Financial Fridays: LifeCents

Much of the value of any financial education initiative or financial literacy curriculum is unlocked when participants are able to apply the knowledge they have gained to their personal financial lives and transform that information into action. While most people who are committed to moving the needle forward for financial literacy might agree with these statements, the solutions often are as complex as the problem itself. In fact, the solutions offered to help people improve their financial capability need not only have the right content and information, but they also need to provide experiences that people can relate to and engage with.

With this understanding, LifeCents, a multi-award winning, online financial wellness app, has been designed specifically to help each participant understand their current financial situation, improve their financial knowledge, gain greater confidence. In turn, they are empowered to establish better money habits and make more informed financial decisions. LifeCents offers each participant a highly personalized, interactive, and engaging experience that meets people where they are.

Founded in 2005 and headquartered in Washington, DC, LifeCents (the company of the same name as the program), understands that when people are financially healthy, businesses and communities thrive. Teens, young adults, and adults access LifeCents through organizations they are already affiliated with such as nonprofits, community-based organizations, schools, and employers, among others. Uniquely, LifeCents is often configured and customized for each of its partners, so the user’s experience is that much more relevant to them. This approach contributes greatly to better outcomes and impact. As one example, partners will often integrate their curricula, content, tools, and/or other resources into LifeCents to align the overall user experience with their organizational goals and objectives. In doing so, LifeCents can more effectively meet the needs of each participant.

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• LifeCents recently launched a new “Member Financial Health Playbook” which is a personalized report that summarizes the activity, progress, and measures of financial health for each participant. The Playbook also highlights specific activities and next steps that the participant can take based on their unique profile. It is designed around four research-based pillars of consumer financial health: Save, Spend, Borrow, and Protect. The Playbook also is an important part of the overall user experience because it contributes to long-term program engagement. Not only is the report accessible online, but users can open it as a PDF so that it can be saved or shared with a financial coach, counselor, or other trusted partner.

• LifeCents enhanced its adaptive learning capabilities to now offer users with AI generated Action Plans. Specifically, the activities that populate the user’s Actions Plans are unique to them based on their overall financial health profile.

• Partners and clients can leverage the LifeCents Reporting Portal that offers 24/7 access to their program’s data in aggregate and at the individual level (based on appropriate permissions). This data allows partners to track changes and trends in financial knowledge, habits, and mindset over time through in-app features such as user “Check-Ins” and “Check-Ups.” As importantly, the program data can also be used by partners, as well as financial coaches, to better identify and then address the needs of groups of users or individually.