Published 2/7/2023
By Marcus Ivarsson

Out of sight, out of mind

What you don’t see you generally don’t care much about. Stowing vegetables and fruit in the lower part of your fridge is a solid way of making sure you won’t eat too much healthy food. Hiding your work out gear deep down in the closet is the best way to avoid becoming fit. Hiding your money in a bank account that you never engage with and using a piece of plastic to buy stuff is the safest way to spend money without friction and lose track of your finances.

Out of sight, out of mind

Research shows that you spend up to 200% more with a credit card than with cash, simply because you do not depart from anything in the transaction. When you give away a hard earned bill in exchange for some goods the pain centers in your brain are activated. This does not happen when you pay with a card. A recent MIT study actually showed that the opposite mechanisms kick in when you purchase with card - dopamine is released and you feel rewarded for spending.

This is true for adults and it is of course even more so for children.

We are exploring ways to design digital money that can help to re-create this emotional connection and promote more mindful spending. By making our money more visible and tangible, we can be more mindful and intentional with our spending, and avoid falling into the trap of overconsumption and debt.