, addressing the concerns
of the current retiree population. However, younger generations of retirees need access to
proactive solutions that assist them while there is still time to build assets and reverse their
course to poverty in retirement. Although this solution aims to reduce economic disparities,
additional solutions must be created to disrupt other areas that may affect an individual’s
finances such as the labor market, equal access to employer benefits, and the real estate market.
Conceptual Framework
The grand challenge, Build Financial Capability for All, aims to address the issue of
providing low-income populations with the opportunities and skillsets to build financial assets
such as short- or long-term savings. The 2018 National Financial Capability Study showed
evidence of a new normal where the majority of Americans have settled into a state in which
financial capability and security are no longer improving (Lin, Bumcrot, Ulicny, Mottola, Walsh,
Ganem, Keiffer, Lusardi, 2019). There is a widening disparity among income groups with a
growing inability to save among individuals with incomes below $25,000 (Lin et. al, 2019).
The social norm of a having a leisurely retirement is slowly fading away for older adults
and younger generations across all income groups. A new social norm has been created since the
Great Recession where older adults will likely suffer economic hardship during their retirement
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years. The social norm has remained consistent where the majority of households (78%) headed
by an older adult were financially vulnerable in 2012 (Polivka, 2012). Younger generations are
more likely to become financially insecure in later life as the current retirement system will not
assist in asset building across the lifespan. In 2019, the typical retirement savings account holds a
balance of $40,000 (Oakley & Kenneally, 2019). The number of older adults who rely on Social
Security benefits as their main source of income is increasing; 43% of singles and 23% of
married couples rely on it for 90% of their income. Nearly 15 million older adults are lifted out
of poverty due to this program (Social Security Administration, 2019; Romig, 2020). Therefore,
many older adults are forced to postpone retirement (53%), return to the workforce, live with
friends and family, or become homeless (O’Brien, 2020).
Wealth Disparities. Racial/ethnic minority groups and women are more likely to be
affected by the retirement crisis as they are less likely to develop financial resources in earlier
phases of their careers. Minority workers are more likely to remain in the workforce in later life
as they have not accumulated long-term savings. Historically, women have faced gender
disparities that have been detrimental to their financial security. Another consideration for
women is longer life expectancy requiring additional post-retirement income. Women
traditionally outlive men and therefore receive benefits for a longer period. Women collect
Social Security benefits on average for 20.5 years while men collect benefits for under 18 years
(Miller, Hokenstad, & Berg, 2017).
Social Security benefits play a large role in the economic security of African Americans.
African Americans are more likely to work in physical occupations, increasing the likelihood of
developing a physical disability or experiencing a workplace injury which leads to reliance on
Social Security Disability Insurance (SSDI) (Kijakazi, Smith, & Runes, 2019). The average
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income of African Americans in 2016 was approximately $29,000 compared to $42,000 among
Whites. African Americans have less wealth compared to Whites within financial assets,
retirement accounts, and home equity (Kijakazi et al., 2019).
Income Disparities. Data suggests that all income groups are vulnerable to financial
crisis and cannot live off of their wealth for long periods. Based on the 1998 Survey of
Consumer Finances, Hogarth & Anguelov (2003) found that middle-income households could
sustain their current consumption levels for 3.5 months or at 125% of the Federal Poverty Level
for 9 months. High-income households were also unable to sustain their current consumption
level long-term, the average being two years (Hogarth & Anguelov, 2003). This may lead to the
current number of individuals who would not be able to handle a financial crisis such as a
government shutdown or loss of employment. Twenty years later, the 2018 Survey of Household
Economics and Decision Making showed that 40% of Americans would struggle to pay $400 for
an unforeseen expense. Many respondents said that they would have to borrow money, sell
material possessions, or neglect another bill to make ends meet (Nova, 2019). For individuals
who reported $400 in their bank accounts, many cited debt or prior financial obligations which
prevented them from using the money in their account to pay for the emergency bill. High-
income households are also experiencing this challenge at higher costs as they are obligated to
pay mortgages, student, and installment loans (Nova, 2019).
Financial vulnerability among low- and middle-income populations has been a growing
trend that has been exacerbated by the coronavirus (COVID-19) pandemic. The pandemic has
contributed to a weakened economy and high unemployment rates. At the peak of the pandemic
in May 2020, unemployment rates increased among part-time workers (32%), employees in
service occupations (32.5%), and those employed in the leisure and hospitality industry (40.8%)
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(U.S. Bureau of Labor Statistics, 2020). It is estimated that the number of individuals who have
fallen into poverty are between six to eight million (DeParle, 2020). Unemployment has created
difficulties in paying for household expenses where one in three adults reported difficulty paying
for their expenses. Nearly 11 million renters were more likely to report that they weren’t caught
up on their rent, while food insecurity increased among children (Zippel, 2020).
The unemployment rates also highlight the privilege for workers who are able to telework
compared to workers that are required to report to physical locations. African Americans
(19.6%) and Hispanic/Latinos (14.3%) were less likely to telework due to the pandemic in
September 2020 (U.S. Bureau of Labor Statistics, 2020). Hispanic/Latinos and African
Americans are more likely to experience the financial and health effects of the pandemic. As
discussed in earlier sections, these groups are more likely to be financially vulnerable due to
wage and wealth disparities. The pandemic highlighted their financial disparities where nearly
three-quarters of both populations (73%) reported not having emergency savings to cover three
months of expenses (Lopez, Rainie, & Budiman, 2020). Nearly half (48%) of both populations
reported difficulty paying their monthly bills (Lopez et al., 2020). Long-term effects from the
pandemic have not been measured at this time.
Financial Health of Americans. The Financial Health Network has implemented a
research initiative, U.S. Financial Health Pulse, that monitors the financial health of Americans
over a period of time through consumer surveys and transactional data (Garon, Dunn, Golvala, &
Wilson, 2019). Their baseline survey placed Americans into three financial health tiers:
financially healthy, financially coping, and financially vulnerable. The 70 million (28%) who are
financially healthy are utilizing their money in a manner that allows them to be resilient and
pursue opportunities over time (Garon et al., 2019). The majority of Americans (55% or 138
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million) are categorized as financially coping where they are struggling with some aspect of their
finances (Garon et al., 2019). Finally, there are 42 million people (17%) who are identified as
financially vulnerable due to struggling in all areas of their finances (Garon et al., 2019).
Younger generations are more likely to be scored as financially coping or vulnerable.
More than half of older adults are financially vulnerable or coping whereas only 27% of pre-
retirees (ages 50-64) are financially healthy (Garon et al., 2019). Men were scored higher than
women to be financially healthy (Garon et al., 2019). African Americans, Native Americans, and
Hispanic/Latinos were more likely to be scored as financially vulnerable. However, there was
little difference within the racial/ethnic groups in the financially coping category (Garon et al.,
2019). Only 8% of low-income households (less than $30,000) were scored as financially
healthy. The majority of the households with incomes under $100,000 were scored as financially
coping with similar rates across all populations (56-59%) (Garon et al., 2019).
The survey indicators included measures for spending, saving, borrowing, and planning.
The first indicator showed evidence of the vulnerable state almost half of Americans are in
where 47% reported that their spending equals or exceeds their income (Garon et al., 2019).
These respondents (43%) reported turning to credit cards to make ends meet when spending
exceeds income (Garon et al., 2019). Over half of those scored as financially coping lacked
savings to cover up to three months of expenses while nearly half of the financially vulnerable
reported lacking savings to cover up to one week of expenses (Garon et al., 2019).
Emergency Savings. The 2018 Survey of Household Economics and Decision Making
showed that 40% of Americans would struggle to pay $400 in the case of an emergency. Many
respondents said that they would have to borrow money from family or payday lenders, sell
material possessions, or neglect another bill to make ends meet (Nova, 2019). African Americans
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and Hispanics were more likely to report not being able to pay their current monthly bills
compared to non-Hispanic Whites (Federal Reserve System, 2018). Those with a high school
degree or less also reported higher rates of not being able to pay their monthly bills compared to
those with a bachelor’s degree or higher (Federal Reserve System, 2018). The innovative
solution aims to address this issue among low-income households by providing an opportunity to
build an emergency savings account that can be held within the system and withdrawn when the
user needs to utilize the money for a large purchase such as home renovations, education
expenses, medical bills, or car repairs. The goal of building an emergency account is to allow
users to get out of insecurity by eliminating credit card debt, avoiding predatory lenders, or
keeping material possessions.
Social Significance. The retirement crisis has been building over the past 40 years with
the most recent catalyst being the Great Recession where many older adults were not able to
recover in the job and/or stock market. Chronic low-wage earners continue to struggle to build
short- and long-term savings to cushion themselves from financial shocks. A number of older
adults at or nearing retirement age are finding themselves continuing to work in retirement. One
of the reasons is the rising level of debt per household. According to the Survey of Consumer
Finances, the median total debt for a household headed by an individual age 60 years and older
was $40,000 in 2019 (Farrell, 2019; Survey of Consumer Finances, 2020). The debt among older
adults stems from paying interest on accumulating debt across the lifespan which is represented
across all income groups (Farrell, 2019; Isom, 2015; Chen, 2005).
Over the past twenty years, our society has experienced two financial crises: the Great
Recession and the coronavirus pandemic. Both events negatively affected the economy leading
to increased unemployment rates and lost value on retirement accounts. As a result of the
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pandemic, the number of unemployment claims reached a record high of 20.5 million workers,
figures that have not been seen since the Great Depression (Rainey & Forgey, 2020; Kochhar,
2020). The financial disruptions place workers in vulnerable positions: job loss leads to financial
instability and a roadblock in building retirement security for later life. Although the current
pandemic’s long-term financial effects have not been fully realized, scientists have predicted that
future waves of COVID-19 in combination with the seasonal flu may upend the economy due to
social distancing requirements (Kristof, 2020; Beaubien, 2020; Kelland, 2020).
As unemployment claims continue to rise, the social safety net programs will experience
the burden of providing services to higher volumes of individuals and families. Unemployment
benefits and food assistance programs have experienced distressing levels of need while
providing services to low-income families. For example, Feeding America reported a 70%
increase in food insecurity (Bitler, Hoynes, & Schanzenbach, 2020) as a result of the pandemic.
On the other hand, these benefits are a deterrence for low-income households to build a savings
account as the asset-tests for eligibility penalize savings accounts (Isom, 2015; Chen, 2005).
Once the innovative solution has been implemented, it will provide financial assistance in the
form of gift cards to users in times of need.
Cumulative Inequality Framework. Ensuring retirement security requires the
foundation of a lifespan approach. An integrated lifespan approach, cumulative inequality theory,
will be utilized as the conceptual framework for the innovative solution. Cumulative inequality
theory integrates the key concepts of cumulative advantage/disadvantage theory that posits that
advantage or disadvantage accumulates over the lifespan which results in inequality among
individuals in later life (Ferraro & Shippe, 2009). Under this theory, individuals who are raised
in a low-income household may always be in a disadvantaged position throughout their life. On
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the other hand, cumulative inequality theory focuses on the idea that social systems generate
inequality over the lifespan through demographic and developmental processes. An individual’s
trajectory is influenced by the accumulation of risks, available resources, human agency, and
perceived life trajectory (Ferraro & Shippe, 2009). There are five axioms of cumulative
inequality theory, however, the innovative solution will focus on three axioms using a
gerontological approach:
1. Social systems generate inequality, which is manifested over the life course through
demographic and developmental processes;
2. Disadvantage increases exposure to risk, but advantage increases exposure to
opportunity; and
3. Life course trajectories are shaped by the accumulation of risk, available resources, and
human agency (Ferraro & Shippe, p. 337, 2009).

