Acquisition-spurred product enhancements unveiled by Acorns
In a bid to address the growing need for financial education and management, Acorns, the popular financial wellness platform, has unveiled its latest offering - the Acorns Premium Tier. Priced at $9 a month, this subscription service is geared towards family money management.
Acorns Premium Tier includes access to Acorns Early, a unique feature that allows family and friends to invest for a child from the day they're born. Starting at age 6, kids get access to GoHenry and a branded debit card as part of the Premium Tier.
Recognising the importance of early investment, Acorns believes that starting early and investing throughout life's stages is the key to building wealth. The platform also emphasises the holistic approach to financial management, considering factors like spending, earning, debt, and partners' financial situations.
However, a survey conducted by Acorns reveals that more than half of the adults haven't set up savings accounts, IRA/Roth IRA, custodial brokerage accounts, savings bonds, or CDs for their children. Moreover, less than 15% of adults have college funds set up for their children, indicating a significant gap in financial planning for the younger generation.
In an attempt to bridge this gap, Acorns has acquired the U.K.-based neobank GoHenry in April. This move is expected to strengthen Acorns' position in the family-focused financial management sector.
Acorns is not alone in this endeavour. Financial institutions like Fidelity and Cash App have also started offering services to the youth market, recognising its potential for growth and the need for financial education.
Interestingly, a report released in 2023, The Money Matters Report, found that 47% of consumers feel anxious about money and 37% believe that more money equals more happiness. This underscores the need for comprehensive financial management tools like Acorns Premium Tier.
In a partnership with traditional financial institutions, Acorns is offering its kid-focused banking services through the Greenlight for Banks program. This program allows banks to offer Greenlight's services through a co-branded landing page and app, further expanding the reach of Acorns' family-focused financial management services.
Acorns views itself as a financial wellness system that helps consumers grow and manage their money holistically. With the launch of Acorns Premium Tier, the platform is taking a significant step towards its mission of making financial wellness accessible to everyone.
Read also:
- Upcoming iPhone Model: What We Understand Thus Far
- Chinese Medicine: An Overview of Traditional remedies and healing techniques from China
- Severe Norovirus Infections: Exploring Potential Health Complications
- Bangladesh confronted a health predicament, marked by outbreaks of dengue fever and chikungunya.
