When we asked teenagers what they wanted Current to help them do, most answered help me save money.
So last November, we launched a savings goals feature, and adoption of the feature has grown 60 percent every month since. Delivering what teens want feels really good, so we are pretty chuffed.
Seeing what teens are saving for makes us realize how financially savvy this generation actually is. One in five (21%) is saving for the future — just stashing money away to build up their savings. And many are saving not to buy themselves something, but to get a gift for a friend or family member (4.1%).
Sure, some savings goes towards more immediate gratification, including clothes (7.9%) and video games (6.7%). But teens are also saving for big items down the road, including their first car (8.2%), a future trip (5.0%) and even college (4.8%).
The good news for us is that they are using Current to save up enough to buy whatever it is they want.
Here's an example of how teens are showing us what they're saving for:
If you want to see a real time view of what Current teens are saving for, head over to Instagram and search for the hashtag teens are using to save their goals #currentgoal.
How Saving Goals Work
Teens set a goal in the Current app, and as they add money towards it, a progress bar shows them how close they are to their goal. They can also apply round-up savings to their goal, so they contribute toward their goal each time they make a purchase.
Why do tools like these work when a savings account with deposit slips won't?
Teens expect financial tools to be digital and to move at the same pace as everything else in their life. Current’s savings tools can be accessed at any time from a mobile phone, and changes happen in real-time. And tools like round-up savings are automated so that teens can make savings just part of their everyday routine.