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Acorns Launches Money Manager to Automate Financial Wellness
Acorns, the financial wellness app, today announced the launch of Money Manager, a fully automated tool designed to put their millions of customers’ money to work, automatically.
Money Manager takes the stress out of financial management by automatically splitting customers’ deposits across savings, retirement, spending, and investing the moment they hit their Acorns accounts. Money Manager’s expert-built allocations ensure every dollar is working toward your future—automatically.
“For too long, managing money has been stressful and manual,” said Noah Kerner, CEO and Chairman of Acorns. “We built Acorns Money Manager to automate the process of financial wellness so people can stop worrying about their money and start growing it.”
The launch comes at a time when bills, debt, and the rise of “buy now, pay later” (BNPL) are straining budgets and reducing financial confidence. In response, Money Manager learns customers’ financial lives and goals to suggest which accounts to open, and to help customers automatically allocate their deposits among those accounts to save for important milestones. Money Manager is designed to eliminate the need for short-term borrowing, like BNPL or credit cards, by making long-term savings automatic.
So far, Acorns customers with early access to Money Manager are saving an average of $693 per month for emergencies and investing $175 per month for retirement, automatically.
For comparison, the median emergency fund for Americans is just $600 (Empower). In one month, Money Manager customers have already saved more than the national median. Similarly, with 40% of Americans lacking any retirement savings (Gallup), these early results show how automation can help close critical financial gaps.
“Money Manager is another step in our evolution from a pioneer of micro-investing to a full financial wellness system,” Kerner added.
Money Manager is available to all Acorns Gold Plan customers today. For more information, visit www.acorns.com/money-manager.
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