PROVO, Utah, Oct. 24, 2019 /PRNewswire/ -- Today, Savology launched a solution that aims to fix the financial wellness problems among the digital generations by providing free financial plans in five minutes or less. According to recent surveys, millennials are unprepared to face the potential economic slowdowns that experts predict to occur in the next 24 months. As many as 70% of millennials have savings of less than $1,000 and as many as 90% are underinsured.
Savology's financial plans are designed to improve financial stability by considering all facets of personal finance. Plans feature customized recommendations in the form of action items to help users become more financially secure one step at a time. Action items include such prescriptions as building an emergency fund, paying off debts, increasing savings rates, completing an estate plan, optimizing taxation, and mitigating risks with key insurances.
"By having a financial plan in place, millennials are 2.5 times more likely to save enough money to reach their goals," says Spencer Barclay, Savology Founder and CEO. "Savology empowers millennials to take control of their financial future by providing a more accessible and usable alternative to traditional financial planning."
Savology ran a public beta earlier this year to validate the market and product. Here's what one early user, Jordan P., had to say about his experience, "Savology was extremely helpful in starting my family's financial plan. The process was simple to use and understand. Its given me very clear next steps on how to begin building my family's financial wealth." Features that early users raved about other than the free financial plan and personalized action items include:
- Financial Report Card: A quick overview of how a user is doing in 10+ categories
- Key Performance Indicators: The plan outlines the fundamental wellness indicators
- Further Education: Action items suggest additional articles and resources to learn more
- Partner Recommendations: Many action items are paired with partners to help complete
- Gamification: Users unlock additional actions and data by sharing and progressing
Savology is enhancing the FinTech and Personal Financial Management markets with this new proprietary technology and personal finance ecosystem. The Savology partner network already includes Policygenius, Ladder, Box Home Loans, and other industry leaders. For more information visit savology.com.
For media inquiries, please contact Bri Ray, Communications Specialist, at 801-472-2124 or [email protected].
Savology is a venture-backed startup that is on a mission to improve the financial wellbeing of millions of American households by making financial planning more accessible, actionable, and effective than ever before. In just 5 minutes, users can get a free financial plan, holistic report card, and personalized action items. Savology, based in the Silicon Slopes of Utah, was founded by serial entrepreneur Spencer Barclay in early 2019.