- Today, up to 2/3 of Americans lack financial literacy skills which has led to debt heavy lifestyles, creating huge obstacles for families to achieve financial independence.
- A study from University of Pennsylvania’s Wharton School of Business reports that government agencies and schools spend only two cents on financial literacy for every $100 spent on education not nearly enough to create enduring positive habits around managing finances.
- Fewer than half of Americans spend less than they make or have savings for emergencies Our mission at Intuit is to power prosperity for everyone in the world. We believe we can make a difference and fix these problems.
Today, high schools and colleges in the US, teach money management and money budgeting skills but studies show that taking a one or two semester course is not enough. Year over year data shows that there are two key lessons that high school and college students need to learn in order to make “financial literacy” a lifelong habit. These lessons center around helping young people make good financial decisions starting in high school or early college
- Saving for a big reward : Every teenager has some big purchase they lust after, whether it’s an iPad or a car. That provides the perfect motivator for some practice with bank accounts. Teens can funnel income from an allowance or part time job into an account, earn a small amount of interest, and then finally make the purchase. They’ll probably never forget the feeling.
- Avoiding debt, accidental purchases, and other money catastrophes. Spending $200 on text messages, ordering pricey smartphone apps, and going on a shopping spree on mom’s credit card are just a few of the money mistakes that can happen to teens. These are ideal “teachable moments.”
Create a habit forming solution that helps this targeted customer make good financial decisions around saving for a big reward and/or avoiding debt.
- Working app using any technology
- Addresses the problem we are trying to solve
- Draws insights from the provided datasets by data.world
- Novel and new to the world
- Project uploaded on a github repo