We may not save the world, but we’ll help the world save. That sums up the vision of Nudge, a new consumer savings app recently launched in the Australian market. Nudge uses behavioural economics principles to help its users save more money, more often, in a way that makes sense to them. It does so by aligning users’ behaviour with their stated long-term goals, empowering them to reach their savings goals sooner.
Nudge also helps address the imbalance of power brought about by the combination of Big Data, easy access to consumer credit, and the transition to a cashless society. All these things have conspired to make it easier to spend impulsively and harder to save for big ticket items, like holidays and home deposits. By providing users with reminders of what they are saving for and asking them to save small increments regularly, Nudge provides an additional savings layer on top of any automated savings transfers the user may already have in place.
The Nudge app is available for iPhone via the App Store (with Android coming soon) and works with all Australian banks. Find out more at www.nudge.com.au.