How Acorns Changes Savings Behaviors

PRODUCT

Acorns

Acorns is the first company to offer micro investing to the world. The proprietary financial engine allows customers to roundup spare change from everyday purchases and invest these sub-dollar amounts into a professionally managed portfolio of index funds. Simply connect any credit or debit card and a checking account, then spend money like you normally do to watch your portfolio grow with the market. It's easy to get started when you can invest any amount, any time with no commissions or minimums.

Studies on the efficacy of

Acorns

Hershfield (2018)

Temporal Reframing and Participation in a Savings Program: A Field Experiment

How

Acorns

changes

Savings

behaviors

Framing Effects,Reduce Friction or Barriers,Automation,Feedback,Rules of Thumb

Framing Effects

Framing Effects

Acorns,Qapital,Wealthfront,Personal Capital,Qoins

Scartascini,Doctor (2018),Pouliquen et al. (2015),ideas42 (5),Wilson,Choi et al. (2017),Lee,Bertrand,Zaliauskas et al. (2015),Hershfield (2018),Chetty et al. (2012),Keller et al. (2011),Gächter et al. (2009),Kahneman & Tversky (1981),Slovic et al (2002),Small et al. (2007),Lamberton (2013),Slovic et al. (1997),McNeil et al. (1982),Kogut & Ritov (2005),Redelmeier et al (1993),Bertrand et al. (2010),O’Connor (1988),Breman (2011),Behavioural Insights Team (2013),Croson & Shang (2008),Hasseldine et al. (2007),Beatty et al. (2011),Viscusi et al. (1987),Fryer et al. (2012),Kalbekken (2011),Hossain & List (2009),Bertrand & Morse (2011)

Reduce Friction or Barriers

Reduce Friction or Barriers

PlateJoy,Parsley,Fresh EBT,Steady,Mission Lane,Acorns,Lemontree,Roman,Nurx,Modern Health,PeerWell,wayForward,APDS,Promise,Edovo,Flikshop,Uptrust,Corrio,CitizenLab,OpenGov,Novoville,Sidewalk Labs,Lambda School,Pathrise,Promptable,Electriphi,Edquity,Lendstreet,Charlie,Homebase,GreenPath,EarnIn,Qapital,Wealthfront,Personal Capital,Qoins,Give Directly,Recidiviz,Neuroon,Bodyport,Tig,Sound Life Sciences,Tia,Lemonaid for Depression & Anxiety,Betr Health,Vitalyze,Eight Sleep,Re-Timer,Sana Health,One Medical,Predictiv,Applied

Casarotto,Humpage (2015),ideas42 (12),ideas42 (19),Choi et al (2006),Hastings & Tejeda-Ashton (2008),Kling et al (2012),Letzler & Tasoff (2013),Kunreuther et al. (2012),Bettinger et al. (2009)

Automation

Nest Thermostat,PlateJoy,Acorns,Mission Lane,Roman,Nurx,Pillo,TrueLink Financial,CitizenLab,Sidewalk Labs,Lambda School,Pathrise,Promptable,Opower,Electriphi,Earn Up,Steady,Lendstreet,Charlie,Homebase,Qapital,Wealthfront,Personal Capital,Qoins,Tia,Cardiogram,Betterment,Eight Sleep,Dreams

Ghani (2016),Sussman (2016),Chetty et al. (2012),Behavioural Insights Team (2013),Behavioural Insights Team (2013)

Feedback

Sidekick Health,Cognoa,Hello Heart,"Zombies, Run!",MyFitnessPal,Lose It!,HeartMath,Halo Sport,Spire,Withings Sleep,Mightier,Fitbit,Dreem,Welltok,Wise@Work ,Healium,Kognito,Torch,Lambda School,Pathrise,Acorns,Qapital,Wealthfront,Personal Capital,Qoins,Livongo,Welltory,Fabulous,Oura Ring,Bodyport,Tig,PainQX,Lemonaid for Depression & Anxiety,Betr Health,Tempo,Accupedo,Betterment,Eight Sleep,Fitbit Health Solutions,RedBrick Health,Moment,iHealth Wearables,Rise,Sana Health,One Medical,Remente,Tess,Nudge Rewards,Applied,Dreams,Propeller Health

Block et al. (2015),Meeker (2016),Kuna (2015),Doctor (2018),Datta et al. (2015b),Asch (2015),Rogers (2014),Appelt,Coups et al. (2015),Presseau (2015),Elouafkaoui (2016),Van Het Reve (2014),Turner-McGrievy (2011b),Allen (2013),Bond (2014),Wall (2018c),Direito (2015),Laing (2014),Wharton (2014),Arnardóttir (2019),Kaplan (2017),El-Hilly et al. (2016),Fischer (2008),Kunreuther et al. (2012),Hershfield et al. (2011),Ayres et al. (2012),Chen et al. (2017),Merchant et al. (2018),Merchant et al. (2015)

Rules of Thumb

Acorns,Charlie,Rise,Zero

Schoar et al. (2014),Datta et al. (2015b),Chang,Datta et al. (2015a),Rogers (2014)

Acorns

changes these

Finance

behaviors

Savings