This animation explores my opinion on saving money using apps, and is inspired by an article on Financial Lessons From Richard Thaler, the 2017 Nobel Prize Winner In Economics where he addresses the concept of Libertarian Paternalism.
“Libertarian paternalism is the idea that it is both possible and legitimate for private and public institutions to affect behavior while also respecting freedom of choice, as well as the implementation of that idea.” Wikipedia
I believe that with features like safe lock & auto debits, it is possible for apps to blur the line between forceful and willful saving.
“Cowrywise understands the importance of savings but also respects the freedom of choice.”
Choice plays a huge role in the illustration. The cage only opens when the hand is ready to drop a coin, and closes after. They are in sync and there is no duress.
“Employees that were forcefully enrolled in a savings plan abandoned the plan when compared to those who were voluntarily encouraged to enroll. Restrictions frustrate commitment.”
“we believe that people should be allowed to build up their financial goals on their own terms”
The presence of diverse types of currency in the cage shows a freedom to save any amount at any time.
The results are impressive.
“…respecting freedom of people’s choices has helped motivate commitment even more.”
GEORGESKETCH 
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