The innovative solution was created on the basis that individuals who are in
disadvantaged states may not have the opportunity to improve their financial stability through
our current financial and social systems and therefore it is necessary to provide an alternative
system that affords the opportunity to all individuals regardless of age, gender, race/ethnicity, or
income to improve their finances.
Theory of Change. The innovative solution aims to disrupt the inequalities that low-
income or disadvantaged populations may face over their lifetime. The solution will provide an
opportunity for these populations to elevate themselves to being in an advantaged state using
external factors to advance in the current financial system. The solution will target low-income
adults between the ages 25 to 45 to assist in creating savings behavior to improve their financial
security at earlier ages. The creation of the alternative financial security system will provide
financial advantages to users through the accessibility of obtaining rewards for completing
financial tasks. Over time, the innovative solution will be able to identify long-term trends of
savings behaviors such as the development of long-term savings goals. The ability to identify
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users who achieve financial security at earlier ages may assist in determining generational
differences of economic mobility. Reference Appendices 1 and 2 for detailed descriptions of the
short- and long-term goals of the innovative solution.
Problems of Practice and Innovative Solutions
An alternative financial security system (AFSS) will provide an opportunity for low-
income individuals (ages 25-45) to participate in financial planning and asset building through
the utilization of rewards programs. Using the framework of cumulative inequality, the
innovative solution will primarily serve low-income individuals who are more likely to be
financially vulnerable in times of a crisis and have fewer opportunities to build assets throughout
their lifespan. The target group for the implementation phase will focus on low-income working
class individuals better known as “the working poor”. Individuals who fall into this category are
more likely to earn less than twice the federal poverty level. These individuals may be
chronically low-wage earners or have worked in higher earning positions but could not attain
their previous position when returning to the job market especially in an economic downturn
(Mather, 2013). In 2013, the working class made up nearly two-thirds of the labor force (66%)
and is projected to be majority-minority by 2029 for workers between the ages of 25 and 54
(Wilson, 2016).
The working class are more likely to become vulnerable by remaining in the poverty
cycle. The likelihood is that they will never achieve financial security. The devasting effects of
this reality prevents this group from asset building and preparing for retirement. This group will
be less likely to adequately prepare for retirement according to the three-legged stool of
retirement: an employer-sponsored retirement plan, Social Security benefits, and a personal
retirement savings account. The working class will likely need to rely on entitlement programs to
finance their retirement, thereby increasing the burden on our current system. The current trends
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in retirement income show that many older adults (43% of individuals and 23% of married
couples) are relying on one leg of the stool, Social Security, for the majority of their income
(Social Security Administration, 2019). It is essential to encourage individuals and provide
opportunities to build a savings account earlier in life as a method to become financially secure
and also fund their retirement. This task requires motivation and positive reinforcement such as
rewards and incentives to continue building assets across the lifespan.
Stakeholder Perspective. The three main stakeholders for this innovative solution are
traditional and non-traditional banking institutions/credit unions, retailers, and consumers. The
stakeholder analysis is based on findings from recent interviews with potential stakeholders.
Retailers and consumers are excited at the possibility of using the application. Select retailers are
open to participating in the rewards program as an opportunity to encourage long-term
relationships rather than a one-time, transactional relationship with new and existing customers.
Potential users see this app as an opportunity to step outside of the current financial system to
achieve savings. Low-income users are fearful of losing their monthly benefits programs due to
eligibility requirements that prevent them from asset building or receiving a slightly higher
monthly income.
All banks must follow strict regulations imposed by FINRA which prevent them from
entering partnerships or data sharing. On the other hand, traditional banks are seeking
opportunities from community-based organizations and national non-profits to make a positive
impact within vulnerable communities. If data from the prototype shows evidence that it
encourages the unbanked or underbanked populations to create bank accounts, the traditional
banks may be interested in entering a partnership to increase their customer base. Credit unions
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or alternative banks may have more flexibility to partner and develop a strategy for providing
additional services that benefits their customers.
Builds on Existing Evidence. AFSS builds on the current structure of rewards or loyalty
programs offered through retailers to offer opportunities for low-income populations to save
money. An area that currently requires further study is the relationship of building savings as a
result of participating in loyalty programs. At this time, there is little evidence that this
relationship exists other than anecdotal reports from various surveys with a small, non-
representative sample size. Trends from national data vary from retailer to retailer and is not
available to the public, creating a challenge to developing a roadmap for the innovative solution.
It will be essential to build partnerships with retailers for data sharing and developing a revenue
stream model.
There are common misconceptions about the low-income population that influence the
design process. First, there is a misconception that the low-income populations do not have the
ability to save, however, there is evidence that the poor do save (Karlan, Ratan, & Zinman,
2013). In 1998, the median net worth of low-income households was $4,260 compared to the
average household of $71,700 (Hogarth & Anguelov, 2003). Survey respondents indicated that
they were either current savers, usual savers, or both where 26% cited both (Hogarth &
Anguelov, 2003). Approximately one-fourth of the poorest-poor reported spending less than their
income. Additionally, three-fifths stated that they were usual savers (Hogarth & Anguelov,
2003). Hispanic households were more likely to be savers compared to Whites (Hogarth &
Anguelov, 2003).
Another common misconception is that low-income populations do not have access to
technology such as a smartphone or broadband internet compared to middle- and high-income
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populations. According to Pew Research Center, over 70% of households with incomes below
$30,000 have access to a smartphone and their reliance on smartphones for accessing the internet
has doubled since 2013. Low-income households are more likely to use their smartphones for
important tasks such as applying for jobs (Anderson & Kumar, 2019). More than half of low-
income households (54%) reportedly own a desktop or laptop computer and have access to
broadband internet (56%). On the other hand, they were less likely to own a tablet (36%) or own
multiple devices (18%) compared to high-income households that were more likely to own
multiple or all devices (Anderson & Kumar, 2019). Low-income households that do not have
access to the internet cite that it is too expensive. Only six percent of households eligible for
discounted internet services reported signing up for the program (Reidout & Katz, 2016).
Another opportunity where the innovative solution creates a value add is resolving fears
among many about losing future Social Security benefits. The Social Security program could
become insolvent, eliminating or vastly reducing benefits for future generations of retirees
(Williams, 2019). The 2019 Social Security Board of Trustees report showed evidence that the
program will be able to provide full benefits for 16 more years and will then experience funding
shortages. The Social Security trust funds will be depleted by 2035 if policymakers do not
provide solutions to fix the issue (Romig, 2019). The solution aims to provide another source of
income to retirees if Social Security benefits are reduced or eliminated.
Innovation Domain. The solution is a disruptive innovation as the problem and solution
are well-defined (Satell, 2017). AFSS will enter into the market of digital products that assist
consumers in financial skill-building such as saving, budgeting, and money management. The
app aims to disrupt the market by providing a solution to low-income users that utilizes a
seamless approach to obtaining gift cards and achieving their goals. The current market provides
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rewards after accumulating points or completing a series of financial tasks. This approach may
seem tedious to users who are working multiple jobs and may not have the time to dedicate to
accumulating points or tasks to receive a reward. Later iterations of the digital application will
incorporate short sprints to allow the app to remain relevant in the market while developing
quick updates to enhance the user experience through added design features.
Logic Model. The logic model ties back to the conceptual framework where the inputs
and activities for the creation of the alternative financial security system will provide
opportunities for populations to receive financial rewards to participate in asset building over
time. The activity of building a national network of participating retailers is crucial to the user
experience and also the revenue model. Corporate sponsors will provide annual funding to
remain part of the network in which their logo is advertised within the homepage and their
virtual gift cards will be listed as a reward. A strong marketing strategy will ensure that the target
population will become aware of the application and popularity will entice future corporate
sponsors to join the network.
The short, intermediate, and long-term outcomes depend on the results of the scaling
strategy of AFSS. It is anticipated that the network of corporate sponsors will grow from a
localized strategy in the pilot phase to a national presence as the application has built a reputation
in the field. The app’s user data will also be measured over time to interpret consumers’ behavior
on the site to determine whether users met the key metrics. This analysis will include the user’s
savings behaviors over time, and goal selection over time to determine whether users improved
their financial security. For example, are users continually selecting short-term or long-term
goals? This may lead to improved financial security, the ability to create positive savings
behaviors, and saving for long-term goals such as retirement.
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The success of the application relies on assumptions of the user’s environment and
motivation. The assumptions include accessibility to the internet at convenient times for the user,
and the motivation to interact with the application frequently due to variety of retailers that may
entice each user’s needs or desires. Additionally, all retailers will see the value of a beneficial
relationship participating as sponsors for the application and enhancing their brand and volume.
The success of the prototype relies on this specific assumption. The prototype was created with
specific external factors in mind: policies preventing low-income users from savings, cost of
living adjustments will continually increase without policy interventions, and an increase in
market volatility over time.
Project Structure, Methodology, and Action Components
The core components of the alternative financial security system in the initial phase
include a digital application, a national network of retailers, and the creation of a limited liability
company. AFSS builds on the current structure of rewards or loyalty programs retailers offer to
their customers to develop a long-term relationship through financial incentives. Users who
download the AFSS app will be instructed to enter their zip code and link their bank account
prior to the main experience. After the initial steps are completed, users will select their financial
goals using a pre-populated list of high-level goals that include a combination of financial tasks,
budgeting activities, and social goals. For a detailed list of prepopulated goals see Appendix 5.
Users will be able to select the length of time to achieve the goal.
The app will then provide the user with a selection of retailer reward options utilizing a
matching funds concept. For example, a user selects a goal of paying $25 toward their credit card
debt. The system will provide the user a selection of $25 gift cards to national and local retailers.
Once the app identifies that the user withdrew $25 to pay a credit card vendor then the reward
(paid for through corporate sponsorship) will become available to the user for consumption in the
Running Head: Asset Building Through Rewards-Based System

