Mad*Pow and Commonwealth are on a mission to close the emergency savings gap. Emergency savings are fundamental to financial security, yet many low- and moderate-income families are unable to manage unexpected expenses through their emergency funds or from savings. Furthermore, Black, Latinx, women-led, and lower-income households disproportionately experience financial insecurity due in large part to longstanding systemic racism and gender discrimination. We see this challenge as an opportunity to envision a practical yet aspirational future financial state where reliable emergency savings are status quo.
Through innovation and human-centered design, Mad*Pow and Commonwealth hope to encourage designers to empower and equip employers and financial service providers with tools and services that help people build emergency savings funds. The Emergency Savings Design Challenge is open to the public, but designers must submit their Intent to Participate to be eligible.
Commonwealth’s partnership with Mad*Pow is made possible with support from BlackRock’s Emergency Savings Initiative.
How it works
Individual designers and design teams are challenged to design approaches to the Emergency Savings problem within two prize categories:
- Employee Financial Wellness
How might employers design an engaging emergency savings benefit for employees? - Inclusive Savings Products
How might financial service companies design emergency savings products that meet the needs of those living on lower and moderate incomes?
Over the course of several months, teams will work together to fine-tune and document their process and reach a final design submission. Judges for the Design Challenge are leading subject matter experts in financial wellbeing and design thinking.
Teams will submit their projects, within specified guidelines, and the submissions will be evaluated based on the following criteria:
- Does it clearly articulate how the idea solves the emergency savings challenge?
- Does it address the specific needs of people living on low to moderate incomes?
- Does it reflect the principles of human-centered design and behavior change research?
- Does it address the feasibility and viability of offering the idea at scale?
Design Challenge winners will be publicly announced at Mad*Pow’s Health Experience Design Conference (HxD) 2022, where they will present a Pecha Kucha outlining their solution. Learn more about the Emergency Savings Design Challenge and apply today!
Mad*Pow is a purpose-driven, strategic design consultancy working with industry leaders to create social impact. Mad*Pow leverages strategic design and the psychology of motivation to create innovative experiences and compelling digital solutions that are good for people and good for business. Founded in 2000, Mad*Pow has partnered with industry leaders including Cigna, John Hancock, Pearson, Microsoft, and Google, and has received honors for design excellence by the Webby Awards, MITX and the W3C. To learn more, visit us at www.madpow.com