Product
Acorns is an automated micro-investing application that allows clients to round up their purchases to the nearest dollar. The extra change is invested by the company. When a person signs up, it generally costs $1 a month for an account that generates less than $5,000. According to Acorns’ website “You just link a debit or credit card and after every use Acorns tracks the spare change from the transaction and makes it available for you to invest” (What is Acorns?, n.d.). To create an account, the Acorns website states that client investment portfolios have been created and are managed by well-known investment companies and a Nobel Prize-winning economist. Clients interact with Acorns via an application for Apple or Android smartphone …show more content…
The core audience were people already interested in the product and engaged with Acorns’ Facebook page (Facebook Business, 2017). When Acorns hit its first 650,000 users, the majority were millennials (O’Brien, 2015). Close to 75 percent of the users range from 18-34 years of age (“Acorns Aims to Turn Spare Change Into Savings”, 2016). For the most part, Acorns is targeting those that do not have much money or who want to start learning how to make investments.
Economic Trends and Influences
Looking into trends and influences for its target group, it was found that, “among the findings from the Acorns Money Matters Report nearly two out of every five millennials reported feeling anxious when thinking about daily expenses, especially debt” (Acorns Takes its Financial Literacy Mission Mobile, 2017). The economy has showed progress and the most recent report from the Bureau of Economic Analysis shows that the Gross Domestic Product and personal income are up, and that disposable income has increased .6 percent. This service makes it a little less scary to spend that extra cash on something because a portion will be added to the “nest
Acorns is an automated micro-investing application that allows clients to round up their purchases to the nearest dollar. The extra change is invested by the company. When a person signs up, it generally costs $1 a month for an account that generates less than $5,000. According to Acorns’ website “You just link a debit or credit card and after every use Acorns tracks the spare change from the transaction and makes it available for you to invest” (What is Acorns?, n.d.). To create an account, the Acorns website states that client investment portfolios have been created and are managed by well-known investment companies and a Nobel Prize-winning economist. Clients interact with Acorns via an application for Apple or Android smartphone …show more content…
The core audience were people already interested in the product and engaged with Acorns’ Facebook page (Facebook Business, 2017). When Acorns hit its first 650,000 users, the majority were millennials (O’Brien, 2015). Close to 75 percent of the users range from 18-34 years of age (“Acorns Aims to Turn Spare Change Into Savings”, 2016). For the most part, Acorns is targeting those that do not have much money or who want to start learning how to make investments.
Economic Trends and Influences
Looking into trends and influences for its target group, it was found that, “among the findings from the Acorns Money Matters Report nearly two out of every five millennials reported feeling anxious when thinking about daily expenses, especially debt” (Acorns Takes its Financial Literacy Mission Mobile, 2017). The economy has showed progress and the most recent report from the Bureau of Economic Analysis shows that the Gross Domestic Product and personal income are up, and that disposable income has increased .6 percent. This service makes it a little less scary to spend that extra cash on something because a portion will be added to the “nest