Bridge

Product Experience

Problem Space 

Problem Statement  

How can we make financial planning and goal setting stress-free?

Problem Background  

The financial planning industry is facing a transformative period, marked by profound changes and challenges. Personal finances are a significant concern for Canadians, especially the younger demographic, comprising millennials and Gen Z, who encounter distinct financial hurdles. A considerable portion of financial planners are nearing retirement, just as these young individuals require essential financial guidance. The focus of established financial planners on high-net-worth clients neglects those in the early stages of their careers, grappling with issues like unaffordable housing, limited access to benefits, substantial student debt, and a turbulent economy. 

Despite these challenges, the opportunity within this demographic is immense, given the anticipated "great wealth transfer” of resources from older parents and family members. However, existing research indicates a gap between the expectations of millennials and the capability of financial advisors to cater to their needs. A shift is needed in the financial planning profession to embrace this new generation and provide personalized advice and true partnership on the journey to financial well-being and goal setting. The ideal time has come for the profession to adapt to digital disruption and prioritize accessibility and value for millennials and Gen Z. 

Research Insights

User Pain Points

I surveyed participants to obtain initial user data concerning financial goals and milestones. To address this problem effectively, the questions were focused on experience in achieving financial goals.

My research findings confirmed that 65% of participants still need to set clear milestones to track their financial progress. Participants explained that this was “too daunting”, “too much work”, and had “no idea how”. Other participants responded by saying “Financial planning is needed”. 

Supporting Data

88% of participants confirmed they have not consulted a financial planner to help with their financial goals. Participants explained that “cost”, “not earning a high enough income”, and being “uninformed” were the main deterrents for seeking out financial planning services. 

The user interview provided additional validation as the participant stated that they “wished they started financial planning a decade later”. Their financial planning journey was mainly self-taught, however, they highly recommend starting financial planning early. 

The findings validated my assumptions of minimal financial planning among young professionals. Furthermore, the need for a cost-effective, user-friendly financial planning product was identified as a result. 

Feedback

My preliminary user research among young professionals in Canada found that participants mainly focused on paying off debt and saving for temporary events neglecting investing and financial planning. The main pain points are summarized as the difficulty and stress of obtaining financial planning. 

Landing on the Solution 

The goal of Bridge is to help young professionals set and achieve financial goals while beginning their financial planning journey. The aim is that if young professionals had a resource or tool that simplifies financial planning, then this would help shorten the time it takes young professionals to start prioritizing their financial future. Bridge will also allow users to create suggested goals geared toward financial planning. 

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