We take a look at Digit, a new savings app that promises all the benefits of saving money without even the pretense of interest.
Venmo is most widely used by millennials. Like other topics once known for being verboten at a dinner party, we’re known for being more open than our parents about money. So it’s fitting that Venmo, unlike its predecessor PayPal, includes a social networking aspect: I log in and can see that Alex paid Sara $13 for movie tickets. But we’re also still navigating a time in our lives when careers and financial milestones move at varying paces among peer groups, breeding those awkward bill-splitting moments that so often end in temporary annoyance (“Did you see the way Pat stiffed the bartender on the tip?” “Those girls John brought last night ordered like, three pitchers of margaritas that they didn’t pay for, dude.”)
“The general finance mentality is that you don’t spend a lot of money during the week, so during the weekend — the weekends that they are not working — they like to spend a lot. They want to get a girlfriend or just hook up with girls, and it takes money to go out and meet girls.”
Life happens in your 30s: you may make more as you partner up and/or advance in your career; but you might also get laid off, have children, go to grad school, move, buy a house, have to deal with the death of your parents, or face any of a number of other challenges that make you put saving on hold.
Meet your Next Gen financial overlords, America. They dine on caviar and apple juice.
Stocking up on GBP became my new hobby.
Men aren’t saving as much proportionally but, because of a glitch in the system that works in their favor (patriarchy), they have more total.