Goalsetter is a platform that allows children to redirect money that would typically be spent on consumer goods toward goal-based savings (through a parent’s account).
Countless high school-age kids do not keep track of their spending and parents wish there was a better way to celebrate their kids’ birthdays than being trapped in a cycle of consumerism.
Goalsetter is a virtual platform that gives kids and their parents the tools to start saving and setting financial goals from an early age. Through the platform:
- Parents can auto-save via an FDIC-insured savings account.
- Parents can “round up” debit card swipes and purchases, contributing spare change toward their kids’ goals.
- Kids can earn allowance money, which can then be transferred to their goals.
- Family and friends can contribute by purchasing “GoalCards” instead of gift cards for birthdays and holidays.
- Over 7,000 active users have saved an average of $198.
FINANCIAL HEALTH FOCUS
Giving kids the tools to start saving early fundamentally changes their outcomes in life. Kids with savings accounts in their names are six times more likely to go to college. Goalsetter believes that by establishing savings habits early, kids will grow up to be financially healthy adults.