Young savers have seen their rainy day funds soar by linking their savings accounts with their social media habits.
According to Oval Money, the automated savings platform, millennials have been able to double their monthly savings by signing up for the platform’s ‘social saving’ scheme.
Every time they log a post on Facebook, a small amount of money is automatically taken from their preferred current account and deposited in their Oval Money savings account. This effectively means that every time they use their social media accounts, Oval’s users are saving more money.
Compare the Best Savings Rates
“Putting a little away each month is hard to remember and often not front of mind for today’s workforce,” said Benedetta Arese Lucini, co-founder of Oval Money. “This is why encouraging people into ‘social saving’, which brings their online sharing habits into step with a new savings culture, really works.
“We also know that so many of us are in flexible employment with variable monthly incomes, so saving a rigid amount each month is archaic and outdated and can easily leave people out of pocket as they renege on earlier financial commitments.”
When the platform launched 12 months ago, the average UK user was putting away just £63 per month. However, this figure has now leapt to £130, equivalent to an annual jump from £756 to £1,560.
Oval is now looking to offer integrations with other social media platforms such as Twitter, and it plans to use machine-learning to encourage even more saving.
The platform already uses technology to review the spending habits of its users, identifying on a month-by-month basis how much they are able to save. It also allows people to save using ‘round-ups’, where spare change is added to any debit card transactions and deposited in a savings account.
In a statement, Oval Money confirmed that more API integrations are set to be launched on the platform soon “to ensure that users continue to be engaged by the prospect of saving, making sure that it fits into their normal behaviour and lifestyle”.