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Cumulative Savings Ecosystem (Prototyping Mural Update 1/4)

Increasing savings and changing mindsets through automatic accounts, employer donation matching and giving from family and friends.

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Who is the target audience for your idea and how does it reimagine the cost of college?

What if all children had a 529 college savings account opened for them, and the government seeded the accounts for low-income families? Parent employer companies could double parent savings through donation mating programs. Family and friends could give to the account for birthdays and holidays. These cumulative savings could change the mindset of low-income families as their children enter the teenage years and make college more realistic.

Join the prototyping process and check out this mural:

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What aspects of this process could be quickly prototyped?

How can we involve more stakeholders in the college savings process?

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Visit The Gift of Education website

What early, lightweight experiment can you try out in your own community to find out if the idea will meet your expectations?

- Ask local businesses and employees about donation matching programs. - Speak with The Gift of Education business, a local online gift registry. - Research California 529 plans and how they could be more effective and widespread

What skills, input or guidance from the OpenIDEO community would be most helpful in building out or refining your idea?

How could we practically test this idea?

This idea emerged from

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Welcome to the refinement phase Gavin! We’re excited by the potential synergies your idea can create between different savings options that currently exist independently of each other. We’re also glad to see how you’ve developed a visual user journey to map out how potential users can experience this Cumulative Savings Ecosystem in a step by step way.

In going forward into the Refinement phase, we’re looking forward to learning more about the synergy between the stakeholders you’ve identified. It’ll be helpful to consider which stakeholder will build and maintain the platform to bring the different savings options together. i.e. will the platform be developed by the state for its constituents, by companies for their employees, by banking institutions, or by an independent provider. Developing some sketches of what potential users might see when they log in would also help to communicate how this savings ecosystem can work. e.g. what might be different plan options that can be offered for families of various income levels? We’re also looking forward to how you might follow up on some of the lightweight experiments you’ve identified. Contacting local providers to collect feedback on the feasibility of this approach is a great way to test out this idea in a human-centered way.

Here are some key questions and milestones we encourage from all ideas in the Refinement:
1. How might this idea address the unique needs of low-income families and first generation college students?
2. Clearly summarize the value proposition of your idea in 1-2 sentences
3. Identify assumptions that need to be answered in order to validate your value proposition.
4. Collect feedback from potential partners and users to answer the assumptions you’ve identified.
5. Communicate your idea in a visual way with user experience maps Or you can use the Mural template provided to you.

Lastly, here's a useful tip: When you update the content of your post, it'd be helpful to indicate this in your idea title by adding an extension. For example, you can add the extension " - Update: Experience Maps 12/22" to you idea title. This will be a good way to keep people informed about how your idea is progressing!

We’re excited to see this idea progress in the next weeks!

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