Acorns Takes its Financial Literacy Mission Mobile
First annual Acorns Money Matters Report? shows millennials unprepared to deal with their financial futures
January 11, 2017 -- !-- AddToAny BEGIN -->
NEWPORT BEACH, Calif., Jan. 11, 2017 /PRNewswire/ -- Acorns, the leading micro investing app, today releases its first annual Money Matters Report addressing millennial financial concerns and simultaneously announces the launch of Grow - an in-app educational platform specifically created to alleviate those anxieties. The report, conducted via SurveyMonkey, captured data from 1,900 millennials aged 18-35 and highlights important topics including financial literacy, investment habits, savings goals and debt management. With the integration of Grow in-app, Acorns has added education as another tool in its arsenal to relieve millennials of their financial stress and allow them to focus on the future.
Official Report Found Here
Among the findings from the Acorns Money Matters Report nearly two out of every five millennials reported feeling anxious when thinking about daily expenses, especially debt. Additionally, more than half surveyed felt their formal schooling left them ill-prepared for success. Grow strives to bridge the gap. "These numbers are staggering. I don't accept that it's ok to teach kids about sex but not money," said Noah Kerner, CEO of Acorns. "We won't sleep until we change the problem."
The theme of financial literacy is familiar terrain for Acorns as it moves to democratize investing. The company, which counts PayPal as one of its largest backers, launched the first iteration of Grow a year ago, in response to direct customer feedback. As the first digital magazine dedicated to the financial well-being of millennials, Grow was created as a way to combat fears and answer questions. The expanded integration of the educational content into the app is the natural next-step. Acorns 75% millennial base, a population known to live on their smartphones, now has instant access to the knowledge needed to grow their wealth. More results from the report show that 58% of those surveyed agree that mobile access has spiked their interest in their finances, while one in four source their financial news from social media.
"We felt that Acorns wasn't complete without comprehensive educational content," said Jennifer Barrett, Acorns Chief Education Officer and editor-in-chief of Grow Magazine, published by Acorns. "Financial literacy is essential in achieving financial success. That's why we're integrating educational content into Acorns. Along with Noah, I'm on a mission to make sure that happens."
- Millennials will forgo meeting Taylor Swift. Most are willing to give up the chance to meet their favorite celebrity to pay off debt.
- Younger millennials, age 18-23, are less likely to give up social media for six months over older millennials, age 24-35, in order to pay off a $10,000 debt.
- They want to learn. 50% of millennials are not sure about how to invest, but do feel it is important to learn.
- It'll be a long road to retirement. 41% of older millennials, age 24-35, predict that they won't be financially secure enough to retire until they are older than 65.
- Too young to invest: Only 5% of young millennials aged 18-23 are actively investing.
- On the election: 70% of millennials anticipate an impact in their finances in the next 10 years due to the new political environment.
Acorns is the leading micro investing app in the U.S. It's easy-to-use, mobile-first technology makes it simple to start and grow your own portfolio. Acorns allows users to automatically invest in a low-cost, diversified portfolio of exchange-traded funds offered by some of the world's top asset managers (including Vanguard and Blackrock). It provides a simple entry-point using the Acorns app on iPhone, Android and desktop. Customers accumulate fractional shares in one of five portfolios constructed with help from world-renowned Nobel Laureate economist Dr. Harry Markowitz. Acorns smart portfolio algorithms automatically work in the background of life, helping users build wealth naturally, pennies at a time. From Acorns mighty oaks do grow.
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