Joseph Pisani from the Associated Press takes a look at some fresh startups--mostly founded within the past year--that have developed apps to help millennials save and invest money, and hopefully drive them to enter the housing market.
With heavy financial burdens like student loans and relatively modest salaries, millennials usually find it hard to save. Despite the fact millennials aspire to own homes, down payments require a big chunk of money, and traditional banks and brokerage firms often neglect such a need from customers under 35 years-old.
Three apps targeting millennials have offered easy-to-use services to manage savings. They charge low fees, and don't require large deposits. Millennials can, for example, easily use these apps to transfer money from accounts, and also invest in stock market for as little as $5. One of the apps feature in the article, Acorn, even waives monthly fees for college students.