20
rewards section of the app. Users who are unable to meet their goal within the allotted time will
be able to modify the time period to allow for more time.
The principle of asset building will be available to users in their account profile. Users
will be able to see accumulated rewards (gift card) values, total savings to date (if elected to
participate in savings goals), and total debt paid to date (if elected to participate in those goals).
This will be shown in a simple bar graph data visualization and each category will also be
displayed below the visualization. The different displays types are important to incorporate
throughout the design as users’ learning styles may vary.
On the back end, participating banks will be able to connect their systems to the app
through an application programming interface or API which will transfer the user’s financial
account information to aid in the user’s development of identifying completed tasks. The API
allows the app to have the capability to connect with multiple partner applications. This will be
beneficial to users who may have multiple credit cards or bank accounts. Users will be
seamlessly transferred to and from the app and navigate their external accounts through their
account profile.
Design Process. The design process began with the development of user personas based
on nationally representative administrative data and case studies from volunteer low-income
participants. A mission statement was created to ensure that the development of the prototype
followed the main purpose of the innovation and also influenced the development of business
requirements. User flows were created to outline the tasks and decisions users will have to make
as they go through the experience (see Appendix 6). The user flow begins at the homepage of the
application, includes the selection of financial goals and rewards, and concludes the user
experience at the user’s dashboard where they can view the status of their financial goals and
Running Head: Asset Building Through Rewards-Based System

21
rewards. Failure points in the user journey were also drafted to identify where the user may face
challenges in the experience and leave. Solutions were created to help the user navigate the
failure point and return to the experience. Specific examples of these failure points can be found
in Appendix 7. Low-fidelity wireframes were created to replicate the user experience within the
app. The wireframes were created in a desktop layout to consider all of the possible features that
may be included in a larger frame (see Appendix 8). This allows more space to design draft
concepts of the user experience before it is placed into smaller screens to simulate the experience
as a mobile user. Additionally, the wireframes laid out a blueprint for the UX designer to
understand the business and design requirements.
High-fidelity mockups were created in consultation with a UX/UI designer where the
design layout was finalized. The mockups attached represent the final stage of the design process
prior to sending the final requirements to the web developer. The high-fidelity app mockups (see
Appendix 9) represent the main user experience. The mockups show a user experience from the
homepage to the user’s dashboard. The mockups represent the journey of a new user onboarding
including the process of linking a bank account, user account creation, and identifying the initial
financial goals. This particular user selects paying $25 toward an outstanding utility bill. The
user will receive a matching amount ($25) in a gift card to Giant, a local grocery store. This user
will experience increased financial stability as 1) a small portion of the utility debt is paid, 2) the
user can utilize the $25 gift card to pay for their weekly groceries, and 3) the user can now utilize
the $25 towards another expense or elect to put it toward savings.
This user can also navigate to their account profile where they will see their accumulated
savings, total value of gift cards, and total debt paid to date (see page 81). The total debt paid to
date is based on any goals where the user selected to pay a credit card, student loan, or utility bill
Running Head: Asset Building Through Rewards-Based System

22
debt. The mockups of the user’s account features are also included in the mockups to represent
the user’s financial goals, rewards center, and account profile. The functionality of being able to
enter up to three financial goals is represented on page 71; the user’s ability to look at a variety
of retailers is also included on page 74.
Value Proposition. The application aims to utilize a market of hybrid models that
approach improving financial behaviors through gamification. The current market provides
applications and websites that also focus on the user’s needs for a streamlined process that can be
completed from the comfort of their home. Applications and web services such as SaverLife,
Smart Asset, Swagbucks, and Mint focus on different areas of finances but maintain the same
approach to ease of access to information and a direct user approach. SaverLife is the main
competitor in this field as their product uses the same principles of gamification to improve
savings behaviors. However, the system includes a point system that the user must accumulate to
receive a reward. A detailed competitive analysis of the business requirements and design
features can be found in Appendix 3 and 4.
AFSS seeks to use the rewards/loyalty programs structure to improve financial security
among low-income populations. The opportunity to participate in basic financial planning tasks
while receiving customized rewards aims to eliminate the complexity many face while managing
their savings behaviors. The customized rewards motivate users to continue to participate in
financial planning where they would typically disengage after a traditional financial literacy
class. Additionally, AFSS seeks to work in tandem with the current financial security system that
has failed to protect the low-income class. The current social systems structure includes asset-test
or income eligibility requirements that deter low-income individuals from participating in asset
building for fear of losing their benefits. The use of gift cards as rewards provides users with the
Running Head: Asset Building Through Rewards-Based System

