Level: Can A Budgeting App Change The Way We Bank?
Forbes: “Level is dedicated to rewriting the financial rulebook to create a secure future for the next generation.” That’s budgeting app Level Money’s stated mission, which can be found on their website’s “About Us” page. But even as lofty as that objective sounds, co-founder and CEO Jake Fuentes says the company’s sights are set even higher.
“Basic everyday money management,” he suggests, could be “the first step toward changing—or creating—the next generation’s banking structure.”
An app that hopes to change the way the next generation banks? I’m listening.
Jake wants to relegate money to a place where it’s “not the center of our lives.” And although Level Money seems targeted to the younger generations, he refers to this place as something we can “go back” to.
Indeed, we often romanticize previous time periods and generations as the intervening years grow. But it’s hard to argue that Generation X and the baby boomers aren’t more obsessed with money than their predecessors. Gen Y and Millennials, on the other hand, seem less so.
So, with all this generational talk, is Level Money only accessible to the younger set? “We think that we’re most applicable to Gen Y,” says Fuentes, primarily because Gen Y is less likely to already have adopted a cash flow methodology. “But the fact is that we help people spend less than they make, and that’s a universal concept.”