The aim of this lecture was to go through the RSA briefs and pick one.
The brief I chose for this project is Number 5 Mind Your Money. The aim of this brief is to design a way for people to improve their financial capability and manage their money better.
As we all know managing money can be hard. Financial capability is more than just knowledge of abstract concepts, it is putting that knowledge in to practice that counts when managing money.
A recent RSA report ‘Wired for Imprudence’ identified six behavioural hurdles of human characteristics that undermine our ability to manage money well. These are the following hurdles:
- Cognitive Overload
- Empathy Gaps
- Optimism and Overconfidence
- Instant Gratification
- Harmful Habits
- Social Norms
I chose this brief as it has a strong relation to me, I have been fortunate to obtain a job whilst studying which allows me to have a stable income every month. However, I find myself spending more then I actually need too every single month. I can admit to being left with nothing towards the end of some months due to overspending. I would like to pursue this brief in order to firstly tackle my own money managing problems, then secondly helping out others that may be on the same boat as me.