23
ability to use the value to pay for their monthly needs (such as weekly groceries) without
reporting increased monthly income. As many families continue to struggle in a volatile market,
it is important to provide many resources to improve and stabilize their finances where the
current financial system fails to protect them.
Unintended Consequences. The early phase of the app will not be easily accessible to
include all low-income populations. Individuals who do not have access to the internet,
smartphones, or have the ability to complete financial tasks will be prevented or deterred from
participating. Users who may be able to participate in the app may not be able to use the gift
cards. These issues will be resolved over time to include a network of community liaisons and
organizations that provide free resources to access technology to assist vulnerable populations to
participate in the experience.
Language barriers pose a significant challenge to the success of the app to serve low-
income populations. The app will be implemented in English which prevents access to up to an
estimated 42 million Spanish speaking individuals in the United States (Ortman & Shin, 2011).
Non-native English-speaking individuals who are able to navigate the app may find difficulty
locating gift cards translated into Spanish or other languages. It is difficult to determine if the
retailer gift cards will be available in languages other than English. For some retailers such as
Mega Mart, a local grocery chain that specializes in ethnic food to the Hispanic/Latino
population, Spanish translation of their gift cards may be possible. Translation services and
partnerships with community-based organizations will be explored after the pilot launch.
Security concerns will also be an influential factor in the success of the app. Banking and
financial institutions are concerned about their customers’ privacy and will post strict
requirements to link to the app. The app must have a strong security protocol in place to protect
Running Head: Asset Building Through Rewards-Based System

24
the API that links the user’s banking account to the app to prevent a security breach. Due to the
strict requirement, the user experience may not be seamless as the financial institution may
require additional validation. Finally, it is possible that some users may take advantage of the
app to their own financial benefit by completing their financial tasks every day in order to sell
the gift cards to a third party. Protocols will be implemented so that users may redeem a limited
number of gift cards per month. Users who attempt to abuse this limit will have their account
deleted and placed on a list of banned accounts.
Implementation Strategy. Usability testing will be conducted throughout the
development of the application. During the testing sessions, low-income participants will be
recruited through a public mailing list and tasked with walking through the application
experience guided by a facilitator. Participants will be prompted to share their opinion of the
application and the likelihood of using this application in real life. Participants will also be asked
which participating retailers will incentivize them to frequently return to the application. The
findings from the studies will guide revisions to the user experience and also inform the
personas.
After a capital investor has been identified to fund the development of the app, an
evaluation will be conducted to identify the success of the implementation phase. Once the app
has been launched, the pilot phase will be evaluated in tandem with the digital marketing pilot in
Prince George’s County, Maryland. All participants will be recruited through digital
advertisements that are targeting low-income individuals across the county. All responses from
county residents will be counted. The digital ads will direct the user to the app where a pre-
survey will display. All participants will receive a seven-question survey with a mixture of open-
ended and scaling questions. The aim of this survey is to create financial health and quality of
Running Head: Asset Building Through Rewards-Based System

25
life baseline measures to determine if the intervention had a positive or negative effect. The
survey questions are shown in Appendix 10. After three months, users who answered the initial
survey will be recruited to take a follow-up survey to comment on how the application has
impacted their financial situation (see Appendix 11). The follow-up survey includes questions
that ask participants to rate their experience and identify if the application has improved their
financial situation. Users will be offered a gift card for completing the survey. A second
evaluation will be conducted to determine if the prototype was scaled correctly through a
statewide approach. The second evaluation will follow the same protocols as the pilot phase on a
larger scale.
Implementation Framework. The implementation strategy is divided into three phases:
application development, regional, and national implementation (see Appendix 12). The
application development will be initiated during the first half of year one (fiscal year 2021). The
application mockups will be provided to a web developer by the beginning of year one. It is
estimated that the application will be developed within six months. At the same time the
marketing strategy will be implemented and pitched to retailers. It is anticipated that one national
retailer and five local retailers will join as corporate sponsors in a concentrated area by the end of
year one. The rewards-based system will be implemented with the initial corporate sponsors. The
second phase will focus on successfully implementing the launch of the application within a
select region by year two (fiscal year 2022). The application will be launched and marketed
regionally by the end of December 2022. The final phase will focus on effectively implementing
the application at a national level utilizing guidance from lessons learned in the previous
launches.
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26
The RE-AIM framework will guide the development of the implementation phases by
utilizing the steps to define the implementation process and outcomes. The overarching question
for both the local and national user testing will be to determine if the application was available to
and used by the target population. The application’s effectiveness will be measured by
determining if the users were successful in avoiding anticipated barriers such as language
barriers and low literacy levels. The anticipated barriers will prevent users from returning to the
application. The application must encourage users to continually complete tasks to receive
rewards where repetitive users will be able to build financial stability over time with alternative
income. It is hypothesized that the users with larger sums of rewards will show a greater
adoption of savings behaviors. However, rigorous research must be conducted in later phases of
the application development to test this hypothesis and is discussed in later sections. The phases
of the implementation strategy will provide an evaluation to answer whether the application was
properly implemented within the community. The implementation process will also assist in
determining if the application was scaled to the national level correctly. Finally, maintaining the
application will be focused on improving the user’s experience in the long term. These strategies
may include reducing user attrition rates by providing new rewards, enhancing the user journey,
and ensuring that the application remains relevant and mutually beneficial to corporate sponsors.
Implementation Outcomes. The implementation outcomes will reflect the experience of
the application user and the participating retailers (see Appendix 13). Maintenance measurement
includes quantitative data that identifies the number of application users on an annual basis and
repeated use throughout the year. In addition, the number of participating retailers will be
measured on an annual basis to determine the availability of rewards per user and zip code.
These measures will be incorporated into success and sustainability monitoring plans. Of the five
Running Head: Asset Building Through Rewards-Based System

