Putnam's ‘Impulse Saver’ iPhone App Can Boost 401(k) Plan Balances

Putnam Investments on Monday launched a PriceCheck&Save iPhone app to help its 401(k) plan participants figure out exactly how their spending habits impact their savings—and then use that knowledge to boost their retirement dollars.

The app lets Putnam 401(k) participants use their iPhone cameras to scan the bar code of most sales items to register the price of the item, comparison-shop across other retailers to seek a lower cost, see the potential cost savings in terms of future monthly income in retirement and immediately direct the price differential to the individual’s 401(k) account, according to a Putnam news release.

“Putnam’s PriceCheck&Save app is a powerful new way to demonstrate the eye-opening trade-off between spending today and its future financial impact on an individual’s retirement – translated through the critically-important language of income,” said Edmund Murphy, head of Putnam Investments’ defined contribution unit, in a statement. “By using leading mobile technology, we are trying to change behavior from impulse spending to impulse saving – all with a few taps on their iPhone.”