Young adults are often lectured against spending too much money on eating out, making online purchases and other supposedly frivolous actions in order to save up for their future, but a new micro-investing app aims to help you have your cake and eat it too by making a small investment on your behalf everytime you make a purchase.
The 'Roundups' app, developed by innovators in the southern Indian city of Chennai, helps consumers in India generate investments by rounding up purchase amounts to the nearest hundred and using their spare change to make a small investment on their behalf. For example, if an individual spends 180 rupees on a cappuccino at Starbucks, the app will round off the amount to 200 rupees, effectively investing the spare change of 20 rupees into a mutual fund.
While many personal finance apps are targeted towards people who are already motivated and disciplined with their money management, the 'Roundups' app takes a unique approach by aiming to help young adults in particular see the prudence of investing by creating small micro-investments that can generate significant returns over time.
Image Credit: Drucker & Grove
The 'Roundups' App Helps Indian Consumers Get Started In Investing
Rahul Kalvapalle — August 6, 2021 — Business
References: roundups.in & yourstory