Financial support groups for disenfranchised single moms (2020)

Personal finance

Target: Single moms, head of household, 1 child under 16, moderate-income ($25k-$50k)

Challenge: How might we employ group dynamics to improve the finances of self-sufficient, single moms? 

Process:

• Individual interviews, secondary research

• Co-creation with single moms 

• Concept development and testing

• Prototype development 

• Quantitative study to fill in gaps

• Prototype Experience testing

• Feedback interviews and surveys

• Final report

Findings: We found that single moms built a safety net for their families by finding and staying in jobs with security and good benefits.  They faced an uphill battle, often relying on credit to get by, which often compromised financial health. Even still they had strong goals for the future and desired better networks of support. 

Prototype: We developed a Financial Support Group Model for Single Mothers. Using a professional facilitator, we created a support group dynamic, talking about money mindsets and emotions. Financial literacy topics were built from a place of understanding, allowing for participants to take clear and decisive actions to improve their finances.   

Results:  The 6 participants took on average 6 steps (i.e. entering repayment, correcting credit errors, starting a budget) to improve their finances.