Nearly a quarter- 23% of college students say that they haven’t even started their retirement plans (Source: iGrad). Most of them feel that their schools lack in terms of financial education. 34% of people aged 35-54 end up withdrawing their retirement savings much early on due to reasons like inflation and financial obligations. (Source: American Century Investments)
The need now is to educate the next generation so that they make better use of the available retirement plans and ready themselves for retirement. However, with the abundance of information available there is still a dearth of people who plan and invest for their retirement. This could be because students seldom consume financial information from articles or magazines.
On considering various mediums of increasing financial awareness, we found that, 45% of Snapchat users are aged between 18-24 and a full 77% of college students use Snapchat at least once a day. (Source: Omnicoreagency).
Therefore, to bridge the gap between financial literacy and financial capability in the younger generation, we propose an application with AR experience that aims to educate the millennial on achieving financial independence by increasing awareness about various retirement plans facilitated by TIAA.
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