Part
01
of one
Part
01
What are the most popular third-party financial tech apps that millennials use for savings instead of or in parallel with their personal banks?
Thank you for your question to Wonder regarding the most popular third-party financial tech apps that millennials use for savings instead of or in parallel with their personal banks.
The most useful sources found to answer this question is the website Appannie, along with the app stores of Google and Apple. The short answer is that the most popular third-party financial tech apps that millennials use for savings instead of or in parallel with their personal banks are the following:
The Mint app is constantly mentioned by industry websites and articles when discussing the Millennials' choice for financial app banking. Additionally, this app has the most recorded installs on the Google Play store, coupled with the highest statistical ratings for downloads of a financial app in Apple's iTunes store. Please find below a deeper dive into the findings, including the research methodology, industry comment for each app and how they relate to millennials user.
METHODOLOGY
Firstly, the research focused on finding out the most popular financial apps that were being used generally, through comparison reviews on websites such as pcmag.com and nerdwallet.com. Then, of these most popular apps, the research attempted to find out if there was a difference in the choices being made by the general populous and millennials. The evidence showed that of the generally popular financial apps, there were a selection that industry analysts observed were being used by millennials in greater number. The research focused and centred on these select apps. Then, in order to differentiate which are the most popular, statistical was sourced in order to highlight which apps where being downloaded the most. Additionally, we found statistical data for Google Play and iTunes, showing the download rating for each app.It is important to mention that there are in some cases, more popular financial apps generally. However, since the research focuses on the millennial viewpoint, the apps were chosen solely with this demographic in mind.
MOST POPULAR THIRD-PARTY APPS FOR MILLENNIALS
Mint
App Installs: 5,000,000 - 10,000,000
Mint is arguably the most popular financial saving apps around, growing to millions of users in a short space of time. Website credio.com explains that the app is particularly well-suited to millennials who want to keep track of where their money’s going without having to deal with a lot of complicated spreadsheets. The app not only lets you track and review your spending trends from month to month, but it also helps you set budgets for different spending categories. The Mint app receives positive ratings from users of both Google and Apple app stores, evidenced by the app having high download rankings on iTunes at #17 for finance app and #17 for apps overall. For the Google Play store, the app has a download ranking of #27 for finance apps.
Acorns
App Installs: 1,000,000 - 5,000,000
Industry website Investorjunkie.com remarks that Acorns, the web and app-based service is becoming very popular with the Millennial crowd because if its simple way of saving and investing in the stock market. The app rounds up your spending to the nearest dollar, and then investing that difference. The app costs $1 per month if your balance is under $5,000 and .25% per year if you're over $5,000; but if you're age 24 or under, it's free. In reviewing the app, website nerdwallet.com points out that Acorns is modernizing the old-school practice of saving loose change, merging the robo-advisor model with an automated savings tool. This app is the Editors choice in he Google Play store. In iTunes, the Acorns app ranks#23 for financial app downloads and #537 for apps overall. For Google Play, the app ranks #13 for financial app downloads, #22 for Android Wear and #513 for app downloads overall.
Level Money
App Installs 500,000 - 1,000,000
According to techcrunch.com, Level Money was specifically designed with the millennial user in mind. The app connects to 2,500 U.S. banks, with the purpose of helping users better control their money and track their spending. The app aids millennials figure out things like how to pay back student loans or start saving. One f the highlights of the app, which appeals to the millennial user, is the fact that the app is flexible for people with irregular incomes and expenses. Business Insider explains that the app 'crunches the numbers' for you and presents you with your available cash to spend each day, once you enter your income, bills, and how much you want to save each month. The website bankrate.com shares the viewpoints of millennial users of the app, with one user stating that they appreciate the app for its simplicity. Level Money is ranked #209 for finance app downloads in iTunes, and #42 in Google Play. Additionally, the app is ranked #69 for Android Wear.
