To make managing their money easier for Americans, the Dave app links with existing bank accounts and aims to keep people in the black by notifying them when they’re about to go into overdraft. It also breaks down anticipated ingoings and outgoings, giving users an easy way to budget.
Today’s teens and young adults are set to become the world’s most influential consumers within a decade, but how has growing up in the aftermath of a financial crash affected the way Gen Zers spend and save their money? What can help these digital natives improve their financial know-how?
The life path that past generations took for granted is no longer possible for many Gen Yers. Faced with mounting debts, a growing number are delaying marriage, forgoing car-ownership, and moving back in with their parents. How are these changes impacting home life and society as a whole?
Distrustful of traditional financial institutions, Gen Yers are more likely to favor digital banking experiences, according to research. As a generation with more debt and lower incomes than their parents, digital challenger banks are providing them with a greater sense of control over their finances.
According to a MetLife study, nearly a third of Americans have tapped their retirement savings to help pay off debts and make big-ticket purchases. With many people already struggling to save for later life, there's a growing call for employers to help them overcome financial stress.