Acorns, which won Fast Company's 2015 Innovation By Design Award for Mobile App, aims to get millennials to start investing in the stock market by rounding their daily purchases up to the nearest dollar, and then investing the spare change based on age, risk tolerance and financial goals - which means, if you're a college student and are afraid of losing the small funds you have, the app will be conservative with your moolah.
"Acorns has eliminated a lot of the traditional barriers that have kept millennials from investing," an Acorns spokesperson told Cambio. "We have no minimum deposit requirements and simple, low fees, including no fees for students or anyone under 24. We've also focused on making Acorns as easy to use as any mobile app, so the whole experience of investing is something that anyone can understand and do - anytime, anywhere."
"The funds add up quickly and effortlessly, and it's easy to track progress and project how your money will grow. All that makes the app particularly popular with a group not known for investing: millennials," Fast Company reports.Similarly, Bloomberg Business says that the company's plans to invest small amounts in low-cost index funds could be a great gateway for millennials just entering the finance arena:
The best part about this app is that it's free for students - if you sign up with your .edu email address, the monthly and yearly fees will be waived.
"This could prove to be an inexpensive way of introducing young people to the world of investing at ages for which compound interest can become a powerful tool."
So if you've got some spare babysitting money burning a hole in your pocket, maybe consider Acorns as a way to start earning some more cash without doing a thing! Your parents will be so proud.