To help you with your choices, the platform tells you where your money will go to as well as the basic monthly contribution projections and its target dates. Apart from the Roundup feature, you can earn money through the Found Money section. This section provides offers from popular brands such as Nike, Groupon, and Macy's.
A percentage of your purchase from the offers goes to your account wallet. Acorns are available for Android phones and other devices. It also has an Apple version that works with iPhones running on iOS A similar investment app is the SoFi platform that lets you buy and sell stocks without any commission fees. It also gives you control over which investment to buy or use an automated investing feature.
The Roundup of Acorn is a novel feature that encourages anyone to save money. Its investment portfolio is also great for beginners who are looking for a simple way to break in the stock market. But seasoned investors might not appreciate the small amount of control over the purchase of stocks. Should you download it? No, you can find another investment app that is beginner-friendly and does not have a monthly charge. View, edit, sign, and leave comments on PDF documents on the go.
Traffic alerts made edgy and fun! Free cross-platform transfer sharing app. Free business messaging platform. Save money from spare change with Acorns Acorn educates you on which stocks to invest The standout feature of Acorns is the Roundup system, which puts the spare change of your purchases to your account wallet. Investment option The secondary feature of the app is its investment portfolio, which gives you five risk options.
Where can you run this program? It feels as though saving is not a top priority for most young people. Barrett: Financial literacy is one of the big gaps. There are no pensions anymore. Social Security is shrinking. I think [only] 17 states require personal finance to be part of their high school curriculum. We have the unique opportunity to teach them, to nudge them along. A lot of people who come to us have very little knowledge of investing. Are you saving my money? A big part of our education is showing them the history of the stock markets and explaining the risks and the returns and the benefits of sticking with it.
Barrett: I think so. But it is difficult. You have to hold it. We all need to understand it more. My background is mostly financial journalism, and we wrote a lot about the benefits of using cash. There have been lots of studies about the difference [in spending] when you use a credit card versus cash.
There is a visceral emotion attached to parting with your cash. I have tried it out personally. When I was getting my finances together, I used only cash for a month just to see how it would change the way I spend. This is for two reasons. Two, if someone steals your card, you will see on your phone immediately if they try to use it, and you can lock it remotely. But a big part is showing people their transactions immediately. Then it comes back. But you have to be in touch with whatever that feeling is inside you when you see that number drop and know whether you can ride that out or not.
But they do need to think about [investing] as a long-term journey. What are you doing on that front? Barrett: We have a money lab that we formed in We work with a lot of behavioral economists, and we do different tests with our users. In one test, we took the same amount of money that you would be investing each month, but we divided it by day and by month and by week. We used that as a guide and promoted recurring investment options for that amount.
Once you understand the mindset, you can make little nudges and people start changing their behavior without even realizing it. Knowledge at Wharton: Acorns is essentially addressing younger people, but are customers staying with Acorns? And if so, as they get older, are you addressing the older population differently than the younger population?
But we do have a surprising number of customers in their 40s and 50s. Acorns makes it easy to diversify your investments. There are some basic principles that almost anyone can get behind, no matter what your age is. I can give you an example. We have more than companies as our Found Money partners. Found Money rewards are credited to the account between 90 and days after the account holder makes a purchase with one of the partners.
For example, for people who had student loans, we wrote educational pieces that talked about the various aspects of refinancing, the different players in that space, and what they should consider if they are going to refinance their loans. And then separately, almost like an ad on the side, we pointed out that there were some refinancing players that were part of our Found Money program. So, if they use those players, they get more money in their account.
We are looking at what little nudges we can make to help alleviate some of the financial burdens that people have or help them save a little more each month. Knowledge at Wharton: Is Acorns potentially a part of what might be a diversification strategy? So, is it a part of what could be a diversified strategy? Barrett: Yes. We think of it as being a contained system.
If you only use Acorns, you should be able to reach your financial goals using it. The goal is that you should be financially successful.
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