Millennials share finances and financial information through tailored apps
Implications - Millennials are a financially fraught generation, but as the demographic ages they are nonetheless sallied with monetary pressures and responsibilities. In order to stay financially secure, Millennial couples are jointly handling the stress by sharing financial information — and finances altogether — through couples-focused apps from fintech startups. These services acknowledge Millennials' anxieties surrounding money while providing a convenient, comfortable workaround.
Workshop Question - What is the source of your target consumer's greatest anxiety? How could your product or service help to alleviate that?
Trend Themes
1. Joint Personal Finance Apps - As financial pressure grows for millennials, joint finance apps like 'Honeyfi' and 'Honeydue' create an avenue for couples to manage their finances together, learn about each other's spending habits and budget effectively.
2. Cash Wedding Funds - Wedding registries are not just about gift items anymore, as The Knot's 'Newlywed Fund' provides a means where couples can customize and enter targeted funding ideas such as funding trips, renovating their home, etc.
3. Shared Expense Apps - Apps like Acasa eliminate guess-work for housemates to split the costs of utilities, to help avoid conflicts, especially in mixed living arrangements.
Industry Implications
1. Fintech - Joint finance apps open up an avenue for fintech startups seeking to create a secured platform where couples can collaboratively budget, track their spending and save money for their future investments.
2. Wedding and Event Planning Industry - As guests are becoming more willing to provide unique gifts, the wedding industry can take advantage of these cash funding new trends. Gift registries will continue to expand into these targeted investment areas where wedding planners can take advantage by adding them as an option.
3. Property Management Industry - Shared expense apps present disruptive innovation opportunities for property managers looking to avoid disagreements between roommates, by creating a platform that eliminates guesswork when it comes to splitting bills.
4 Featured, 34 Examples:
56,439 Total Clicks
Date Range:
Apr 17 — Oct 17
Trending:
Mild
Consumer Insight Topics:
