A piggy bank on your phone
Eliminate jargon, cut out forms, replace long processes and do away with the financial adviser. Is this the way to get millennials to invest?
SA isn’t known for its savings culture, especially among the youth. Too many people who have just entered the workforce don’t know where to start, and can’t get their heads around the jargon used in the world of investment. Enter Liberty Life, which has developed an app it believes will draw millennials into investing. Called Stash, the app is designed to remove the complexity associated with investing. It is targeted at 18- to 28-year-olds, most of whom have never invested before. "Investing should be as easy as tweeting — that’s the goal of Stash," says Juan Labuschagne, head of development at the app. Stash lets its users invest their spare change in the JSE Top 40 index by "rounding up" change linked to daily transactions and investing it in a tax-free savings account. It is compatible with the debit, credit and cheque cards of the big four banks, as well as those of Discovery, Investec and RMB. It should soon also include Capitec cards. The app aims to cut out intimidating jarg...
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