Tech is changing how we deal with money: Let's talk Fintech!

Have you ever heard of Fintech?

It's a term that refers to financial technology, which is essentially the use of technology to improve how we manage our money. Fintech encompasses everything from online banking to digital wallets and investment platforms. Fintech is changing how we interact with financial services, and plenty of new and innovative companies are making it happen.

What do teens think of when they hear the term Fintech?

We asked our community of teens in Discord and found some interesting responses:

• For some, Fintech represented effortless and attainable financial technology developed by technology firms.
• Others viewed it as traditional banking services incorporating technology to make finances more efficient.
• Fintech was also perceived as a type of online financial tech that helps with digital lending, payments, blockchain, and digital wealth management.
• Others thought of Fintech as technology that improves financial services or when a company uses emerging technologies to make financial services the best they can be for users.
• Some believe that the future of Fintech lies in more high-tech ways of investing money and being invested in how your money works for you. Digital wallets and banking apps like PayPal, CashApp, and Robinhood were also mentioned.

From these responses, it's clear that Fintech means different things to different people. However, the common theme is that Fintech involves using technology to improve financial services.

How can Fintech benefit teens?

As teens, we're often told that we need to save money, but it can be hard to know where to start. Fintech can help make managing our money a lot easier, and here are a few reasons why:

• Fintech apps can help you keep track of your expenses and create budgets. You can input your income and expenses, and the app will do the rest, giving you an overview of your spending and where you can cut back.
• Fintech can also help you save money automatically. With apps like Acorns or Stash, you can invest your spare change in a diversified portfolio, which can grow over time.
• Digital wallets like Venmo and PayPal can make splitting expenses with friends and family easy, so you're not always stuck with the bill.
• With apps like Robinhood, you can invest in stocks and other securities without needing much money. This can help you learn about investing and potentially earn some money in the process.

Final thoughts

Fintech is changing how we manage our money, and as teenagers, we have a lot to gain from its innovations. Using Fintech apps and services, we can learn more about our finances, make informed decisions, and potentially grow our wealth over time. However, it's important to be cautious and informed about the risks and potential fees associated with using Fintech. With the right tools and knowledge, we can make the most of Fintech and take control of our financial futures.