Co-create Financial Planning Services for an Aging Population: Designers' Perspectives

DS 122: Proceedings of the Design Society: 24th International Conference on Engineering Design (ICED23)

Year: 2023
Editor: Kevin Otto, Boris Eisenbart, Claudia Eckert, Benoit Eynard, Dieter Krause, Josef Oehmen, Nad
Author: Lee, Sheng-Hung (1,6); Coughlin, Joseph F. (6); Yang, Maria (1); de Weck, Olivier L. (2); Lee, Chaiwoo (6); Klopfer, Eric (5); Ochsendorf, John (3,4)
Series: ICED
Institution: 1: Massachusetts Institute of Technology Department of Mechanical Engineering; 2: Massachusetts Institute of Technology Department of Aeronautics and Astronautics; 3: Massachusetts Institute of Technology Department of Architecture; 4: Massachusetts Institute of Technology Department of Civil and Environmental Engineering; 5: Massachusetts Institute of Technology Comparative Media Studies/Writing; 6: MIT AgeLab
Section: Design Methods
Page(s): 0947-0956
DOI number:


The purpose of the study is to understand the design considerations for creating a provocative financial planning toolkit with services to help facilitate more constructive and meaningful conversations to build trust and empathy between financial advisors and senior people. We conducted four rounds of 60-minute co-creation workshops with eight invited participants from various design disciplines to work in pairs to generate four preliminary concepts suggesting design considerations. We used ATLAS.ti to do qualitative research analysis under an NCT (notice, collecting, thinking) model to identify 22 codes synthesized from verbal and behavioral data. The study concluded with three design principles: 1) the concept of financial planning is about people's expectation management, 2) a financial planning toolkit is designed under service systems, and 3) the tailor-made and modular design features can give financial advisors more flexibility to engage with senior people and enable them to share more about their life stories and needs to recommend financial planning packages precisely according to personal preference, health conditions, and financial status.

Keywords: Service design, Design process, Financial planning, Aging, Product-Service Systems (PSS)

Please sign in to your account

This site uses cookies and other tracking technologies to assist with navigation and your ability to provide feedback, analyse your use of our products and services, assist with our promotional and marketing efforts, and provide content from third parties. Privacy Policy.