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Developing an Online Learning Tool to Improve Financial Literacy in Older Adults: An Intergenerational Co-design Case Study

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HCI International 2023 – Late Breaking Papers (HCII 2023)

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Abstract

With aging, individuals are responsible for managing and spending their retirement assets, along with making complicated decisions on medical care, aged care, and estate planning, all while facing a decline in their cognitive performance and financial literacy. Older people are the most vulnerable groups in financial literacy and financial management. Providing older people with financial inclusion and financial literacy programs is essential. This article described an intergenerational, co-design process of developing an online interactive learning tool that could enhance financial literacy for older people and their families. Seven older adults and four law students were recruited and trained as co-designers. They interviewed 60 older individuals in Hong Kong to identify misconceptions, knowledge gaps, and suboptimal financial decisions made by them. These qualitative data were analyzed and utilized to create an online learning tool to address the greatest common misconceptions. The online learning tool consists of a self-assessment quiz and instructive animations, which are shared on a website that was open to the public. We discussed the benefits and difficulties of involving co-designers of different ages in the research and design process. This study contributes to a better understanding of how to carry out intergenerational co-design activities in the context of social and healthcare research.

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Funding

This work was supported by the Humanity and Social Science Youth Foundation of the Ministry of Education of China (22YJC840004) and the Investor and Financial Education Council (RS190211).

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Authors and Affiliations

  1. Department of Psychology and Behavioral Sciences, Zhejiang University, Hangzhou, China

    Ke Chen

  2. Social Work and Social Administration, Sau Po Centre on AgeCing, The University of Hong Kong, Pokfulam, Hong Kong, China

    Vivian Weiqun Lou

Authors
  1. Ke Chen
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  2. Vivian Weiqun Lou
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Corresponding author

Correspondence to Ke Chen .

Editor information

Editors and Affiliations

  1. Tsinghua University, Beijing, China

    Qin Gao

  2. Chongqing University, Chongqing, China

    Jia Zhou

  3. Purdue University, West Lafayette, IN, USA

    Vincent G. Duffy

  4. Foundation for Research and Technology - Hellas (FORTH), Heraklion, Crete, Greece

    Margherita Antona

  5. University of Crete and Foundation for Research and Technology - Hellas (FORTH), Heraklion, Crete, Greece

    Constantine Stephanidis

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Chen, K., Lou, V. (2023). Developing an Online Learning Tool to Improve Financial Literacy in Older Adults: An Intergenerational Co-design Case Study. In: Gao, Q., Zhou, J., Duffy, V.G., Antona, M., Stephanidis, C. (eds) HCI International 2023 – Late Breaking Papers. HCII 2023. Lecture Notes in Computer Science, vol 14055. Springer, Cham. https://doi.org/10.1007/978-3-031-48041-6_2

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  • DOI: https://doi.org/10.1007/978-3-031-48041-6_2

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-031-48040-9

  • Online ISBN: 978-3-031-48041-6

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