Adults tend to complain that teens show no interest in saving money (cue references to walking uphill both ways to the bank to open their checking account and get a free calendar). If that is how you think about teenagers, we have a surprise for you.
When we ask teenagers what they would most like Current to help them do, the overwhelming answer is ‘help me save money.’ A savings wallet was one of the first things we built-into Current. And we added round-up savings, which takes the ‘loose change’ from their debit transactions and automatically stores it away. The average teen making two transactions a week is saving $8 a month, or $100 a year with round-up savings.
Current launches Savings Goals.
In order to help teens save money for the things that matter most to them, today we launched a new feature, Savings Goals. Teens set a goal in the Current app and as they add money into their savings wallet a progress bar shows them their progress towards 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 teens can make savings just part of their everyday routine.
Why the disconnect between adult perception and teen reality? The traditional tools of banking, like a checkbook with paper checks, or going to a physical bank branch to make deposits, don’t work for teens.
Today’s kids may never sit down to write a physical check, and there is nothing wrong with that. They are accomplishing everyday tasks with their smartphone because it is convenient, it is connected, and it is personalized — oriented around who they are, what they care about, and what they do. That is what banking and payments needs to become in order to meet the needs of this generation of teens, and the generations that follow. That is why we are building Current from the ground-up as a mobile solution, instead of building out of a traditional banking framework.