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FFCON20 fintech cage match: Financial planning vs literacy
NCFA Canada | By Samuel He | July 11, 2020
Image Credit: Inspiring / Shutterstock
Dealing with finances is time-consuming and difficult, especially when it involves contradictory goals, like paying off debt while investing for the future. Unfortunately, financial literacy is not emphasized in today’s educational curriculum.
Reports show that only 16% of Millennials qualified as “financially literate,” and over 75% of Canadians stated that they were not confident that they will ever achieve their financial goals.
Several companies have taken initiatives to offer assistance in this field. One company is Finally, a free online financial planning stimulator will provide guidance to users about their financial goals. Another is NuMoola, a family-focused consumer banking app that helps children develop good money habits using real money and gamified education.
Finally offers a DIY Financial Planning Simulator that helps users customize a tailor-made plan to best fit their needs. The simulator uses multiple financial algorithms and machine learning to make the process straightforward and efficient, creating a plan for the user in as little as 20 minutes.
A basic financial plan can be created for free, with the user having the option to subscribe for additional value-added services. Some of these services include automated money movement, access to a financial planning advisor, and cashback programs for assistance.
NuMoola approaches the problem from a different direction. The NuMoola app strives to make learning about financial literacy a less daunting endeavour. And their focus is on getting children to develop good lifelong financial habits early. The app features family-focused banking that allows children to learn the value of money and gamified educational tasks focusing on all aspects of banking and money management. Achieving financial awareness at this early stage prepares children to be financially responsible and tackle financial hurdles in the future.
You can see Finally and NuMoola pitch at FFCON20 DIGITAL’s Fintech Draft Competition!
Get a ticket, tune in and vote to show your support for Finally and NuMoola (and others, see below)
Check out their profiles and their competition at the FFCON20 RISE page.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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