Budgeting apps such as Mint, You Need a Budget (YNAB) and Digit are now commonly seen on smartphones, especially among millennials, but financial advisors say the inabilities of these apps to hold users accountable for savings goals, is a major shortcoming for their long term viability.
. So how much are these apps helping the more than a third of millennials who use them? According to experts, it might not be much.Having an app to create a budget and track purchases seems like a good idea, but experts say simply downloading and having constant access to an app won't necessarily result in better money management or increased savings. "The apps work. They're smart, the tech is good and the idea of building a budget isn't rocket science.
One of the major draws of budgeting apps is the constant, real-time info that keeps users constantly aware of their every purchase. Avendano argues that features like "a mobile delivery experience, driven through texts or an app," are specifically targeting millennials. But even with more up-to-date personal financial information than ever, both Avendano and Rugg think budgeting apps are just the starting point in the e-finance space.
Even with sleek interface designs and the ability to aggregate all bank information in one place, McCray doesn't see sustained success for the newer, more user-friendly apps since they can't help users figure out long term goals or understand why they want to save.
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