Money management, the focus of 22seven

Money management is not a new concept. Yet, in spite of having more financial tools and advice available than ever before, it seems that people are feeling less in control, rather than more.

Reliance on empirical data is the problem

The team at 22seven believes the flaw is that traditional financial management tools rely on objectivity, rationality, budgeting and discipline. "The reliance on purely empirical data to make decisions is the problem," says Davel. "People are hardwired to make choices on instinct, intuition and emotion. It doesn't matter how many budgets we do or how many books we read, we will still act like the complex, emotionally governed human beings we are."

22seven offers insight into how people make their money choices, and guides them to being and feeling in control of their financial lives. The online service uses a blend of intuitively presented data and empathy for the human condition to encourage customers to engage with their information.

Huge savings with same lifestyle

"We've been testing the service with a number of users since September last year and the stories are incredible. After a few months on the service one user found herself saving on average R5 000 a month just by making an increasing number of small changes to how she spent her money. Critically, her lifestyle has not changed at all," says Davel.

22seven is currently a South African focused service that automatically gathers transaction information from local bank accounts, credit and store cards. "22seven is a personal money service that knows that emotion, sentiment and desire are more powerful than rationality when it comes to decision making. It works with our humanness rather than against it," concludes Davel.

For more information, go to www.22seven.com.