I’ve been thinking about the impact of saving using rounded up cash from your transaction via Monzo.
A lot of smart advisors have sprung up around this idea and I think that’s because there is such low impact on the end users wallet, having little 50p’s and 25p’s siphoned here and there adds up over time, but doesn’t impact your monthly bottom line.
I would love a way in Monzo to click a little toggle that said “Help the Homeless” which took those funds and gave them to a large mutual fund that went to helping the homeless on our streets.
The form of payout could be linked to a homeless person by giving them a Monzo card (which they can check using any ATM - They don’t need a phone).
One of monzos early goals was to help the unbanked, and this is one way thousands of better off users of monzo could help put money in the pockets of homeless people every day.
I understand this is naive and open to abuse, but thought it was an interesting idea so thought i’d share.