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A Fragile BalanceBuilding Emergency Savings through “Impulse Saving”

A Fragile Balance: Building Emergency Savings through “Impulse Saving” [Into all good saving plans a little impulse spending often falls. A meal out and some new shoes, and the intended savings are gone. But what if impulsivity could be leveraged to help people save money, rather than spend it? This is the idea behind MAGIC Mojo, a recently piloted product that allows people to transfer money to savings instantly via text message. The MAGIC Mojo approach aims to help underbanked consumers build emergency savings and reach their financial goals. The approach is highly scalable, has the potential to reach a broad base of consumers, and incorporates ideas from behavioral economics to increase the likelihood that people save successfully.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A Fragile BalanceBuilding Emergency Savings through “Impulse Saving”

Editors: Collins, J. Michael
Manturuk, Kim; Dorrance, Jessica; Halladay, Jayson
A Fragile Balance — Nov 3, 2015
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15 pages

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Publisher
Palgrave Macmillan US
Copyright
© Palgrave Macmillan, a division of Nature America Inc. 2015
ISBN
978-1-349-50398-8
Pages
125 –140
DOI
10.1057/9781137482372_8
Publisher site
See Chapter on Publisher Site

Abstract

[Into all good saving plans a little impulse spending often falls. A meal out and some new shoes, and the intended savings are gone. But what if impulsivity could be leveraged to help people save money, rather than spend it? This is the idea behind MAGIC Mojo, a recently piloted product that allows people to transfer money to savings instantly via text message. The MAGIC Mojo approach aims to help underbanked consumers build emergency savings and reach their financial goals. The approach is highly scalable, has the potential to reach a broad base of consumers, and incorporates ideas from behavioral economics to increase the likelihood that people save successfully.]

Published: Nov 3, 2015

Keywords: Saving Account; Supplemental Nutrition Assistance Program; Federal Reserve System; Saving Feature; Payday Loan

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