The millenial term adulting is a butt of all memes. But take a deeper look and we realise there is a problem there. The skills of adulthood particularly in the practical matters of money stayed aloof as the early millenials grew up fighting for ranks. Turning saviour is technology. Apps that have emerged with unique financial solutions easy for the tech-savvy, click-happy generation to understand and use are changing the game for youngsters. Here are a few that we spotted:
Sqrrl’s motto is to save as you spend. They feature DIY plans to save up for a set goal. The Sqrrl Away feature goes as such: If you spend Rs 125 on a coffee, the app rounds it off to Rs 130 and saves Rs 5 through its wallet. Samant Sikka, the founder of the app says, “The youth of today say, ‘Investments is a long shot when we can barely save by the end of the month,’ Another insight was that there was no bank or firm that was catering to us. Everyone were only selling their product. So we built our app and its features based on the users’ needs instead of selling a product and unnecessary jargon.” The app also focusses on customised investment plans for the kind of money one earns and what gets saved in their monthly salary. Available in regional languages, the app breaks the language barrier for all ages and regions.
Wizely is a mobile app helps the young manage money through their savings algorithm. Users input their goal (a vacation or a new automobile) for which the app generates a savings plan based on their expenditure and needs. Their USP is all about helping our users kickstart their savings journey during the early stages of their financial journey. “Our loyal users are those who may have a squeezed income, fixed budget, erratic income or are always overspending. Their challenge is not with multiplying their money but instead saving enough money before they can think about long term financial goals,” explains Nihar Bobba, the CEO of Wizely. The app also is tied up with several ecommerce, travel and purchase portals to get the users the best deal on their goal and their expenditures. Of the 4 lakh signed up users, Wizely’s users are primarily 18 to 30 years-old.
Investmnts are a nightmare for the young adults who are only just learning how to manage their finances. Making this journey easier is Groww app which is an online investment platform. “We want investors young or old to make an informed decision regarding investments,” says the Cofounder and CEO, Lalit Keshre. Bypassing the commissions and brokerage, Groww app provides expert assistance and answers to all their questions regarding mutual funds before and after investing. Despite the popular opinion on mutual funds being an investment option for the older gen, Groww app flaunts an average age of 26 in their userbase of investors. A recent survey also indicated that in the financial year 2019, 47% of new mutual fund investors were milenials.