Fashion for the sake of your finances

Watches can now double as fitness trackers… and if you ask anyone who has one – they are considerably more aware of their activity. Sure – they may not actually exercise more, but with an easier way to monitor how active they are, they are more likely to change any behaviours that they are unhappy with. Building on this principle comes a brand new wearable…

A hip new bracelet by Sanlam called the MNA NAM bracelet has been marketed as a fashion accessory that helps the wearer to remain conscious about their spending habits. There is a QR code embedded in the bracelet design that allows you to scan and save, instead of scan and spend, as is often our forte in today’s technologically advanced culture of consumerism.

The bracelet is linked to a WeChat wallet, powered by Standard Bank, and you can transfer any amount of money from your bank account to this wallet, which helps you to save for short-term goals with the ease of simply scanning your wrist. Saving has never looked this good, and the more you wear the bracelet, the more valuable it becomes. It is also linked to a competition where you stand the chance to win a custom-style piece by Ngxokolo by scanning and saving.

A recent trial of the bracelet was recently analysed on Maya on Money and makes an interesting comparison about the bracelet with a FitBit. Just like a FitBit tracks your daily steps and heightens your awareness to take a few extra steps and exercise a bit more, this new bracelet could act as a constant reminder of your savings goals.

The bracelet doubles up on the goods — not only is it a stylish accessory that has been designed by South African fashion designer, Laduma Ngxokolo, but it also acts as a reminder to not make any impulsive purchases and to become more mindful about spending on non-essential items.

Its psychological power ultimately still lies with the owner of the bracelet but, according to the article, “it is a clever concept to use designer fashion to stop impulsive fashion spending”, and raises the question of whether tech wearables could change our money habits.

Maybe tech wearables provide just the incentive and reminder that people need to contribute to helping them achieve financial goals and advance in their understanding of their financial health. Could fashion help the future of finance?

Posted in Blog, financial planning.