26 Oct 2020 • 3mins • Yolt

Gamification with Wendy Wood

Man managing his money through gamification

Didn’t know saving could be fun? Prepare to have your money world rocked, as psychologist and author Wendy Wood explains the science behind gamification.

What do we mean by ‘gamification’?

Put simply, gamification is a way of incentivising activities you wouldn’t normally think of as ‘fun’. It works by using game-style mechanics to excite your natural drive for competition, achievement and teamwork. Not only does this make you more likely to strive for a goal, but it also means you’re more likely to enjoy the experience. Not sounding familiar? According to Wendy, you’re probably more familiar with gamified incentives than you might think.

“Gamification can help turn everyday tasks into activities we enjoy – though many people may not even realise that’s what’s keeping them motivated. Gamification appears in so many aspects of our daily lives, from weight-loss apps to loyalty programmes. It could even be one of the reasons you struggle sticking to budget.”

“Loyalty schemes are a popular method used by retailers to keep you coming back, with incentives such as giving you a free coffee, or percentage off your next purchase. Other methods include creating a sense of community through shared experiences, asking you to share your rewards or achievements on social media to make you feel a sense of recognition and get you engaging with a brand community.”

Gamified savings

Alright, so we understand how gamification can make shopping and exercise more exciting – but how can it help with saving? Wendy has the answers…

“Gamifying your finances can be a great way to help motivate you to save, without it feeling like a chore. Using an app that makes your goals visual might be one way to do this – so you can see your progress and perhaps even get nudges reminding you how far you have to go.”

“Then there’s things like intermittent rewards and schemes that enter you into a lottery when you put money away into savings accounts, or when you don't spend beyond a certain amount each month. This makes you feel both more driven to save in the first place and more likely to keep going once you’ve had the satisfaction of being rewarded.”

Does Yolt use gamification?

Now that we think about it – yes! Your Yolt app uses a number of gamified incentives to keep you feeling motivated while you save.

To name just a few:
Goals: visualise your progress by setting a saving Goal and watching your progress bar move toward the finish line.
• Budgets: set a Budget and let Yolt give you helpful nudges to keep you on track. If you’ve been a savvy spender, we’ll even encourage you stash away the extra pennies.
• The Money Jar Challenge: give your saving a competitive edge with Yolt’s weekly saving challenge.
Saving Streak: when you hit your target amount, you start your Saving Streak. You'll get a success message to encourage you to keep on saving. The game is to see how long you can keep it up.

Ready to kickstart your savings journey?

Download the Yolt app and discover just how easy saving can be.