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What If Saving Money Was As Fun As Playing The Lottery? New App Looks To Boost Your Savings

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What If Saving Money Was As Fun As Playing The Lottery? New App Looks To Boost Your Savings

What if saving money was as fun as playing the lottery? A new startup is looking to do just that.

Long Game, a personal finance app that encourages users to save money while winning prizes, recently raised additional $4 million in seed funding from Collaborative Fund and Thrive Capital. The company has raised a total of $6.6 million to date.

Long Game hopes to help Americans save money with lottery-style games; however, unlike the lottery, money is never lost on the app.

Americans' Savings Epidemic

Forty (40) percent of Americans have no savings, 70 percent have less than $1,000 in savings and 63 percent can’t cover an unexpected expense of $500. Despite these scary figures, Americans spend nearly $70 billion on lottery tickets every year, with the average household spending $540 annually on lottery tickets.

A Unique Remedy Using Behavioral Economics

"In the short time since its launch, Long Game has proven that its innovative prize-linked approach really helps people save money,” said Lauren Loktev, partner at Collaborative Fund. “We see an enormous market opportunity in empowering consumers to take control of their finances in a way that feels fun and satisfying. Long Game has knocked that out of the park by enabling people to play fun, lottery style games while simultaneously learning to save.”

Long Game has tapped into the behavioral economics behind lottery games, turning a money-losing proposition into a money-saving one. Money saved on the app is FDIC-insured and earns up to 10 times the interest rate of many major banks.

“The majority of Americans are not in control of their financial situation and are not saving for the future,” said Lindsay Holden, founder and chief executive officer at Long Game. “As a result, people are stressed and live with financial anxiety and vulnerability. We built Long Game to empower people to feel proud and hopeful about their personal finances and to make smart money decisions fun and rewarding.”

The app currently has nearly 70,000 users, who on average are adding $60 of savings to their account each month.

"We are really trying to make something that most people avoid into something most people enjoy, allowing them taking control of their finances," Holden told Benzinga.

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Image Credit: Used with permission from Long Game

 

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