Harris KhanPartnering with homeware and furniture brands Not On The High Street, Amara and Eve.
Mat Megens, founder and CEO at HyperJar, discusses the role retail has to play in the future of financial planning.
- Brand new personal finance concept, stepping in to build consumer confidence in the retail sectors
- Users to be rewarded for their loyalty with a growth rate averaging at 4.8%
As we conclude our second stint of lockdown and months of confinement in our houses, it has been reported that the UK has seen a huge home improvement boom as Brits decide their humble abodes are in need of a makeover. The British Home Enhancement Trade Association has reported that roughly £4.94 billion could be spent on improving homes and gardens before Christmas, with more than a third of consumers planning jobs around their properties. This is approximately £550 million more in comparison to last year. Especially with Christmas looming, British consumers are buying Christmas decorations, trees and extra seats to prepare for the festive season, fuelling expenditure in the homeware retail sectors even further.
In light of this, money management app, HyperJar, has partnered with numerous homeware and furniture brands in order to allow consumers to earn money by saving up to buy their most desired homewares.
As a huge amount of our consumer expenditure is now spent on homewares, garden upkeep and home improvements, a kick back in this area of expenditure is a welcome incentive for Brits sprucing up their abodes. The HyperJar app offers 4.8% interest on money we know we want to spend on these goods, for which, the consumer is rewarded for saving where they spend. The partnerships offer a supporting hand to the retail sector indicating clear intent for consumer purchase power, which could come at no more critical a time.
How the app works:
Account holders who allocate money ahead of spending with HyperJar partners get an average 4.8% Annual Growth Rate on every penny for up to 12 months, calculated and added to the account daily. An odometer in the app shows this increased buying power growing in real time. Committed money must be spent with the business it’s deposited with but there is no time limit and it can be shared or gifted to other HyperJar users.
Mat Megens, founder and CEO at HyperJar, offers an insight into the benefits of ‘money with intent’ and how HyperJar rewards financial planning.
“Many of us have untapped value inside our brains: knowledge of where we are going to shop in the future. This ‘intent data’ can be monetised – HyperJar users can prepay for future spending with their favourite retailers or service providers.
In return for this commitment, users will be rewarded with a growth rate – the current average is 4.8%. This is akin to interest, but can’t be withdrawn as cash – it becomes effectively ‘branded currency’. The customer’s spending power is growing with time, enjoying dynamic accrual, and the retailer has future spend locked in.”
