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Building Emergency Savings through “Impulse Saving”

In: A Fragile Balance

Author

Listed:
  • Kim Manturuk
  • Jessica Dorrance
  • Jayson Halladay

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.

Suggested Citation

  • Kim Manturuk & Jessica Dorrance & Jayson Halladay, 2015. "Building Emergency Savings through “Impulse Saving”," Palgrave Macmillan Books, in: J. Michael Collins (ed.), A Fragile Balance, chapter 0, pages 125-140, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-48237-2_8
    DOI: 10.1057/9781137482372_8
    as

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