Did you know that 2/3’s of Americans are unable to pass a basic financial literacy test? The figure alarms me, yet I’ll be the first to admit that finance is tough… I’ve studied the subject the past ten years and still struggle to understand the math, lingo, and finding the best way to plan for my future. The funny thing is, as a result of not understanding their money, Americans prefer to stay quiet rather than ask questions.
There is a social taboo with money that causes people to fear it and avoid talking about it altogether. While there are certainly aspects of wealth and finances that are personal, there are a variety of things we can learn from our friends and family to better prepare us all for our financial future. That’s where Investor Tribes comes in.
Investor Tribes helps millennials make better financial decisions by making investing, saving, spending, and planning easier via social finance.
Here’s how it works…
- Log in
- Connect with friends
- Join some tribes, such as ‘I want to buy a home’
- Learn from others that are going through the same challenges as you!
It’s like Reddit for financial decisions, with features that make finance fun and easy. By encouraging activity that helps the community and discouraging activity that harms it, Investor Tribes is positioned to be a leader in social finance.
We interviewed 32 MBA students and discovered that people are afraid, confused, and mistrusting of traditional options. They’re afraid that the markets might crash, confused by the multitude of options, and mistrusting of random strangers managing their money. One student said, ‘I would love to do more with my earnings, but don’t know where to start.’
Of the people we interviewed…
- 97% use social media
- 87% believe investing is interesting and want to learn more
- 75% obtain financial advice from peers
- 73% feel overwhelmed by financial decisions
- 71% are active investors
- 46% find personal finance intimidating
- 7% would pay for a financial advisor