Why a timely nudge might help us save money
Anyone struggling to save money might take inspiration from labourers in rural India.. When they were paid, some of the cash was put into one envelope, or two, and earmarked as savings.
It allows users to load an image of their savings goal onto the app, such as a car or a holiday destination. The more they save, the clearer the image becomes. If they withdraw money, the picture starts to disappear. The independent Office for Budget Responsibility , which makes forecasts for the government, predicts it will stay at or around this 50-year low for the next five years at least.
In 2016, the Money Advice Service found that 16 million people in the UK had savings of less than £100 A total of 244 ideas about savings, guidance, and managing debts were thought up, before 17 were chosen for trials.
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