SaveWise AI
Financial Services - , ,
SaveWise AI Employees
SaveWise AI Details
SaveWise AI is a research project will explore the feasibility of using behavioral economics factors, that are hypothesized to truly change consumption and savings behavior, into a technology application with the potential for widespread distribution. On the one hand, behavioral economists have theorized key psychological factors that contribute to the prevalence of poor savings practices. Although they have supported these theories with compelling empirical studies, test conditions are always specific, thereby prohibiting any possibility of universal deployment for macro change. On the other hand, advances in technology have made widespread deployment of innovative ideas possible. However, in the personal financial management (PFM) space, ideas have predominantly focused on budgeting, spending analysis, and small-scale savings. They also tend to be reactionary, focusing on effects and not causes. While some have incorporated behavioral economics, few - if any - have attempted to directly change the root psychology that would result in permanent consumption improvement. Consequently, savings rates continue to suffer and the PFM space is plagued by high attrition. SaveWise's goal is to create such a tool within a cloud-based application so that there are no restrictions to access, thereby connecting the masses with academic theory, ideally bringing about macro improvement in household savings rates.
