Mobile apps help bring financial literacy skills to overlooked groups

The author is the author of ‘Reset: Ideas to Change How We Work and Live’

Gone are the days when many women felt uncomfortable discussing money because they were told it was too personal or insecure. From building an emergency fund to discussing our freelance rates, my friends and I do not shy away from being open about it – and it is very different from the way we were educated.

I was not taught money management skills in school, and when I reached my twenties, I did not have enough knowledge to properly plan my long-term finances. I would procrastinate when it comes to tasks or financial decisions and let’s be honest, the complexity of the financial system means those who do not have the tools to understand it are excluded.

However, practice is important and over time my friends and I have built our financial muscles. This change is due in part to the growth of digital tools that provide education when it comes to money, especially among millennials and Generation Z. FinTech start-ups are leading the trend of financial literacy as many provide the knowledge to make smart money decisions, and address the needs of those who are traditionally ignored, such as young women and minority groups.

Considered the “Dolingo of Money”, Your Juno Is a financial education platform for women and non-binary people with a focus on the millennial generation and Gen Z. Founded by sisters Margo and Alexia de Brugli in 2020, its mission is to close the gender gap in financial literacy, exacerbated by Discriminatory financial information Targeted to women. Their app has courses on a variety of financial topics, from investing to retirement savings, where people can learn from financial experts they can relate to.

“If you look at investment platforms, women make up only 24% of the app’s users. But then if you look at crypto, women are only 7% of crypto owners, so instead of that gap narrowing, it’s actually getting bigger… So we really need to Make sure we include non-binary women and men in the conversation and bring them in early, “says co-founder Alexia de Brugli.

This is backed up by a study by the US Investment Bank BNY Hotel, who found That if women invest the same rate as men, there will be at least an additional $ 3.2 billion of assets under management from private individuals today. More importantly, the study also revealed that women are more likely to make investments that have positive social and environmental impacts.

The start-up has risen recently $ 2.2 million in initial funding. Led the round InReach VenturesAlongside a board of investors mostly angels.

Similarly, Wealth8 is a digital investment app launched in 2020 with the aim of making investments more accessible within the black community – while helping to close the The racial wealth gap. According to a report by the Runnymede Trust, a racial equality thinking team, for every £ 1 of white British wealth, black African households have 10p. Wealth8 hopes to help change that.

“We can not have true equality without economic equality – the future of black wealth is in the hands of the younger generation and therefore it is imperative that we provide access and education to our communities to help make this goal of generational wealth a reality.” Says Wealth8 founder and CEO Bimpe Nkontchou. “Our message is that everyone should have the ability to build wealth, even by starting at £ 8.”

She adds that with a new generation of black people entering the workplace, Wealth8’s mission is to teach them how their money can work for them.

In 2021, Nina Mohanti Started Bloom Silver With a simple question: How can financial services better serve immigrants? Its purpose is to provide fair access to credit for immigrants and refugees through an app, which Bloom hopes will receive approval from the UK Financial Conduct Authority by the summer.

It is refreshing to see a wider representation among the new crop of financial products, as so many parts of the company have for too long ignored the financial industry.

Mobile apps help bring financial literacy skills to overlooked groups Source link Mobile apps help bring financial literacy skills to overlooked groups

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