ANN ARBOR, Mich.–(BUSINESS WIRE)–In support of Financial Literacy Month, Plinqit today announced that users have saved a total of more than $6 million since launch. Plinqit is the only savings platform of its kind that pays users to learn about personal finance.
Not only has total savings now exceeded $6 million, Plinqit has helped more than 80 percent of its users reach their savings goal. On average, Plinqit users save $1,400 over 11 months. Additionally, users have earned more than $10,000 in rewards and completed over 1,600 hours of financial education courses, showing strong interest and growing literacy.
Financial Literacy Month, a month dedicated to raising awareness of the importance of educating people about the importance of planning for a secure financial future, began in 2004 and remains a key focus. Although great strides have been made, millions of consumers still lack the ability to understand and effectively use various financial skills, including personal finance management, budgeting and investing.
According to the National Financial Educators Council (NFEC), the lack of key financial skills has a powerful impact on people’s personal finances. In fact, the average estimated monetary loss reported in 2021 due to lack of personal finance literacy was $1,389.06 per person, or $352 billion in total. Additionally, nearly 20 percent of respondents said they lost over $2,500 in the past year due to lack of knowledge.
Worse, there is a clear trend towards declining financial literacy. On average, young Americans failed to answer most financial literacy questions correctly. For example, 46 percent of teens don’t know what a 401(k) is, and 32 percent can’t tell the difference between a credit and debit card.
Aware that saving is the first step towards financial wellbeing, Plinqit offers users a free, simple and easy-to-use way to save and plan for future financial needs. Unlike other savings platforms on the market, Plinqit’s patented Build Skills™ feature not only allows users to interact with content that improves their financial literacy, but also gets them paid for doing so. As a result, more consumers are using Plinqit and successfully meeting savings goals while expanding their financial knowledge.
“In a complex and ever-changing world, personal finance education is an important building block in helping individuals succeed. It supports individual well-being and promotes long-term financial well-being. But our industry needs to do better,” said Kathleen Craig, Founder and CEO of Plinqit. “With Plinqit, our customers have the opportunity to increase their savings and their knowledge of personal finance and help break the cycle of life from paycheck to paycheck. We are proud of the success of our platform and are committed to promoting positive financial health today and into the future.”
Plinqit continues to see significantly higher user engagement (an average of 55 percent) compared to other finance apps, which have an average engagement rate of just 35 percent, showing a strong interest in financial literacy. Even after users have successfully reached their original savings goal, many Plinqit users set a new savings goal and continue interacting with the platform. With continued and strong demand for its platform, Plinqit will expand to help more financial institutions across the US empower their local communities by improving financial literacy.
Plinqit is a branded mobile-first platform that is elegant yet very powerful. Unlike any other savings platform on the market, with their patented Build Skills™, users are paid for engaging with content, creating higher user engagement for financial institutions. Built by millennials for millennials, Plinqit helps financial institutions connect with this important demographic in meaningful and relevant ways — bringing digital customers, FIs, and savings together in one beautiful place. Visit info.plinqit.com for more information.