Momentum and QUBER partner to help create an easy way to save and earn cash incentives

Since the onset of the pandemic we have seen an extraordinary increase in liquid savings. As a society our spending and saving habits have changed significantly.  In Canada alone, the savings rate in the first half of 2020 increased to 28.2 per cent, up from 3.6 per cent before the pandemic. This behaviour points to our need to be “financially secure”. Yet still, at a time when spending has become so easy, it is important to be aware of where you are spending and ensure you develop critical habits to save money. The habit of saving over a longer term has potential to yield dramatic results.

 

Financial emergencies are referred to as an unplanned but necessary expense.  Think of situations like home repairs, car repairs, sudden drop in income etc., such financial shocks are bound to happen. It’s not a question of if but when. Having access to savings gives people choices and choices build confidence when it comes to money matters and dealing with the unexpected. Savings provide options when dealing with inevitable financial blows. Savings are there for future payments, whether it be for emergencies or otherwise. In some cases, savings can become the foundation to grow wealth through investments. Educating people and helping them to understand their financial choices are critical to building a stronger (economic) society. Starting with savings and making financial literacy and saving solutions, more broadly and easily accessible provides peace of mind and improved overall well-being. 

 

Helping Calgarians save money has been Momentum’s mission for over 20 years and thus the partnership between Momentum and QUBER, a Canadian fintech company, was a natural connection to help make the habit of savings possible for many who feel it’s not within their reach.

QUBER was the recent winner in the Fintech category of  Desjardins Cooperathon - the largest open innovation challenge In the world. The win was tied to their unique technology that uses behavioural science and gamification to drive habitual savings.
 

This ties in well to the main goal of developing the Momentum Savings Challenge on QUBER - to help people get cash rewards while helping them build savings and plan for the financial future.

 

The Savings Challenge evolved when QUBER and Momentum were introduced by Innovate Financial Health (IFH). QUBER was a cohort in IFH’s startup program. IFH played match maker, recognizing Momentum’s focus on Financial Health and QUBER’s commitment to creating a safe, effective savings platform. Coincidentally, around the same time, Momentum’s supplier for technology requirements was no longer able to meet their needs and ultimately the perfect partnership was formed.

 

The relationship was synchronous in that the QUBER savings app is really simple to use. It is available to download on the App Store and Google Play Store for free. The user creates an account and selects the “Momentum Calgary Group Savings Challenge”. For certain groups like Momentum, QUBER asks for eligibility information (in this case income and residency test). If the user is eligible, the user links their bank account information so that QUBER can withdraw the money they are saving (using the same technology as paying a bill online). A user selects their start date and frequency of withdrawals, and QUBER takes over from there.

 

The funds are securely and safely handled. Funds are held at Alterna Savings Credit Union on behalf of the savers and available to cash out anytime from the QUBER app, with no penalties. The account in Alterna is referred to as QUBER vault, a no-fee digital savings account that takes seconds to create.

 

Users automatically earn cash incentives at predefined saving challenge milestones. Incentives are paid within the QUBER app and users can view their savings balance and incentives balance any time via the app.

 

Quber Co-founder Jen Leger remarks, “Our experience and data indicate people across several income levels are having problems saving money and are financial insecure, especially ones without emergency savings. One of our own co-founders reflects back wishing she had been equipped to make better financial choices after graduating years ago. Personal finance was boring, complicated, and not talked about. After years in the gaming industry, the motivation to build QUBER came from the desire to educate people about money and make saving money a habit. We accomplished that by making saving money fun, something people thought about almost every day, and something people felt free to talk about with their friends". 

“We’ve turned personal finance into a game that rewards people for good choices, and motivates people to save even more”, says Jen. “We know it’s working, 80 per cent of Momentum users were still saving six months after they started on QUBER. In addition, 60 per cent of our total user base are ready to do more with their money. That is such a powerful statistic”.     

 

“Savings and education power financial independence, and future financial opportunities. Often lower wages are perceived to be a lack of ambition, or cognitive capability. More often, the reason for lower wages are a result of lack of opportunity and situations in life. We are doing our bit to help such individuals - by partnering with organizations such as Momentum and employers to deliver programs geared towards financial education, helping participants create the habit of saving and create a sense of financial security with the assets they build.”

 

To learn more and join the Challenge you can watch this video that provides step by step visuals from start to finish.

 

Momentum
 

Momentum is a community economic development organization operating in Calgary since 1991. Momentum partners with people living on low incomes to build their assets through programs in financial literacy, business development and skills training. Momentum also works at the systems level to improve conditions for all Albertans through partnerships, capacity building, policy development and advocacy. Momentum is a Financial Empowerment Champion in partnership with Calgary's Financial Empowerment Collaborative.

 

QUBER takes the struggle out of saving money and empowers you to not only reach your saving goals, but to genuinely improve your financial habits along the way. QUBER is a financial technology company founded in response to rising consumer debt levels and associated financial stress. The QUBER mobile app features made-in-Canada, best in class technology, with cash rewards and contests that drive individuals of all income categories to save money.  Rooted in behavioural science, QUBER builds day-day personal money management, financial coaching and literacy skills while providing financial help in a community of like minded savers.The company was founded in 2016 by tech and finance industry veterans. QUBER officially launched in June 2020 after 24 months of technology refinements, experimentation in behavioural economics, and understanding what makes Canadians save money. For more information visit QUBER.ca.