The first company to identify money-related stress as a health issue, Zavfit is working to launch an app focused on improving individual health and happiness. Following a successful funding round, the company is ready to launch the first full beta version of its app.
With money concerns currently the number one cause of mental health problems worldwide, the app will allow users to set up a MoneyFitness programme with daily goals and scores. With daily goals, each user will be able to make daily financial decisions that will improve their mental health and overall well-being. In conjunction with MoneyMoods – he app’s scoring tool that allows the user to reflect on the emotional impact of their spending – the app is expected to provide the user with a complete solution to the impact of money on their overall well-being.
Founder and CEO Anna Freeman expressed her enthusiasm for Zavfit’s next steps, highlighting the importance of the app in terms of “the devastating impact of financial stress on our health”. She went on to explain that the funding will enable the launch of the first beta app, which she described as “a game-changing moment for ZavFit and the health and wellness industry”.
Investment in mental health technology reached a record $1.37 billion in the third quarter of 2020, largely due to the pandemic. While the growing need among organisations around the world to support the health and wellbeing of employees, members and customers is predictive of future industry expansion.
Specifically, the money and financial wellness sub-sector is in the spotlight more than ever. Earlier this year, the Global Wellness Institute identified money issues as one of the top wellness topics for 2021. The report states that reframing money-related stress not as a financial issue but as a health issue is a “paradigm shift”. While the Insitute picked Zavfit for its groundbreaking work in this area.
ZavFit is the first health solution for money and what we are seeing here is the opening up of a whole new market segment,” continued Freeman. She added that the Zavfit team is looking forward to bringing the company’s vision to the world.