CHDR, pronounced cheddar, is a new FinTech company that is setting out to help users, particularly millennials, save and manage their money. In June CHDR will be releasing a Google Chrome plug-in that looks for savings opportunities for their users.
Right now, CHDR searchers for discounts, such as student or military, when the user goes to a website and if they qualify for the discount, a pop-up in the Chrome browser will alert the user for the savings opportunity. This tool is beneficial to those looking to save money by shopping smart, and while many companies offer discounts, they are usually hard to find without knowing where exactly to look. CHDR cuts out the extra legwork that the individual must do to find those discounts.
Along with the Chrome extension, there is a mobile app in development that is meant to help the user understand where they are financially. The app will not only give the user a snapshot of their financial health and well-being, but it will offer help to get out of debt and to make the jump into investing.
“76% of Millennials completely lack a basic level of financial literacy,” writes Cole Oliver, CEO of CHDR. “A lot of news is touting Millennials as having learned from our parents through the 2008 debacle and just avoiding credit cards in general. The problem is, none of them know how to grow their savings. And even worse, by being afraid of credit cards, 63% don’t have one yet, they aren’t building credit and aren’t prepared for the real world.”
Cole continues to lament the fact that most Millennials have about $500 saved up, so while CNBC may find that 86% of this generation are saving money each month, that is not nearly enough to get by if they experience a financial crisis. Generally, people should have 3-6 months of expenses saved, but today, Millennials with $500 in savings barely have two weeks of expenses saved, if that.