September 29 2021 | Finance |    VIEWS

What’s the Experience Economy?

the experience economy


They say that life is not about the number of breaths you take, but rather about the moments that take your breath away. Well, looks like the generation of today takes cognizance of this philosophy when it comes to the financial fabric of their lives. 

Back in the day, life was all about security. It was about building a refuge for yourself that will shield you from the tumultuous nature of life. In fact, saving enough money to build another house on top of yours to give it for rent was every middle-class maven’s idea of living the idealistic life.  It was about earning hard and saving harder to buy a property. It was about pursuing the dream of building your own house by prudently reserving your finances for a better tomorrow. 

But times have changed. Millennials today are not pursuing what was once perceived to be an idyllic life. In fact, they have redefined it on their terms.

Millennials today live for the moment and thrive on seizing every second. 

Access > Ownership 

Yes, the thrill of experiencing has seized the joy of accumulation. This is the reason why you see most youngsters today resort to travelling, living nomadically, investing in courses, etc.

People are now prioritizing experiences over products and ownership. That is the reason you see most youngsters today prefer going on a world tour over working towards purchasing a land. Success is no longer associated with the savings in your bank account but rather with the number of stamps on your passports, among other things.

For over 20 years, a Psychology Professor, Dr. Thomas Gilovach, has been researching the relationship between money and happiness. In fact, he concluded that investing in experiences over other assets brings lasting joy through his study. In fact, another study by Harris Group found that 72% of Millennials prefer spending money on experiences over material possessions.

This in turn has led to the rise of the Experience Economy.

Yes, millennials are propagating it all over the world. In fact, brands are succumbing to it by ensuring that they indulge their customers in experiences beyond the products and services they offer. This can be witnessed in the Cafe Experience Stores by One Plus, in Starbucks writing the name of the customer on their cups to several more such examples where brands are adding an extension to their services to create more holistic experiences for their customers. 

As you can see, the Experience Economy is on the rise even when it comes to personal finances and not just in the world of Marketing. To harness the newly defined terms of handling your finances you also need financial tools that will support your financial goals.

The Versatility of Chits Enables the Experience Economy

The multi-faceted chit fund should be every millennial’s go-to investment/loan option. As it can efficiently bolster your endeavours and pursuits.

Yes, when you invest in a chit fund, you invest in your future self. You not only welcome the ease of financial accessibility but flexibility as well;  as you can make the best use of your chit fund for the immersive experiences that you wish to enrich your life by. 

Instead of opting for a loan in a bank, where you will not only be inundated with paperwork but high-interest rates as well, chit funds are better. Right after you become a member of a chit fund, you can bid and take the entire amount/chit fund value for your needs. 

Be it that vacation you’ve been planning, that CrossFit gym you’ve been meaning to sign up for, hiking Macchu Picchu, that coveted Music Festival you have been meaning to attend, or even catching the Northern Lights in Sweden, investing in a chit fund enables you to not only aspire but also make those dreams a reality. 

So we at myPaisaa, are here to simplify savings by amplifying the options of investments. We have several plans called Chota Save, Bada Save & Zyada Save that are of the value Rs 50,000, Rs 1,00,000 & Rs 3,000 respectively. 

In fact, we are a 100% digital App enabling you to save in a Government registered and regulated Chit Fund. We have automated the whole process of handling a chit. Thus, enabling you to sign up, take part in e-auctions, bid, receive dividends and handle your chit with ease right on your one-stop myPaisaa App. 

Remember, that the value of a product depreciates with time, but the value of an experience appreciates with time. So don’t refrain from investing in life-embracing moments that give you memories of a lifetime.

Start investing in chits with myPaisaa Online Chits!


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