Boosting Financial Literacy Through Apps
There has been a sudden outburst of Black women empowering themselves with financial literacy tools to achieve their own independence and to reduce the gender and racial wealth gaps. Women, especially Black women, are breaking societal norms by creating different financial tools to achieve their financial goals. From financial education to financial literacy courses, to financial literacy books and financial literacy apps, these innovations aid the fight for gender balance by increasing female knowledge of and participation in the struggle for their financial independence.
Fortunately, young people today are coming of age in a social and technological world, where information is constantly at their fingertips. Social media platforms like Tiktok, Instagram, and Snapchat have captured the interest of the youth, making financial literacy resources easier to find and more accessible. However, when tackling issues like gender and the racial wealth gap, different resources are more relevant to empowering and educating Black women. It also provides them a chance to enhance their financial literacy, build generational wealth and ultimately live the lives of their dreams.
Below is a variety of personal finance apps to expand one’s app library. These apps are a combination of social content and financial literacy knowledge, and are a great way for the Black community, especially young people, to become more knowledgeable about money.
1. CapWay: According to Sheena Allen, the CEO of CapWay, achieving financial health and generational wealth is a marathon, not a sprint. CapWay is a financial service provider app creating financial access and opportunities through financial content and banking tools to those who are financially underserved. It is an online banking app for saving money and connecting users to today’s cashless economy.
2. Goalsetter: Tanya Van Court is the co-founder of Goalsetter, an app that is on a mission to create the next generation of Black investors. A financially-equipped mindset is one step to closing the generational wealth gap. Goalsetter is a debit card and saving app that features fun-filled and educational tools to learn how to build wealth.
3. Saving Spree: This is based on a Money Savvy Generation concept for teaching kids and teens financial responsibility. It is an award winning financial literacy app that teaches financial literacy with games. This app teaches users about financial concepts through realistic but fun activities to help them test their financial knowledge and build money saving skills.
4. Zogo: This is a financial literacy app that helps teens and young adults understand personal finance, insurance, investments, banking, and more. Zogo is an app that uses lesson modules, brief quizzes and trivia sessions dedicated to different financial concepts. With this app, users can earn rewards by finishing lessons and quizzes; these rewards can be redeemed for gift cards.
4. Investmate: While finance and investment management classes may typically be a bit complicated, this app provides simplified lessons. These courses are designed by finance experts and use interesting quizzes and a comprehensive glossary of anything related to investments.
5. CreditRich: Angel Rich’s company, WealthyLife, launched its AI-powered financial tech app, CreditRich. This app is designed to help people boost their credit scores. It allows people to round up their purchases to pay their bills intelligently and quickly optimize their credit scores. This app promotes financial wellness by allowing users to prioritize debt payment with the app’s algorithm.
6. Black Women Blockchain Council, co-founded by Olayinka Odeniran is also a financial service platform that encourages young Black girls and women to be a part of the blockchain and financial technology arena by training, supporting, inspiring and educating the next generation of Black women navigating careers in blockchain and the financial technology industry.
7. Invest Sou Sou: Fonta Gilliam is the founder of Sou Sou, a social banking platform that uses the power of social networking, peer accountability and artificial intelligence to help people save money, build strong credit, and invest together with people they trust. It makes the traditional way of pooling money commonly known as sou sou, easier and more secure.
Ultimately, these apps are just one way to improve financial literacy for tech-savvy consumers of the younger generations. Even though these apps cannot make up for the many centuries of gender and racial inequality and financial underinvestment, they can provide many of the tools needed to reverse one component that is currently affecting the wealth gap: the lack of financial education around how to build wealth.
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Money Savvy Generation, Proven to Make Kids Smart About their Money Choices.