Assignment 9A - Testing the Hypothesis, Part 2

Assignment 9A – Testing the Hypothesis, Part 2

·       Who: Through my interviews, I found that there are multiple groups of people that fall outside of my market.

o   From what I learned from my first interviewee, the first group consists of people who have studied finance in college, have a job handling finances and accounting, and are already confident and comfortable with their current personal finance skills in their daily lives and have no need for an app to track their finances.

§  This group is basically their own personal finance resource and have the least need in looking up tips on how to budget and what to consider when making big purchases such as buying a house. They would also be most aware of where their money goes.

o   Another group of people that fall outside of my market is made up of people who have grown up being taught frugal habits by their parents and are simply frugal people in general, information I received from my third and fourth interviewees.

§  Much like the first group, this group of people are also more aware of where their money goes and are more careful in where they put their money, where they spend it, and what they spend it one. These people are more likely to buy what they need rather than what they want as well as stick to a budget that they have made for themselves.  

o   The last group of people who belong outside of my market is made up of those who don’t want to learn too deeply about the ins and outs of big purchases such as buying a house and will look up how to go about it when they get closer to the big purchase, something I learned from my second and fifth interviewees.

§  The people in this group is simply not interested in learning more about personal finance or feel no immediate need or urgency in learning about it until they know they will be doing something financially big, such as buying a new car or a house.

·       What: Budgeting is different for everyone depending on whether or not they’re single, in a relationship, or have a family. This also depends on each individual’s income and also whether or not they think their budgeting could be better, so an individual’s need to better their personal finance skills is subjective.

·       Why: I think the need differs between individuals who have studied finance and those who haven’t, but other than that, I believe the need is there, and the only difference is the sense of urgency an individual has to better their personal finance skills.

	Inside the Boundary	Outside the Boundary
Who	High school and college students who are worried about how well they’ll be able to budget their money in the future Older undergrad or graduate students who will or already have a job Adults who have a hard time budgeting and would like to learn more about personal finance	Those who have studied finance in college or have jobs in finance and accounting People who were taught good financial habits as children or are characteristically frugal people People who don’t feel an urgent need to learn how to budget better or learn more into what goes into big purchases
What	To learn how to budget better via tips and advice To learn how to go about big purchases To keep track of finances	Not to teach a whole class on personal finance Not a substitute for personal finance skills
Why	People may not have been taught personal finance skills in school People’s parents may not have taught them how to manage their money Their family’s financial situation may not have left room for learning how to save money