27
fidelity dimensions, participant responsiveness and quality of delivery will be suitable for this
intervention (Brownson, Colditz, & Proctor, 2018). Participant responsiveness is critical to the
application’s success over time. Quality of delivery is critical in user design as the users will
respond to key features such as the language, user navigation, and value of services. Finally, the
implementation costs will be measured longitudinally to compare the costs for a low-income user
enrolled in Federal benefit programs and cost savings measures if those same individuals were
able to become financially secure through the alternative financial security system. Additionally,
the rewards-based system will be evaluated by zip code and income levels to determine which
rewards are popular among users and if there is a variety of rewards for users of all income
groups. A reward to a high-end retailer will disincentivize a low-income user from future
application participation.
Three key measures will be examined to measure behavioral change among users. The
key measures are: 1) Change in savings behaviors (positive or negative), 2) improvement in
financial security, and 3) generational differences in financial security. Utilizing data from the
implementation process, the indicators (identified in Appendix 11) for measurement will be
examined to determine whether there was an improvement in savings behavior or overall
financial security. It is anticipated that the data will provide evidence for a longitudinal analysis
of generational differences in financial security. This analysis will provide an outlook of the
user’s long-term effects interacting with the application. For example, are users reporting
financial security at earlier ages in later years of the application compared to early adopters?
Finally, this data will also show trends in harmful financial behavior or unintended consequences
such as users who spend more money because the gift card supplements their shopping habits.
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Financial Plan. The third component of the alternative financial security system is the
creation of a limited liability company. The start-up period for the application is January 1, 2021
to December 31, 2024. The first full year of operations (FFYO) for the limited liability company
is January 1, 2025 to December 31, 2025. Appendix 14 shows the breakdown of revenue and
expenses annually across the four-year period within the start-up budget. The revenue model has
diversified funding sources improving the sustainability over time while reducing risk. The
company relies on the main revenue coming from corporate sponsorships at various levels. The
company also relies on a limited budget for expenses, placing it in a positive position to gain
margin year over year.
The company will require an investor to make an initial capital contribution of $250,000
to cover the required first year working capital. The investor will receive a conservative estimate
of 15% share of the company. The start-up budgets include conservative spending to improve
margin over time which will be utilized to hire additional employees by the FFYO in 2025. The
projections include total cumulative revenue of $7,500,000 by the end of fiscal year 2024. Fiscal
year 2025 is projected to see an increase of revenue to $10,000,000 while also supporting
additional personnel expenses as the key staff members will be hired at the beginning of the year.
The FFYO is projected to end the year with a surplus of $4,869,000.
Personnel/Staffing Costs. The start-up phase of the project (FY 2021-2024) will rely on
limited internal staffing capabilities and a contracted web developer. A lawyer and accountant
will be retained to file the paperwork to begin a limited liability corporation (LLC). The lawyer
will also be tasked with the trademark process for the application. Throughout the four years the
accountant and lawyer are expected to take on more tasks to protect the company as it grows
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such as preparing taxes, identifying the appropriate strategy for revenue growth, the development
of business models, licensure agreements, and contracts with retailers.
The company will begin its expansion in fiscal year 2024 by hiring a Chief Financial
Officer (CFO), Development Officer, Chief Marketing Officer, and Information Technology (IT)
Lead. These staff members will be tasked with developing a strategy of acquiring new
sponsorships and strengthening the current business model to increase the revenue trajectory.
The professionals filling these positions will be required to have senior-level experience in their
field and will be expected to lead their division as the company is expanded. The CEO and CFO
will transition to sharing the financial auspices of the company during the FFYO. The remaining
positions will be recruited throughout fiscal year 2025: program manager, UX designer, data
manager, and accountant to complete the core team of staff members. The web developer and
lawyer will remain as consultants. The program lead, CFO, and CEO will be responsible for the
eventual expansion of the company to include a corporate social responsibility arm that will
begin to implement programs that address wealth inequities among vulnerable populations.
Revenue Model. The start-up phase will be focused on developing a portfolio of
participating retailers as corporate sponsors for the rewards portion of the application. The FFYO
will be based on the combination of revenue from corporate sponsorships from the application.
Between the start-up phase and the first full year of operations, the goal is to develop
partnerships with five national retailers and select regional retailers. The initial sponsorship
model is structured in Appendix 12. Retailers will be categorized as national, regional, local,
limited, and small business. National retailers must have a presence at minimum in 40 states or
have a website with the capability to ship goods to all 50 states and territories. Regional retailers
may sell goods or provide services in at least one region in the U.S. through a physical presence
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or online. Local retailers must provide services statewide while limited retailers may have five or
fewer physical locations. On the other hand, small businesses will be categorized by their total
annual revenue streams with the assumption that they may have one physical location.
The funding levels are set at a minimum contribution in each retailer category. Retailers
will have the ability to track the users who select and utilize their gift cards in the rewards
program. Data from lead generation funnels will allow the retailer to monitor the users who buy
products online or in the brick and mortar stores. Additionally, retailers will also contribute to
lead generation by implementing their own digital marketing strategy (see Appendix 16). The
revenue splits on lead generation closing will be 50/50 during the start-up phase. In FFYO 2025
the revenue splits will be modified in the companies’ favor at 60/40. Another benefit of the
sponsorship is that the retailer’s logo and contact information will be displayed to the user in the
rewards portion of the application. Retailers must agree to accept gift cards users receive through
the application.
Alternative Financial Security Campaign. The application’s financial success is
dependent on a business model that utilizes formal partnerships with participating retailers across
the country. The digital marketing strategy must increase traffic to the application and connect
users with the participating retailers as part of the lead generation funnel to increase revenue for
both parties. The campaign describes a proposed digital marketing approach to residents in
Maryland. However, the location may change depending on the location and needs of the
participating retailers at product launch. A pilot campaign will be launched to introduce the new
application to low-income adults (ages 25-45) in Prince George’s County, Maryland. This county
was chosen as the majority of the residents are African American (64.1%) in 2019 (U.S. Census
Bureau, 2020). The campaign will use digital marketing to conduct outreach to low-income
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residents across a three-month period post-application launch. The digital components will
include paid advertisements across the social media platforms of Facebook, Twitter, and
Instagram by targeting users that list the zip codes across the county within their accounts. An
example of a digital infographic is attached in Appendix 20. Additionally, paid Google
advertisements will drive organic traffic to a landing page which will provide a high-level
summary of the application, benefits of participation, and a link to download the application.
The planned launch date for the application is in late summer of 2021. The paid
advertisements will utilize the timing of the upcoming holidays later in the year to create the key
message for users. The key message will state “Need additional money for the holidays? Learn
more about how you can improve your finances and receive financial rewards.” Participating
retailers will also have the opportunity to advertise the application through their own network of
customers. It is anticipated that the participating retailers in the pilot phase will include small
businesses or local merchants with limited funding for advertising. Therefore, the digital
marketing approach will be the primary strategy for increasing traffic, user accounts created in
the application, and revenue. Finally, all users during the pilot phase will be asked to voluntarily
participate in a brief survey to review the application and gain an additional financial reward.
The findings from the user reviews will influence the next digital campaign.
The second campaign will focus on increasing awareness of the application utilizing a
statewide approach for advertising to low-income adults (ages 25-45) in Maryland. All digital
advertisements in the pilot phase will be reviewed based on performance metrics such as number
of impressions and bounce rates in the funnel. The starting point of the funnel is the
advertisement with the ending point being the application download. The campaign will utilize
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the same social media platforms as the pilot phase but will target users that list Maryland zip
codes within their accounts.
The second campaign will be launched in early 2022 with a new message of “Saving is
hard to do. Consider alternative forms of income to improve your financial situation today.” This
message will be shown in the form of a traditional social media advertisement and short-form
video advertisements. The written advertisements may also include user stories depending on the
results of the reviews during the pilot phase. Finally, it is anticipated that the number of
participating retailers will also increase by 2022. Therefore, the number of channels for
advertising may also rise during this time period to increase traffic to the application.
Aside from geographic location detailed in the above section, the digital marketing
strategy will create user personas utilizing data from national administrative data and findings
from usability testing conducted during the development phase of the application. The Survey of
Consumer Finances dataset will be used to identify spending and savings patterns among
households by gender and race/ethnicity. For example, the findings from the data shows that
nearly one in five African American households have zero or negative net worth in 2016
(Dettling, Hsu, Jacobs, Moore, & Thompson, 2017). Therefore, the digital advertisements will
target African American households to provide an opportunity to improve their financial
security.
An example persona has been created (see Appendix 21) with the necessary information
to guide the strategy for target groups. For example, Rachel is a low-income resident in Prince
George’s County. Based on her participation in usability testing sessions, the study was informed
of her extenuating financial situation, her preferred brands, and frequently used social media
channels. Rachel also received a FinHealth score based on the methodology from the Financial
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33
Health Network to determine level of financial need before participating in the application
(Financial Health Network, 2020). Additional personas will be created over time as participant
data increases within the application.
The success metrics for the campaigns will follow traditional digital marketing metrics
including impressions, number of accounts created in the application, and conversion rates. The
pilot phase is projected to produce 3,000 impressions and 1,500 new accounts created within the
application. Of those users with accounts, 1,000 rewards are expected to be received and 600
rewards are projected to be used at participating retailers. The second campaign is expected to
see an increase in these metrics as the digital marketing strategy expands statewide. The
projected results of the second campaign are 10,000 impressions and 4,500 new accounts created
in the application. Of the new accounts created, 2,000 users are expected to receive a reward
while 1,500 users will redeem their rewards at a participating retailer. This information can be
found in the campaign structure overview in Appendix 19. The return on investment (ROI)
projections will be created for each campaign once the digital marketing strategy has been
completed including retailer involvement.
Conclusion
The Alternative Financial Security System aims to lead the next generation of asset-
building and retirement strategies among vulnerable populations in conjunction with the
development of a rewards-based system to encourage asset building. The section below will
outline the limitations and risks associated with the early phases of the innovation and next steps.
Solution Implications. It is important for all stakeholders in the traditional financial
security system to protect low-income workers in this current economy by reducing inequities.
Vulnerable populations such as low-income workers are less likely to build wealth over the
lifespan, placing them in a financially vulnerable position for retirement. As low-wage workers
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34
are more likely to either lose their jobs or become ill with the coronavirus, it is important to
protect them with alternative forms of income to cushion the financial shock that will be felt in
this pandemic. Removing social systems inequality for vulnerable populations may place
individuals in a better financial position to save for short-term and long-term goals such as
retirement. This population may become less reliant on safety net programs and become immune
to the shocks of the market. The combination of financial tools and rewards programs is an
innovative approach to offset obstacles in the current retirement system and empower vulnerable
individuals in later life. Providing an alternative financial security system online allows for users
across the country to access the tools to build their financial security without a physical entry
point that typically prevents vulnerable populations for seeking assistance.
Limitations. Examining financial security among low-income populations incorporates a
holistic approach that spans beyond the criteria of the capstone assessment. The literature review
included a high-level review of various topics that affect an individual’s financial security. It is
important to note that each topic requires further discussion to thoroughly examine the factors
that cause individuals to live in a state of financial insecurity. For example, the intersection of
health and financial wellness is an important topic that has recently received a strong focus in the
field. Rising medical costs will affect all populations financially. It is also important to note that
this paper was written at the cusp of the second wave of the COVID-19 pandemic. Therefore,
preliminary financial implications were based on the data from the first wave of the virus in mid-
2020.
The prototype is a minimal viable product that aims to provide a solution to financial
security at a high level. There are key functionalities that were developed during the early phases
of the design process but were eliminated due to a poor user experience. Early designs included a
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35
full-length assessment to gather detailed financial information about the user’s financial health
and suggested financial goals. As the trend of user engagement and attention spans tend to
decrease, it was important to introduce the main experience to the user immediately to avoid high
attrition rates. Future expansions will include functionality and/or tools to further assist
vulnerable populations in achieving financial security.
Risks. Market volatility poses a strong threat to the success of the application. The app
relies on retailer participation as the incentive for behavior change among participants. A strong
economy will allow many retailers the financial ability to participate by providing a corporate
sponsorship and a supply of gift cards offered to participants. On the other hand, a weak
economy will disincentivize retailers in participating as their shrinking revenue will force them
to tighten their financial resources. The application is designed to withstand the unpredictability
of future economies. During times of high unemployment and increase in food insecurity, the
application’s reward program will be geared toward gift cards to national and local supermarkets
or restaurants.
The design process also included discussion of users that will take advantage of the
application’s design to their own financial benefit by completing their financial tasks every day
to sell the gift cards to a third party. Protocols were implemented that limited the number of gift
cards a user can redeem per month. Additionally, a safeguard was implemented to monitor the
user’s progress towards meeting their goals through their bank account activity. This safeguard
protects the app from bots or users completing multiple goals per day. However, some users may
be able to create a solution that goes around this safeguard to receive multiple rewards. It is
important to note that this safeguard creates a barrier to unbanked/underbanked populations. This
risk will be monitored over time as the system collects user data to identify if this risk occurs
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after implementation. Users who attempt to abuse the app will have their account deleted and
placed on a list of banned accounts.
Next Steps. A capital investor will be sought to obtain funding to begin the next phase of
the prototype development. Once funding has been obtained, informal usability testing will be
conducted using the mockups with select volunteers who identify as low-income or financially
insecure. The results and feedback from testing will be incorporated into the mockups prior to
submitting the mockups to a website development vendor. Funding will also be secured to cover
the costs of website development and building an API that will connect securely to banking
institutions. The acquisition period will also begin during this time to develop formal contracts
with participating retailers for the pilot phase. A marketing analysis will be completed while
conducting the process for finalizing the name and logo for the prototype. The market analysis
will review product names and registered trademarks in the current market. The pilot phase is
scheduled to begin in early fall 2021 (quarter 3) pending the website development process. A
product roadmap of the application can be found in Appendix 20.
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Appendix 1: Theory of Change

