Why is it that some people thrive while the majority just muddle through life? The answer is not a simple one, but the explosion of wealth and health tech may just hold the key to people finally gaining control of their physical and financial health.
While there have been enormous developments in tech that that help people achieve these important life goals, there has been little in the way of combining the two disciplines – until now. Maslife, an alternative Payment and Wellness platform, is on a mission to help millions of people to fast track their financial, mental and physical wellness, and turn the status quo on its head.
There are scores of books and articles written how to get rich or healthy, but still, the majority of people struggle to get traction in their finances and health. If financial and physical wellness was simply about information, there would be no poor or unhealthy people in the world. Sadly, there are literally millions of individuals who never achieve these basic goals. Mastering them it seems, takes more than just reading a few lines from a guru, people need a lot more help.
The statistics are alarming, we are seeing the damaging results of financial and physical stress play out, not just locally, but world-wide.
- 73% of young adults ranked their finances as most significant source of stress *
- The World Health Organisation has stated that by 2030, depression will likely be the number 1 global disease.**
- Globally there are over 1.9 billion overweight adults, of which 650 million are obese.**
- 77% of employees say money worries impact them at work.***
- 89% of larger UK businesses are impacted by poor employee financial wellbeing.***
Focussing on the trio of financial, physical and mental health wellness works. The renowned psychologist Abraham Maslow knew what he was talking about when he said our base needs need to be taken care of before we can thrive. The connection between health and wealth is well documented in hundreds of studies globally, they are inextricably linked.
The team behind the fintech and healthtech app Maslife, realised that people need help to achieve these vital goals, especially in the wake of Covid 19. Gen Z and millennials were particularly hard hit as many gen Zers were just starting their careers, and Millennials were not feeling secure in their jobs. In the 2021 Deloittes, Millennial/Gen Z survey, 28% of respondents cited healthcare/disease prevention as their biggest concern, up from 21% in 2020. The second biggest issue was unemployment with 27% expressing concern, up from 21% in 2021.
Gamification, AI and Nudge Theory join forces to change behaviour
Maslife has developed the world’s first alternative banking and wellness app helps users take control of their finances, while simultaneously helping them to improve their mental and physical health. Utilising gamification, nudge theory and A.I. the app taps into users’ behavioural patterns to recommend simple changes to people’s daily routines which can lead to positive long-term results. The app also provides a banking platform with tools to help people gain control over their finances by setting goals and budgeting. It then employs a unique rewards system to entrench positive behaviour. The wellness element offers fitness trackers, yoga tutorials and meditation workshops all geared to keep the user moving and motivated, while rewards them for achieving their wellness goals. The user is given a progress report monthly so they can keep track of the improvements they are making and a view of the rewards they have earned. These tools are vital for keeping individuals on track with their goals. Its an ambitious project but one that is gaining attention and traction, they have almost 30,000 people on their waiting list.
The things that trip us up
The app goes a long way to intervene in the tendency for individuals to mostly ignore tried and tested advice to get ahead. The team that built Maslife know that is not just a personality quirk or a lack of motivation that trips people up. Researchers have discovered that humans have a deep requirement for a “quick fix”. Our desire to have everything immediately comes from times of scarcity and threat in our early evolution. The need to take advantage of all opportunities now, was because in pre-historic times, missing an opportunity could have resulted in death or starvation. The scientific term for this is Hyperbolic Discounting, it refers to the tendency for people to increasingly choose a smaller-sooner reward over a larger-later reward. Hyperbolic discounting has been applied to a wide range of phenomena including lapses in willpower, health choices, overspending and personal finance. By utilising the interventions that Maslife brings there is a good chance that individuals can recognise and reverse the behaviours that stop them from getting ahead.
Founder and CEO Kash Amini says “This platform is revolutionary; by helping people achieve a healthy lifestyle balance that works for both their financial and health goals, a real and lasting positive impact can be made in society. It’s a combination that no one else in the market has considered. Interest in Maslife continues to grow every day, especially with investors from all around the world”.
Maslife is currently fundraising on the Seedrs crowdfunding platform, where interest has been high, having already reached 85% of its target within its first week.
To join the Seedrs crowdfunding campaign, click on the link below.
To learn more about Maslife, visit www.maslife.com
*Capital One CreditWise Survey 2021
**World Health Organisation Surveys 2016
***Clothes brothers 2019 Financial wellness Index