Financial Management, Open Banking, Partnership Announcements
Why managing personal finances is, well, personal
Choosing messaging apps over landlines and electric scooters instead of gas-guzzling cars, tech-savvy Gen Zers and Millennials think and experience life very differently to Gen X and Baby Boomers.
Although their priorities on money differ, there’s one common thread that pulls the generations together: each wants to be in a healthy financial position to enjoy the lifestyle they want both now and in the future.
Like generations before them, to reach their goals, digital native Millennials and Gen Zers are fast turning to budgeting apps such as Quicken Inc’s Simplifi which helps people stay on top of all their finances in under five minutes a week.
Driven by consumer-permissioned data from sources including Mastercard’s open banking platform, Simplifi pulls together a wealth of data ranging from checking, savings, stock portfolios and retirement accounts in addition to the other account types that Simplifi integrates into a single, easily customizable dashboard.
“Putting an emphasis on how we categorize data helps to optimize time spent by customers on tracking their finances,” said Kristen Dillard, Quicken’s vice president of product management. “Now users can see their investment balances, account types and holdings in real time, while personalizing the look, feel and function of the app.”
It’s a one-stop shop that gives users a big picture view of their finances and lets them choose how they track their money, set spending plans, pay bills, and channel money into rainy-day funds.
“People are looking to do the same basic thing across generations. They worry: ‘How do I balance my bills with the fact I need to save for retirement, or how do I make sure I spend my money on things that really matter to me, or how do I make sure that inflation isn’t getting the best of my finances,” says Dillard.
To tune into its mobile-first Millennial and Gen Z users, Quicken looked to the fitness and gaming industries for inspiration on how to help Simplifi customers personalize their experiences.
Younger users want ease and flexibility when it comes to budgeting. Some might like to track every dollar, similar to tracking every carb and calorie, while others might just want a view of how much cash they can spend on entertainment or travel. Simplifi lets each user decide exactly how they want to slice and dice their spending and savings each month, while push notifications warn if they max out their set budgets.
For generations who have grown up gaming, receiving rewards for paying bills on time and reaching net worth goals makes the process fun, encouraging them to stick to their financial health plans.
“Everybody’s approach to personal finances is unique. You have to allow customers to see that data and manage that data in a way they want,” says Dillard.
“Younger generations expect everything to be in an app. They’re mobile first, they expect to do everything on the go, and they expect efficiency and ease.”
With Millennials and Gen Zers less likely to take lifelong jobs with plump pension plans, Simplifi helps prepare for the future by pulling in wealth data that let users easily track multiple retirement accounts.
There’s definitely a different mindset between younger and older generations. In 30 years, will we see the same trend we’ve seen with older customers where they end up in a better financial place? Adopting the right financial tools can be the first step to achieving those goals.
If you are interested in learning more about Quicken, you can do so here. Click here to learn more about Simplifi by Quicken.