ANN ARBOUR, Mich.–(BUSINESS WIRE)–In support of Financial Literacy Month, Plinqit today announced that it has surpassed $6 million in total user savings since launch. Plinqit is the only savings platform of its kind that pays users to learn more about personal finance.
Not only have total savings now exceeded $6 million, but Plinqit has helped over 80% of its users reach their savings goal. On average, Plinqit users save $1,400 over 11 months. Additionally, users have earned over $10,000 in rewards and completed over 1,600 hours of financial education courses, demonstrating keen interest and growing literacy.
A month dedicated to raising awareness of the importance of educating people on the importance of planning for a secure financial future, Financial Literacy Month began in 2004 and continues to be a major focus. Although great progress has been made, millions of consumers still lack the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.
According to the National Financial Educators Council (NFEC), the lack of key financial knowledge affects people’s personal financial situation in powerful ways. In fact, the estimated average loss of money reported in 2021 due to a lack of personal finance knowledge was $1,389.06 per individual, or $352 billion in total. Additionally, nearly 20% of respondents said they lost more than $2,500 in the past year due to knowledge gaps.
Worse still, there is a clear downward trend in financial literacy. On average, young Americans could not correctly answer the majority of questions about financial literacy. For example, 46% of teens don’t know what a 401(k) is and 32% can’t identify the difference between a credit card and a debit card.
Understanding that saving is the first step on the road to financial well-being, Plinqit offers users a free, simple and easy-to-use way to save and plan for their future financial needs. Unlike any other savings platform on the market, Plinqit’s patented Build Skills™ feature allows users to not only interact with content that improves their financial literacy, but they also get paid to do so. As a result, more consumers are using Plinqit and successfully meeting their savings goals, while improving their financial knowledge.
“In a complex and ever-changing world, personal financial education is key to helping individuals succeed. It supports the well-being of individuals 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 grow their savings and their knowledge of personal finance, helping to 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 now and in the future.
Plinqit continues to see significantly higher user engagement (55% on average) compared to other financial apps that have an average engagement rate of just 35%, demonstrating a strong focus on financial literacy. Even after users have successfully reached their initial savings goal, many Plinqit users set a new savings goal and continue to engage with the platform. Given the constant and strong demand for its platform, Plinqit will expand to help more financial institutions across the United States empower their local communities by improving financial literacy.
Plinqit is a branded, mobile-focused platform that is both elegant and very powerful. Unlike any other savings platform on the market, its patented Build Skills™ technology compensates users for engaging with content, creating higher user engagement for financial institutions. Created by Millennials for Millennials, Plinqit helps financial institutions connect with this important demographic in meaningful and relevant ways – bringing together digital customers, FIs and savings in one beautiful place. For more information, visit info.plinqit.com.