There is a radical solution for Brits who want to stick to their new year’s resolutions (Image: Getty)
Millions of Brits will be setting new year’s resolutions such as giving up smoking, quitting drinking, or exercising regularly, but research suggests nearly 50% of people will have given up on their by the end of January.
One UK tech start up is gambling on having the solution to stop Brits’ good intentions from going to waste, by making its users pay a financial “bounty” upfront towards a goal they want to achieve.
The website lets people commit from £50 up to £100,000 towards their goal. The money is held in a secure ring-fenced account.
Users can set their own goal, such as quitting or drinking, losing weight, going to bed earlier, or finishing writing a book.
When users prove they have achieved their goal with evidence, they get their bounty refunded in full. Evidence includes photos, videos, screenshots or even a hair or nail analysis test which detects nicotine and alcohol usage up to 6 to 12 months prior to testing.
If they fail to achieve their goal, then GoalBounty keeps 90% of the bounty, and donates 10% to mental health charities and social causes, such as Samaritans, Shout and PTSD Resolution.
Nick Hatter, a psychotherapeutic life coach, founded GoalBounty because “money buys commitment”.
He said: “Something I’ve learned from my seven plus years experience as a professional coach [is that] as soon as people invest significant money into something, whether it’s coaching or personal goals, they often become much more committed.”
Despite its radical and potentially controversial approach to motivation, GoalBounty claimed to have received the backing of various medical and psychological experts.
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Dr Milan Mehta, a doctor and GP of 15+ years, said: “GoalBounty has a lot of potential. If people pay a bounty upfront, they are more likely to be committed to getting results and less likely to make excuses for themselves.
“A lot of people need help quitting drinking, smoking and vaping… and GoalBounty could be of great help for the right audience.”
Dr Shah Tarfarosh, a psychiatrist who has trained at both the University of Oxford and University of Cambridge, said: “GoalBounty applies smart psychological principles like loss aversion – where people are motivated to avoid losing money – to encourage goal achievement.”
Why do so many new year resolutions fail?
The most common reasons for slips in new year resolutions are due to a lack of “personal control, excessive stress and negative emotion,” explained Hatter
“When people are emotional, they can experience what is known as a cognitive distortion – an impaired way of thinking, perceiving and making decisions.
“Basically, emotional people become, for lack of a better phrasing, more stupid. Saying ‘no’ to a pint of ice cream, cigarette, a beer or a binge might be easy when you’re calm and everything is going well, but when you’re stressed or emotional, that’s when saying ‘no’ can become a whole lot harder”.
Another reason people fail to stick to resolutions could be a lack of accountability. One study by Dominican University of California found that people who formulated action commitments and sent their goals, action commitments and weekly progress reports to a supportive friend achieved significantly more compared to those who merely thought about their goals.