(FIN)NOVATIVE FAMILY APPS
The growing market for family-based financial tools
Family financial apps are on the rise. Several start-ups have recently introduced innovative products and platforms to help families and couples better manage their finances and improve their financial literacy. These tools are inspired by, and especially imperative for, the 64 million multigenerational households in the U.S. - a stat that has only grown during the pandemic. Read below to learn about three brands who are paving the future for digital family finance.
Carefull is innovating the financial caregiving space. The platform, which just launched last week, offers a centralized space for the 45 million U.S. adults who are “managing and monitoring the daily finances of a loved one.” Carefull’s smart and safe technology tracks transactions, allows for in-app communication, and provides educational content. The easy-to-use mobile platform can help organize spending, set budgets, pay bills, and even flag fraudulent activity. The recently raised $3.2 million in seed funding.
Goalsetter is a “smart money app” that helps families, teens, tweens, and kids organize their finances. Whether earning allowance for chores, signing up for a debit card, or saving up for college, the app helps everyone save and spend responsibly, no matter which life stage they’re in. The platform infuses fun into financial literacy– employing influencers, lyrics, and memes to help kids master their money. Former Nickelodeon executive Van Court explained, “Goalsetter’s uniqueness centers around financial literacy, especially among Black youth.” The company recently raised $3.9 million and is partnering with top corporations, athletes, and influencers. So trade that pink piggy bank for this cool tech tool.
Honeydue describes themselves as “the best personal finance app for couples.” The customizable app helps users track, balance, budget and pay bills together as a couple, and offers joint banking. But beyond that, the platform encourages couples to have in-app chats about their financial behaviors and goals, and even allows them to send emojis to each other. The company hopes this in-app interaction will help couples “argue less and save more.” Honeydue is simple to use and free.