Are you using that app you downloaded last week?
Most likely, not. 73% of new finance app users delete their accounts within the first seven days.
That's a whole lot of changed minds!
We hear this a lot from our new Bolder Money members:
🗨 "I downloaded Mint but haven't used it."
🗨 "I created a Robinhood account but didn't do anything with it."
🗨 "I opened a bunch of accounts using the Ally app but haven't put any money in yet."
So why do so many people who want to use finance apps quickly change their minds?
Here's a few reasons we've discovered from working with our members:
1. Money can feel hard to face
Downloading a new finance app and setting up an account feels really good, like you're taking a step towards future wealthy you! But connecting your accounts, and seeing the reality of your spending or financial situation laid out in front of you can feel like you're being called out for doing something "wrong."
This is why we stress the importance of compassion in helping our members create good money habits wherever they are starting from, so shame doesn't result in inaction.
2. Money is personal
Sure, that app you just downloaded might have collected a lot of data from you, but does it understand that you need to travel this year for your mental health, or that you have listened to the day traders in your office brag about their recent success so much that you are terrified of making a wrong investment?
When it comes to money, feeling seen and heard can be critical to helping you move forward.
3. Results require trust
Do you trust that new app to make huge difference in your life? More importantly, do you trust yourself to make the changes you want?
It can take time to trust your ability with money, and it's okay if you aren't there yet. But having a trusted person, like a money coach, on your side while you learn how to money the best way for you will drive action, and ultimately the results you want.
At Bolder, making money human means we look at all of the you behind the data.
You're more likely to take action when the financial guidance you receive takes into consideration your emotions around money, and what you really want out of life.
Financial help you'll actually use 📲
Yep, that's us! 👋🏽 We help you connect all your accounts in one place, and track your spending, so we can give you personalized recommendations on how to improve your financial situation. Text us at (347) 418-0923 to learn more!