Why Saving Matters

Savings are a promise of a better future. Our goal is to help our users reach that future.

I got my first job when I was eleven years old. Despite being well paid, being a Church Organist wasn’t the sort of job you boasted to your friends about.

But it came with benefits. By the time I was 18, and moving to Scotland for university, I’d saved up over £6,000. Those savings completely changed my life. Rather than rushing to get a bar job, I had the time to start my own student business. That business went well, and ending up funding the rest of my studies. Starting up my own successful business sounded good in interviews, and I ended up getting my dream job in London when I graduated.

Savings mean independence and hope.

Writing recently in the Times, Libby Purves said “Savings, even small ones, mean independence, hope, a sober chance of happiness.” A combination of low interest rates and a frenzied consumer culture have made saving seem pointless, she points out. But, “living up to your limit doesn’t lead to happiness or a sense of security. At any age, on any income, a modest savings cushion does, and provides also the odd guilt-free treat or holiday.”

It’s true that saving up for things can feel a bit pointless at times. Interest rates of 1% and below don’t exactly make it rewarding, and easy debt of course makes it possible to get what you want today, and worry about the consequences later. Setting up a saving account can also be tedious - the forms, the phone calls, the meetings with the bank.

Turning the tide on savings?

But, what if saving was rewarding? What if, rather than calling the bank, visiting a branch and filling out endless forms, it was easier than ever before to start saving?

What if it could be done in seconds via a simple mobile app that anybody - no matter what bank they were with - could use instantly?

Could this combination turn the tide on the decline of savings?

We think so. And our early tests with hundreds of our amazing users suggest we aren’t completely mad. Over the next few months we’re looking forward to showing many more people how easy and rewarding, it can be to save up for the future.

Savings, no matter how small, are a promise of a better future. At PiggyPot, we want to help our users create that better future.

About the author

Gavin Shields

Founder of PiggyPot. Co-founder of Turbulenz. Former Investor at Summit Partners.

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