Money is one of the best motivators for most people. And when money is tied to something like fitness? Well, you’re bound to get fit. Here’s a system that pays you when you workout and takes away your money when you don’t.
GymPact is an iPhone application started by a couple of young Harvard graduates – Yifan Zhang and Geoff Oberhofer. The entire concept is based on the idea that people do not like to lose money. Zhang, an economics major, says, “Behavioral economics show that if you tie cash incentives to things that are concrete and easy to achieve like getting to the gym, it’s very effective. People don’t like losing money and it’s one of the strongest motivators, much more than winning money.” The app is free to use and has a database that covers over 40,000 gyms. That’s more than 70% of the gyms in the U.S. If your gym isn’t listed, you can add it to the app. You pay money when you don’t work out and the amount that’s pooled up from the non-exercisers is divided up between those who do workout. A cut from that amount is taken by the company as profits. So let’s take a quick look at how the system works.