Digit
App Installs 100,000 - 500,000
The Digit app syncs with your checking account and analyzes your spending to look for funds that are not being used. If the app finds some spare money, it automatically transfers it over to a separate savings account. Maintaining a balance in your Digit account for at least three months, earns you an extra 5 cents for every $100 you save. Transfers can be made via SMS text. The appeal to the millennial is the fact that there are no fees or minimums for using the app, and they have a no-overdraft guarantee. Bankrate.com quotes Dominique Broadway, a personal finance expert, who recommends the app for millennials, calling it a "tool that basically tricks you into saving money." The app ranks #49 for finance app download for finance in iTunes and #494 iTunes app downloads overall. For the Google Play store, Digit ranks #99 for finance app downloads. In 2015, Digit was reportedly saving its members up to $1 million each month.
App Installs 100,000 - 500,000
YNAB differentiates itself as a financial app by focusing on helping dept recovery. The app encourages the user to have an active share in their finances rather than relying on clever algorithms. The website lifehacker.com explains that rather than automatically categorizing transactions, you import them at the end of each day and categorize them manually, which motivates you stay disciplined, keep focused on your spending, and stick to your budget. The Globe and Mail quotes happy users, with one person explaining that they like the app because "YNAB want you to see your mistakes – they want to educate you about your money". YNAB ranks #164 in iTunes financial app downloads and #195 in the Google Play store.
Personal Capital
App Installs 100,000 - 500,000
Although the Personal Capital app is mainly focused on investing and retirement planning, it also includes budgeting and saving features, letting you sync and organize your bank accounts and credit cards. The app allows you to monitor spending habits, with access to a details list of expenses per category and the ability to set an overall monthly spending goal. Millennials will chose this app if they are want to combine saving and budgeting, with financial planning and investing. The Personal Capital app ranks #112 for financial app downloads in iTunes. Additionally, the app ranks #241 for financial app downloads in the Google Play store and #220 for Android Wear.
Wally
App Installs 100,000 - 500,000
The Wally app provides clear breakdowns of your daily and monthly budgets, allowing you to set your budget target for certain categories, like groceries, then upload purchases as you make them. The app comes with a feature that permits the uploading and saving of receipts to parse purchase information, saving time and providing a way of keeping track of expenses during work-related travel. The Wally app doesn’t require users to link their credit cards or bank accounts to the app, promoting security. Millennials use the Wally app for simply tracking money coming in and going out, in order to cut down on excess spending.
Moven
App Installs 100,000 - 500,000
Moven offers a completely mobile banking experience for millennials who, according to credio.com, are tired of paying outrageous banking fees. The app track your spending, keep an eye on your budget and send money to friends—all at no cost. Additionally, 42,000 ATM's are available nationwide for cash withdrawals, with no fee. The app has strong backers, partnering with Accenture in 2015 and used by the TD Bank in Canada. The Moven app lets users link debit and credit cards and checking accounts to a smartphone, and provides a receipt for a mobile payment in two or three seconds. A bar chart updates to show expenditures by category. It was reported in Forbes that studies by Moven show that the app cuts a user’s spending by about 8 to 10 percent. The app ranks #761 for financial app downloads in iTunes and ranks #530 for Android Wear in the Google Play store.
SUMMARY
To wrap up, our research found that the most popular third-party financial tech apps that millennials use for savings instead of or in parallel with their personal banks are: Mint, Acorns, Level Money, Digit, YNAB, Personal Capital, Wally and Moven. These are the apps that industry analysts and websites highlighted as most used by millennials and have been ranked in our research by number of downloads per app and the app download ranking in both iTunes and the Google Play store. The Mint app appears to be currently the most popular, having by far the most downloads and excellent reviews from both iOS and Android users. Some of the reasons expressed by millennials for their choice of financial app are, simplicity, flexibility for those who have irregular incomes, or the apps ability to educate you about your finances.
Thank you for your question to Wonder. Please let us know if we can help you with anything else.