The proposal to connect a savings box to a personal smartphone is an interesting idea, based on the premise that such communication by a mobile app called SmartPiggy will create in people a tendency to save.

The app being developed contains two elements: a reminder and a game component. Users set up alerts reminding them to put money into the piggy bank. They can also earn badges when they save on a daily basis, or lose a badge when they fail.

This study, of interest to information technology developers and behavioral economists, involved participants who watched a video on how the app works and were asked questions through an online survey. The results indicate that people put money into their savings accounts if they have a specific item they are saving for. Visualizing their saving progress seems to increase the motivation to save.

The authors plan to conduct another study on such behavior with a smaller set of individuals than the 84 they started out with, using a diary study. Their research would delve into what type of “nudges” can persuade users of the app to put money into the piggy bank. Anything that changes the American consumer’s attitude and behavior toward savings should help with the realization that saving is a good thing for the economy because to save is to invest, and investing can spell growth for the economy.