A 2018 Bank of America survey found that 1 in 6 millennials — defined as those between age 23 and 37 — now have $100,000 or more in savings. But while some millennials are proving to be savvy savers, many other young people are unable to hold onto their cash.
Most “young millennials” — defined as those between 18 and 24 years old — had less than $1,000 in their savings accounts, according to a 2017 GoBankingRates survey.
So as an incentive to get people to save money, a new app called Long Game offers millennials cryptocurrency. The app, created by Lindsay Holden, gives users who meet savings goals ether (ETH), basic attention token (BAT) or 0x (ZRX), along with Long Game’s existing non-blockchain “coins,” which allow users to play games of chance for prizes of up to $1 million.
Users don’t have to take the crypto if they don’t want to either; they can choose to be rewarded with cash and the app’s game coins.
The free app claims to make saving fun by encouraging millennials to open a savings account with one of Long Game’s banking partners. Long Game receives revenue from those partners, who receive new customers with growing deposits.
Next, users link their personal checking accounts to the Long Game account in order to make automatic or manual deposits. Users can monitor their savings progress via a map on the app that charts their milestones.
A Crypto Rewards player who reaches level 2 in savings may receive a reward of 25 cents worth of ether. Someone who reaches a high level may earn a few dollars of free crypto.
Those rewards are in addition to the app’s non-blockchain coins, which allow users to play various games for cash prizes, including a spin-to-win, a virtual slot machine and a weekly drawing for $1 million.
By: Maytinee Kramer
