That’s the message from digital saving companies such as Acorns, Digit and Stash that cater to people under 35. They offer services for the smartphone that aim to be easy to use, have low fees and don’t require large deposits. Stash, for example, lets users invest in the stock market for as little as $5. Digit and Acorns, meanwhile, do the work for savers by automatically transferring small amounts from a checking account to saving or investment accounts.
“I think that these apps are useful,” says Paul Golden, a spokesman for the nonprofit National Endowment for Financial Education, because they teach people the habit of putting small amounts of money into savings.
The startups, all of which launched in the last year and a half, say they are targeting young people that have been ignored by traditional banks and brokerage firms. Many of them charge fees or require a minimum opening deposit that may be too high for some millennials.
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