Problem to
Solve:

Lack of
savings across
the lifespan
leads
individuals to
being
economically
insecure in
retirement
Key
Assumptions:

With savings
accounts,
individuals
will be secure
in retirement

Key
Assumptions:
1. Less likely
to save

2. Enrolled in
benefits

3. Living
paycheck to
paycheck

4. Unbanked/
Underbanked
Key Audience:

1. Low-
income

2. Ages 25-45

3. Annual
income range
$25,000-
$35,000
Entry Point to
Audience:

1. Marketing
ads

2. Social media

3. Banks/credit
unions

4. Retailers

Key
Assumptions:

1. Everyone has
access to the
internet or cell
phone data plan

2. Users will
not trust new
product initially
Steps Needed
to Bring
Change:

1. Create user-
friendly
application

2. Build
partnerships
and network
of corporate
retailers

Key
Assumptions:

1. Ability to
build
application

2. Funders and
CBOs will be
interested in
application
Measurable
Effect:
Build new
relationship
with retailers
Measurable
Effect:
Financial health
improves
through savings
Measurable
Effect:
Long-term
evidence of
savings among
users
Key
Assumptions:

Application
will be easily
comprehended
and utilized by
all users

Wider
Benefits:

Increased user
activity for app
and retailers
Wider
Benefits:
Users no longer
live paycheck to
paycheck, have
bigger savings
goals
Wider
Benefits:
Identify
generational
financial behavior
trends
Key
Assumptions:

1. Users and
partners will
report higher
consumer
activity

2. Change in
savings rates
and increase in
long-term
accounts

Key Assumptions:
1.Users will see
savings in monthly
budget

2. More users will
have extra income
to place in savings

3. Later users will
become financially
secure at earlier
ages compared to
early adopters
Long-Term
Change:

1. Users report
ability to save
money

2. Users report
financial stability
& ability to save
for long-term
goals such as
retirement

3. Generational
age difference in
onset of financial
security
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Appendix 2: Logic Model
Problem: The retirement crisis has led many older adults to be unprepared for retirement, leading to higher levels of poverty and/or returning to
the workforce to make ends meet. Younger generations are predicted to be financially unprepared for retirement and need to develop savings
behaviors earlier in life to avoid the same fate.

Goal: Provide an alternative financial security system that allows low-income populations to receive alternative forms of income to achieve
financial security.
INPUTS ACTIVITIES OUTCOMES
What we invest What we do Who we reach Short-term results Intermediate results Long-term results
1. Content
expertise/innovation
capital

2. UX designer to
create application
design

3. Application
developer expenses
to create the
application

4. Hosting and
domain fees for
application

5. Trademark of
application name

1. Build corporate
sponsorship
revenue model
with retailers

2. Develop national
network of
participating
retailers

3. Develop revenue
model for
sustainability

4. Develop digital
marketing strategy
to advertise the
product to the
target population

1. Low-income
(priority)

2. Ages 25-45

3. Annual Income
$25,000 –
$35,000
1. Full application
created and
implemented including:
-master site map
-user journeys
-rewards-based system

2. A small network of
participating retailers

3. Regional digital
marketing strategy that
entices the target
population to use the
application

1. National network of
participating retailers
providing rewards in
select states

2. National marketing
strategy that entices the
target population to use
the application

3. Increased number of
users with accounts
(estimate 20%
increase)
1. Strong national
network participating
retailers covering all
50 states

2. Improved financial
security among all
users

3. Evidence of new
social norm in savings
behaviors identified in
user behavior in the
application

4.Users report ability
to or begin to include
goals of long-term
savings for retirement

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Assumptions
1. Users will be able to access application through home, wireless,
or cell phone data
2. Users will be motivated to complete tasks and return to the
application through customized rewards-based system
3. Retailers will see the value and benefits of participating in the
rewards-based programs as a corporate sponsor
4. Users will not abuse the system to obtain gift cards for resale
5. Users will have existing bank accounts
External Factors
1. Federal and state policies that affect people from saving i.e. asset-test
requirements for benefits
2. Cost of living increases across the country
3. Market volatility fluctuates due to public health issues or financial
impacts
4. High unemployment figures due to COVID-19 pandemic
5. Population has limited opportunities to advance in careers
6. Population may have high student loan debt that is difficult to repay

Appendix 3: Competitive Analysis

SaverLife SmartAsset Swagbucks Mint
Direct Competitors Indirect Competitors
Company Profile

Company
Highlights
The SaverLife
platform offers
prizes, rewards,
expert resources,
gameplay, and
support to incentivize
savings behaviors.
Personalized financial
modeling focuses on
access to financial
advisors, best savings
account, calculating
income taxes, and
housing affordability.

Swagbucks is an
application where
users can earn
rewards for
completing tasks
online such as online
surveys, shopping at
a store, or playing
games online.
Mint provides
opportunities for
consumers to create
and track their monthly
or annual budget

Key Competitive
Advantage
Utilizes the same
principles of
improving savings
behaviors through
incentives such as
points or rewards
Assists advisors to
connect to clients
through lead
generation funnel

Users can complete
activities that meet
their needs or
interests.
Lead in the money
management/budgeting
space and popular
among consumers
Target Market

Market
Information
Low- and middle-
income populations
(no restrictions to
other income groups)
Younger investors,
higher income with
financial resources to
invest

All income groups
(no restrictions)
All income groups
(no restrictions)
Market Share
Financial institutions,
network of non-
profits across the
country
Financial advisor lead
generation, housing,
retirement planning

Rewards programs,
retailers, online
survey distributions
Utilizes the Inuit
market share which
includes Turbo Tax
and Quickbooks

Marketing
Strategy
Promotes products
through Google and
Promotes products
through its
application, first web
Digital marketing
advertisements
Advertises product
through social media
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SaverLife SmartAsset Swagbucks Mint
Direct Competitors Indirect Competitors
social media
advertisements
lead generation for
financial advisors

and paid
advertisements

Products &
Services

Product
Information
SaverLife Online
Platform

Smart Asset
Concierge
Smart Advisor
Platform

Swagbucks
application
Mint
Mint Mobile
Intuit Products

Pricing
Free to consumers Free to consumers

Free to consumers Free to consumers

Distribution
Channels
Success stories are
shared through their
application and social
media channels
Social media
advertisements and
television ads

Paid advertisements,
Google ads, member
referrals
Social media,
newsletters, and paid
advertisements

Strengths

SWOTT
Information
The application was
created to address the
systemic issues of the
barriers to savings
and asset building
among vulnerable
populations.

The system uses a
point system where
users accumulate
points by completing
tasks to receive
rewards.
Smart Advisor
developed the first
online lead generation
funnel for financial
advisors which is
popular.
The system uses a
point system where
users accumulate
points by completing
tasks to receive
rewards.
Easy material for
consumers to use
online without
thorough assistance

Weaknesses
The user experience
introduces a major
barrier in the first
The product does not
include resources for
low- and moderate-
The product does not
encourage users to
The software
connecting bank
accounts to their
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SaverLife SmartAsset Swagbucks Mint
Direct Competitors Indirect Competitors
step. Users must link
their bank accounts
to the application
within the first step
or they cannot see the
full user experience.
This a barrier to the
underbanked and
unbanked
populations. It is also
difficult to gain trust
to new users to link
their bank accounts
to an application
without a
relationship.

Users have to fill out
a money personality
survey during the
sign-up process.
income (LMI)
populations who may
have smaller assets
who need to learn
strategies to grow
their investments.
Financial advisors
have publicly made
claims that the leads
provided were not
strong candidates for
investments.
create personalized
financial goals.

