Writeup

Our product "The Gift of Saving Card" is a gift idea with a twist that promotes savings. In lieu of giving a gift for birthdays or holidays, you promise the gift in lieu of a savings pledge from the receiver. The pledge could be anything from “reducing energy expenses” to “adding money into their 401k”. The receiver uses personal money management software e.g. mint.com that can track expenses and verify spending. After fulfilling the pledge he/she can redeem the gift.

The gift card industry reaches sales of $100B a year and the total dollar value of gifts exchanged every year can easily approach a trillion dollars. The value of our product comes from building in a savings incentive into every such gift that is given.

We asked people inside and outside campus on what they thought of it. Amongst those who knew people that needed to save, a significant percentage said they would consider giving the “gift of saving” to others.

We also used an educational game show to illustrate the value of saving money.