In a statement yesterday, Acorns said its new feature ‘My Finances’ uses machine-learning to track individual’s spending patterns and provide insights into savings opportunities.
The new app feature is designed to get an overview of an individual’s spending habits and identify areas of wastage; such as whether a user is on track to spend more on lunch this month than last, and therefore should start bringing lunch to work, Acorns said.
According to research conducted by Acorns, three out of four (75 per cent) millennials have to make sacrifices towards the end of the pay cycle in order to make ends meet.
Close to 70 per cent also claim to have a monthly budget, but half (49 per cent) confess to not sticking to it, while 54 per cent of millennials skimp on meals or eat cheaply to help money go further.
Acorns said its research found that 65 per cent of millennials also thought mobile and online access to their finances is helping them be more confident about managing their money.
The new feature also responds to consumer demand for socially responsible service offerings and includes a ‘Carbon Footprint’ estimator.
The tool calculates a user’s carbon usage based on their spending activities, Acorns said.