There is one degree
of separation
between the product
owner and user.
Users are free to
complete many tasks
which may be varied
and as needed. A
strategy to guide
users to have
focused goal setting
is not included in the
application’s user
design.
platform is unstable
and disconnects. Does
not have a presence in
the community or
social impact goals.
Only focused on
following a budget,
does not include
opportunities to learn
how to use money
saved through
budgeting.
Opportunities
SaverLife could be a
strong partner. This
may be a good space
to link the two
applications to
increase the network
of services and
partners available to
users.

Smart Advisor has the
resources and tools to
provide all individuals
with a secure
retirement. Needs to
find the right partners
to expand their
services without
building more
materials.
The various
programs that a user
can participate to
earn rewards is
admirable and can be
included in later
iterations of the
prototype.
Mint has created a
national database of
users. Their brand
awareness has also
grown. It would be
beneficial to develop a
partnership with Mint
to allow users to use
budgeting tools while
build assets.
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SaverLife SmartAsset Swagbucks Mint
Direct Competitors Indirect Competitors
As part of the
partnership, it would
be beneficial to
examine their user
data to determine
short- or long-term
trends in financial
behavior.

Threats
The product has been
around since 2001
and has had time in
the market to test and
implement services
that improve savings
behaviors. For
example, the non-
profit that created the
application has
additional programs
to assist and educate
younger populations
to save for
milestones.
Upper middle-class
users will lean
towards this type of
product because they
are looking to
diversify their funding
through investments
rather than rewards.
No threats identified. Mint touches the asset
building field but is
focused on budgeting.
Mint may become a
threat if the
organization develops
a partnership with
another savings-
oriented application or
product.
Trends
COVID-19 has
uncovered the
financial vulnerability
that all income groups
may face if they
become suddenly
unemployed. The need
to improve savings
behaviors is becoming
The popularity behind
the ability for users to
research and identify
services they need for
retirement online with
the ease and
convenience from
home. These types of
Many application
users are interested
in the ability to gain
additional forms of
income from their
computer or
smartphone. The
popularity of the
COVID-19 has forced
individuals and
households to tighten
their spending or to
closely monitor their
budgets. Also, the
ability to measure the
long-term trends of
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SaverLife SmartAsset Swagbucks Mint
Direct Competitors Indirect Competitors
more evident as more
individuals struggle to
pay their monthly bills
without income.
services are targeted
to upper middle-class
individuals who may
not be affected by
fluctuations in the
economy.
application shows
evidence that the
prototype will
succeed in this
market.
budgeting and money
management among all
income groups to
determine financial
vulnerability.

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Appendix 4: Design Feature Comparative Analysis

Design Features AFSS SaverLife
Smart
Asset Swagbucks Mint
Fortune
City Acorns Thriv
Rewards X X X X
Monetary Rewards X X
Points System X X
Tiered Rewards X
Budgeting X X X X
Customized Experience X X X X X X X
Minimalist Design X X X X
Gamification X X X X
Asset-Building X X X X X X X X
Bank Account Linking X X X X X X X
Financial Goals X X X X X X X
Track Spending Patterns X X X
User Account X X X X X X X X
Rewards Center X X X X
Educational Resources X X X

Appendix 5: Prepopulated Goals List

Reward
Financial Planning
Attend local community workshop $20
Open a bank account $20
Connect with a financial advisor $10
Create a savings account $25
Save money by using previous reward $20

Financial Tasks
Look up your credit score $15
Improve your credit score by XX points $40
Pay off a credit card $100
Pay monthly bill on time $25
Pay off utility bill with large balance $75

Budgeting
Use coupons while shopping $20
Create a monthly budget $25
Achieved monthly budgeting $50
Received discount code for monthly bill $15
Negotiated discount for monthly bill $20

Social
Refer a friend to the app $25
Use a coupon when out with friends/family $15
Spend time with friends/family without spending money $15
Share financial lessons learned with family/friends $20

Appendix 6: User Flows

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Account Creation Process

The Main User Experience

Appendix 7: Failure Points
Failure Points MVP Solution Post-MVP Solution
User does not have access to cell
phone and/or internet
Direct user to free resources to
access internet and/or desktop such
as library
Develop network of community-based organizations who
can assist in providing resources to access app/website
Community liaison will provide resources to community
members
User cannot access app
Direct user to website version
Traditional customer support mechanisms will be created
to assist users in resolve their technical issues
Provide user detailed instructions to
address their specific access issue(s)
in the frequently asked questions
(FAQ) page
Users do not have a traditional bank
account
User can enter the experience and
will see a goal to create a bank
account
Partnership with alternative bank(s), credit unions, and
other banks that provide free accounts and no required
deposits
User cannot meet goal within a
month
Users will have the option to extend
their goals by another 30 days
Educational resources will assist users in achieving goals
and/or develop goal setting
User cannot access reward due to:
technical malfunction
retailer no longer participates
Direct user to frequently asked
questions (FAQ) page to find
solution to their technical issues
Traditional customer support mechanisms will be created
to assist users in resolve their technical issues
Retailer no longer participates,
impacting the user's ability to use
earned reward
User can swap their earned gift card
with another gift card for an active
participating retailer
Traditional customer support mechanisms will be created
to assist users in resolve their technical issues
User experiences difficulty creating
an account
Direct user to frequently asked
questions (FAQ) page to find
solution to their technical issues
Traditional customer support mechanisms will be created
to assist users in resolve their technical issues
User experiences difficulty linking
bank account to app
Direct user to frequently asked
questions (FAQ) page to find
solution to their technical issues
Traditional customer support mechanisms will be created
to assist users in resolve their technical issues

Appendix 8: Wireframes

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Appendix 9: Prototype

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Appendix 10: Implementation Pre-Survey

Thank you for participating in this study. Your participation will help us to understand how to
assist people in similar situations improve their finances. Please fill out this brief survey below.
All responses will be recorded anonymously.

1. How old are you?

18-24 25-29 30-34
35-39 40-44 45-49
50-54 55-59 60-64
65 and older

2. What is your gender? (optional)

Female
Male
Other: Please specify_____

3. What State do you currently reside in: _______________

4. Which statement below best describes your current financial situation? (select one)

I am struggling to make ends meet.

I can pay my monthly bills but don’t have money for food and basic necessities
afterwards.

I can afford to cover my monthly bills and basic necessities but don’t have any
remaining money for savings.

I can afford my monthly bills, basic necessities, and can make some
contributions to my savings account.

I feel financially secure.

5. Please describe how your finances affect your daily life. _________________

6. Do you participate in rewards/loyalty programs?

Yes
No

7. Do you use rewards/loyalty programs to assist in saving money?
Yes
No
Running Head: Asset Building Through Rewards-Based System

84
Appendix 11: Implementation Follow-Up Survey

1. Rate your experience using the application on a scale from 1 to 5 (1 being very
dissatisfied and 5 being very satisfied)

1 2 3 4 5
Very Dissatisfied Very Satisfied

2. Is the selection of retailer gift cards offered sufficient?
Yes
No

If you selected no, please tell us how which retailers you would like to see:
___________

3. Would you continue to use this application in the future?
Yes
No

4. After using the application, please select the statement below that best describes your
current financial situation. (select one)
I am struggling to make ends meet.

I can pay my monthly bills but don’t have money for food and basic necessities
afterwards.

I can afford to cover my monthly bills and basic necessities but don’t have any
remaining money for savings.

I can afford my monthly bills, basic necessities, and can make some
contributions to my savings account.

I feel financially secure.

5. After receiving a reward, were you able to set aside money for savings?
Yes
No

6. Did your financial situation improve? If so, why or why not? ____________________

Appendix 12: Implementation Gantt Chart

Year 1:
FY 2021
Year 2:
FY 2022
Year 3:
FY 2023
Year 4:
FY 2024
Year 5:
FY 2025
Task
Phase 1: Application Development
Application Mock-Ups Completed
Application Developed
Initial Marketing to Retailers
Implementing Rewards-Based System (Pilot)
Application Pilot Phase
Phase 2: Regional Implementation
Initial Corporate Sponsors Acquired
Incorporating Corporate Sponsors into Rewards-Based System
Launch Application Locally
Phase 3: National Implementation
Acquire Additional National and Local Corporate Sponsors
(Rolling Basis)
Expand Rewards-Based System to Include Additional Retailers
(Rolling Basis)
Launch Application Nationally

Appendix 13: Implementation Outcomes Utilizing RE-AIM Framework
Theoretical
Basis: RE-AIM
Implementation
Outcomes
Unit of
Analysis Measurement
Reach Penetration
• Individual
Users Number of application users by income level
Adoption
Acceptability
• Individual
Users
• Participating
Retailers
Participating retailers’ experience providing
rewards/loyalty programs to consumers
Appropriateness
Fit of innovation to address financial
insecurity and asset building complexities
Feasibility Effectiveness of innovation post-intervention
Maintenance Sustainability
• Individual
Users
• Participating
Retailers
• Number of application users who
participate annually
• Number of returning users
• Number of returning participating retailers
Implementation
Fidelity
• Individual
Users
• Participant responsiveness
• Quality of delivery
Implementation
Costs
• Individual
Users
• Rewards-based system costs vs social
services program costs
• Number of users who can transition off of
Federal benefit programs

