When it comes to money management, financial literacy-boosting tools are making it easier than ever for consumers to understand how to sort out their finances. Not only are these apps and services helping tech-savvy young millennials keep track of their spending, but these tools are also helping young children and older adults learn the ins and outs of money management.
As young children are increasingly introduced to technology at an early age, digital platforms are becoming one of the best ways to teach kids about money management. Some of these tools consist of apps that turn the concept of saving and spending into a fun and interactive game. There are also physical products such as the ERNIT piggy bank, which give children a hands-on way to understand finance.
Of course, not everyone learns how to manage their money at an early age. One group in particular that is turning to financial literacy-boosting apps is millennials who already rely on smart technology to perform many other daily tasks. Some of these millennial-targeted finance tools include video-based workshops created by Khan Academy and the Bank of America, AI money managers that anticipate each user's needs and text-powered saving platforms that help users reign in their spending.
- Gen Z (primary audience)
- Gen Alpha (primary audience)
- Millennial (primary audience)
- Gen X (primary audience)
