Online Money Management Sites Cater to Young Savers
August 23, 2011
Engineering major Khang Nguyen, 22, checks his SmartyPig saving account every day and likes sharing his saving goals with his family and friends online.
Young people now are often better known for impulsive spending than for saving money.
But new youth-oriented banking are offering clients the information and tools they need to become better money managers and to share their financial experiences with other young people.
Alix Scott, 19, is working at a store this summer, saving money to pay for college next year.
"I have to save for all my college money because my parents, they can't afford to co-sign on loans," she says. "So, I have to rely on my own savings."
Online piggy bank
But rather than put her money in a local bank, Scott opened an account on SmartyPig, a web-based banking service.
"When I do that, I overcome the impulses to just spend the money," she says.
Michael Ferrari says, "SmartyPig is really all about helping people to save for specific financial goals. It can be a wedding, a vacation, an i-Phone."
Michael Ferrari founded SmartyPig with a friend in 2007. After starting a college account for his new baby, Ferrari says he realized the power of saving for a specific goal. Helping other savers stay focused on their goals is the idea behind his online piggy bank.
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