What is Penny?
Penny is a mobile app designed to help women in college unleash their financial potential by increasing money confidence and making the financial industry less intimidating. It’s easy to be overwhelmed by all the financial terms and strategies, especially when it comes to investing. Penny makes it easier for women to learn financial literacy and gain money confidence in a delightfully accessible way.
On average, women tend to have less confidence in their financial abilities as compared to men. Women also have a tendency of scoring lower on finanical literacy tests. Researchers speculate this may be the reason for the consistent lack of financial confidence found.
Several studies have shown women who invest tend to make more money than men. Many researchers suspect this is due to the tactics most commonly used by women, which tends to be a long-term investing strategy. Whereas men are more likely to participate in the riskier day-trading like strategies.
Women are also likely to be the primary purchasers of the home, making their influence on the household pocket book much more impactful. The power of women being financial literate and confident will not only bring more prosperity to themselves, but to their families and communities as well.
How does Penny work?
Penny helps women increase financial confidence by coaching women through their relationship with money and teaching women about the money essentials in bite-size pieces. Because finances can be boringgggggg, Penny utilizies gamification mechanics such as earning XP, streaks, and levels.
Penny isn’t designed to be the final solution, instead is a beginner’s stepping stone on a path of life-long financial learning. This is why the app recommends additional resources, books, and podcasts at the end of each level to encourage continued learning. Knowledge without action isn’t very useful. So, Penny provides 1-2 action items per level to complete inspiring users to not just learn, but to practice. Users earn extra XP for completing these action items and for inviting friends to join Penny.
When money flows into the hands of women, who have the authority to use it, everything changes — for women, their families, and their communities.