For too many people, saving is both hard and impractical. EverUp wants to provide you with an effective path towards financial health by applying existing and familiar lottery-like games to personal finance management.
Our prize-linked product suite offers more incentives to save than a traditional savings account, where you may be discouraged to save by low interest rates. Families that play the lottery all tend to spend roughly the same amount regardless of economic status. By offering our own version of the lottery and instant-win games that are both free to play and offer a chance at winning real money, EverUp provides an incentive to save money and have fun while doing it, instead of spending it on trivial expenses or, indeed, real gambling.
Academic research has demonstrated that there is a strong substitution effect between a prize-linked saving scheme and lottery or even gambling. Wherever a prize-linked saving scheme has been tested, there is strong evidence of a reduction in gambling and a parallel increase of the same magnitude in savings.
A prize-linked saving scheme is about building positive saving habits. We want to tap into behavioural economics and the widespread popularity of lottery games to redirect lottery spending towards personal savings. Unlike the actual lottery, at EverUp your money is never lost, as it is not used to play.