Appendix 14: Alternative Financial Security System Success Metrics

Measures Indicators
Change in Savings Behavior (+/-)
Ability to contribute to a savings/checking account
Ability to set aside cash for emergencies by using gift cards
for expenses
Continual use of the application
Willingness to spend more than monthly income
Improvement in Financial Security
Evidence of decrease in debt to income ratio
No longer living paycheck to paycheck
Paying monthly bills on time
Generational Differences in Financial
Security
User reporting ability to create financial goals
Ability to save for short- and long-term financial goals
Increased financial security at earlier ages

Running Head: Asset Building Through Rewards-Based System

87
Appendix 15: FFYO Funding Model by Retailer Type
Retailer Type Minimum Annual Funding
Level
National Retailer $1,000,000+
Regional Retailer $500,000+
Local Retailer (Statewide) $250,000+
Limited Retailer (Less than 5
locations)
$100,000+
Small Business >$1,000,000 $25,000+
Small Business<$1,000,000 $10,000+

Appendix 16: Number of Application Visitors by Marketing and Revenue
FY 21 FY 22 FY 23 FY 24 FY 25 Total
Application
Users 150,000 400,000 750,000 1,000,000 2,000,000 4,300,000
Marketing
Strategy
Initiatives 1 3 4 5 8 21
Corporate
Sponsorships
Revenues $250,000 $1,250,000 $2,000,000 $4,000,000 $10,000,000 $17,000,000

Running Head: Asset Building Through Rewards-Based System

88
Appendix 17: Start Up Budget
Category FY 21 FY 22 FY 23 FY 24 Total
REVENUE
Corporate Sponsorships 250,000 1,250,000 2,000,000 4,000,000 7,250,000
Initial Capital Contribution 250,000 250,000
Total REVENUE 500,000 1,250,000 2,000,000 4,000,000 7,500,000

EXPENSES
Personnel Exp
Wages/Salaries
CEO 0 50,000 100,000 150,000 300,000
In-Kind ______ 0 0 0 0 0
Volunteers 0 0 0 0 0
Sub-Total 0 50,000 100,000 150,000 300,000
Benefits (@ 20%) 0 10,000 20,000 30,000 60,000
Total Pers. Exp 0 60,000 120,000 180,000 360,000

Other Operating Exp
Contractors 250,000 500,000 750,000 1,000,000 2,500,000
Occupancy/Rent 0 0 0 0 0
Equipment 0 0 0 0 0
Technology/Computers 2,500 2,500 2,500 2,500 10,000
Utilities 1,200 1,500 1,800 2,000 6,500
Marketing 0 5,000 10,000 15,000 30,000
Professional Development 0 0 0 0 0
Travel 2,000 5,000 10,000 10,000 27,000
Professional Services 0 0 0 0 0
Office Supplies 500 500 500 500 2,000
In-Kind _______ 0 0 0 0 0
Legal Counsel 200,000 400,000 300,000 500,000 1,400,000
Total Other Op Exp 456,200 914,500 1,074,800 1,530,000 3,975,500

Total EXPENSES 456,200 974,500 1,194,800 1,710,000 4,335,500
SURPLUS/DEFICIT 43,800 275,500 805,200 2,290,000 3,164,500

Initial capital contribution 250,000
First year working capital required 56,200
Remaining capital contributions 193,800

Running Head: Asset Building Through Rewards-Based System

89
Appendix 18: FFYO Budget
Category FY 25
REVENUE
Corporate Sponsorships 10,000,000
Total REVENUE 10,000,000

EXPENSES
Personnel Exp
Wages/Salaries
CEO 200,000
CFO 150,000
Development Officer 100,000
IT Lead 100,000
Accountant 75,000
UX Designer 80,000
Marketing Officer 100,000
Program Manager 75,000
Data Manager 75,000
Sub-Total 955,000
Benefits (@ 20%) 191,000
Total Pers. Exp 1,146,000

Other Operating Exp
Contractors 2,000,000
Occupancy/Rent 500,000
Equipment 100,000
Technology/Computers 30,000
Utilities 50,000
Marketing 200,000
Professional Development 20,000
Travel 50,000
Professional Services 15,000
Office Supplies 20,000
In-Kind 0
Legal Counsel 1,000,000
Total Other Op Exp 3,985,000
Total EXPENSES 5,131,000
SURPLUS/DEFICIT 4,869,000

Appendix 19: Campaign Structure
Campaign
Name
Campaign
Objectives
Campaign
Duration
Campaign
Components
Target
Audience Key Messages Campaign Goals
Campaign
Budget
Expected
Campaign
ROI
Pilot
Phase -
Prince
George’s
County,
MD*
Introduce
new
application
within a
targeted
segment of
population.
90 days
(late CY
21)
1. Targeted Digital
Outreach:
•Advertisements on
social media
platforms

2. Retailer Outreach:
•Product ads through
social media and
targeted applications
•Low-income
Prince
George’s
County
residents

•Ages 25-45
The ads will be
launched during
the holiday
season.
Messaging will
include language
around receiving
rewards for
improving
finances to pay
for holiday
expenses.
1. 3,000
impressions
2. 1,500 accounts
created
3. 1,000 rewards
received
4. 600 rewards
used at
participating
retailers $5,000 TBD
Second
Phase –
Maryland*
Expand
awareness of
brand and
product
through
digital
outreach to
increase
number of
users. This
campaign
will utilize
user stories
from the
pilot phase.
180 days
(CY 22)
1. Targeted Digital
Outreach:
•Short form videos
•Advertisements on
social media
platforms

2. Retailer Outreach:
•Product ads through
social media and
targeted applications
•Low-income
Maryland
residents

•Ages 25-45
Saving is hard to
do. Consider
alternative forms
of income to
improve your
financial
situation today.
1. 10,000
impressions
2. 4,500 accounts
created
3. 2,000 rewards
received
4. 1,500 rewards
used at
participating
retailers $10,000 TBD
*Proposed location for campaigns. These locations may change pending participating retailers’ locations.
Appendix 20. Alternative Financial Security Campaign Infographic

Appendix 21: Low-Income User Persona

Appendix 22: AFSS Product Roadmap

Abstract (if available)

Abstract The grand challenge, Build Financial Capability for All, aims to address the issue of providing vulnerable populations with the opportunities to build financial assets such as emergency or long-term savings. Disadvantaged individuals are less likely to have the opportunity to build assets over their lifespan. This affects their abilities to achieve significant milestones in life such as homeownership, financial security, and a comfortable retirement in later life. The current financial system penalizes low-income or vulnerable populations, widening disparities across the lifespan. Given the constraints of the current financial system, it is important to create and implement solutions that assist low-income populations to build assets and improve their economic mobility. An alternative financial security system (AFSS) was created to disrupt the societal inequities that impede vulnerable populations from achieving financial security throughout their lifespan. The innovative solution was developed to focus on the low-income working class or “working poor” defined as individuals who hold full-time positions but earn wages that are below the poverty line. AFSS aims to provide an opportunity for low-income individuals during their prime earning years (ages 25-45) to participate in financial planning and asset building through the utilization of rewards programs, thus providing an opportunity to elevate themselves to an advantaged state using external factors to advance in the current financial system.

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Asset Metadata

Creator Waterman, Genevieve (author)

Core Title Asset building through rewards-based system: innovative steps to retirement planning

School Suzanne Dworak-Peck School of Social Work

Degree Doctor of Social Work

Degree Program Social Work

Publication Date 12/15/2020

Defense Date 11/12/2020

Publisher University of Southern California (original), University of Southern California. Libraries (digital)

Tag asset building,cumulative inequality theory,economic security,financial security,OAI-PMH Harvest,older adults,Retirement

Language English

Contributor Electronically uploaded by the author (provenance)

Advisor Smith-Maddox, Renee (committee chair), Manderscheid, Ronald (committee member), Rank, Michael (committee member)

Creator Email gmwaterm@usc.edu,gwaterman31@gmail.com

Permanent Link (DOI) https://doi.org/10.25549/usctheses-c89-413820

Unique identifier UC11668428

Identifier etd-WatermanGe-9225.pdf (filename),usctheses-c89-413820 (legacy record id)

Legacy Identifier etd-WatermanGe-9225.pdf

Dmrecord 413820

Document Type Capstone project

Rights Waterman, Genevieve

Type texts

Source University of Southern California (contributing entity), University of Southern California Dissertations and Theses (collection)

Access Conditions The author retains rights to his/her dissertation, thesis or other graduate work according to U.S. copyright law. Electronic access is being provided by the USC Libraries in agreement with the a...

Repository Name University of Southern California Digital Library

Repository Location USC Digital Library, University of Southern California, University Park Campus MC 2810, 3434 South Grand Avenue, 2nd Floor, Los Angeles, California 90089-2810, USA