Money management apps become increasingly specific in their goals
Trend - Finance management apps are increasingly designed with highly specialized saving or money management goals. These apps offer more goal-oriented money management options, like saving for a wedding.
Insight - Millennials and Gen Z who prioritize money management have been influenced by the financial crises that they've lived through. These generations have to face higher costs of living with stagnant wages, particularly when compared to the economies that preceding generations inherited. Thus, the way they manage their money is by focusing on small, attainable goals that they can work toward.
Insight - Millennials and Gen Z who prioritize money management have been influenced by the financial crises that they've lived through. These generations have to face higher costs of living with stagnant wages, particularly when compared to the economies that preceding generations inherited. Thus, the way they manage their money is by focusing on small, attainable goals that they can work toward.
Workshop Question - Conceptualize an app for your business that has one specialty focus.
Trend Themes
1. Specialized Finance Management Apps - Finance management apps are being designed with specific and attainable saving or money management goals to cater to Millennials and Gen Z consumers.
2. Goal-centric Banking Services - The introduction of finance management services that prioritize progress and completion of client's financial goals.
3. Money Management Campaigns - New marketing campaigns that aim to show that investing and saving can be easily achieved and enjoyable.
Industry Implications
1. Fintech Industry - Providing more accessible and specific finance management applications to accommodate the younger generations' money management needs.
2. Marketing Industry - Developing new marketing campaigns that appeal to Millennials and Gen Z consumers by showing how investing and savings can be easily achieved.
3. Wedding Planning Industry - The development of convenient money management platforms designed specifically to help couples and vendors save and budget for weddings.
