“Don’t make people do the math,” says Noah Kerner, CEO of digital-investment pioneer Acorns, which is on a mission to help people squirrel away money as effortlessly as possible. The company launched in 2014 with a product that rounds up users’ daily purchases to the nearest dollar and automatically puts the difference into investment accounts; a growing stable of brand partners (320 and counting) offer further contributions for qualifying purchases. Last year, Acorns began offering its 4.2 million users the ability to open an IRA, along with a checking account and debit card that link to the company’s investment products. It also redesigned its app to help users better visualize the impact of all those saved dollars and cents. … [Read more...] about This simple investment app has millions of millennials saving every day
Millennials saving money
0 Have your say They are often accused of being careless with money and frittering it away on luxuries such as avocado on toast and pricey tumeric lattes. But now, a report has claimed that millennials are actually saving more for their retirement than the next oldest generation.The survey found that those aged between 24 and 38 years old, who make up generation Y, on average saved 19 per cent of their income for their retirement - while those in generation X - 39-53-year olds - put aside just 16 per cent on average of their income.Meanwhile, according to the report carried out by financial advisory firm deVere Group, Baby Boomers who are aged between 54 and 74 years old, saved the highest proportion at 35 per cent of their income.More than 660 people across the age groups participated in the survey in the UK, Europe, Africa, Asia and the US.Nigel Green, founder and chief executive of the deVere Group, said: “The results of the saving survey are both … [Read more...] about Millennials saving more than Generation X
When it comes to handling money, millennials often get a bad rap on such matters as saving and long-term financial planning. But the latest Better Money Habits Millennial Report by financial services giant Bank of America opposes some of the notions. In reality, the report swears millennials are just as good, or better than other generations when it comes to managing money. That means they are getting their finances in shape. Millennials—ages 23 to 37—are more likely to set savings goals with most of the generation meeting them. The bulk of millennials feel just as financially secure as other age groups, including Generation X and baby boomers. Yet there are some obstacles, too. Roughly 1 in 4 millennials worry often about money. And intriguingly, 75% of them report their generation overspends compared to other generations. Plus, 73% of millennials say their age group spends too much … [Read more...] about Report: Millennials Managing Money Better Than You May Assume
Long burdened by an economic recession and oppressive student debt, millennials, it seems, are finally starting to save money. Swedish startup Qapital, which has been helping millennials and the digitally savvy automatically save for everything from beachside surfing trips to a new car since 2015, wants to help them save better. Already its mobile app connects with banks to slog away money for 1.3 million users. It even has an if-this-than-that functionality that adds cash to your savings when you, say, buy another latte at Starbucks. On average, Qapital users save $1,500 per year. Now, it’s launching a suite of financial services to help people who want to handle their finances with a bit more granularity. But don’t worry, it’s still automated. Today the company is rolling out three new products: Payday Divvy: As soon as your deposit hits your account, Qapital will divide up your check. A person may, for example, want to parcel out their expenses first. The … [Read more...] about Qapital has helped millennials save money. Now it wants to help them invest.
While individuals in their 20s and early 30s may still be figuring out their place in the world, I have noticed just how different younger people are today. When it comes to saving money, a lot of millennials seem to be falling short. Some may not even have a savings account. Their spending habits are very different in that they are more conscious about how people see them. For example many of them save up just to buy the latest mobile phones. For some, the latest mobile phones do have important uses. However, some millennials may not be even using the other features of an expensive phone. What they want is to “belong”. Sounds familiar? Of course, we have been through the same phase when we were younger. But the cost of these high-end mobile phones these days is almost equal to the 4 months’ salary of some. I have seen a post on Facebook once when the cost of siling labuyo was almost P1000 per kilo and a lot of people reacted. However, the cost of the latest … [Read more...] about Business Mentor: Millennials and Money