Coinscrap: Digital piggy banks for millennials

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Smart savings app helps young consumers save and invest every cent of spare change by rounding up payments for purchases

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Automatic savings programs embedded in e-wallets are breathing new life into the lucrative personal finance sector for digital natives, especially millennials age under 35.Based in the historic city of Pontevedra in Galicia province, northwest of Spain, Coinscrap has created virtual piggy banks to help everyone save on a daily basis. The company reckons that “a 35-year old user, who begins to round up bill payments to the nearest €2 to produce monthly contributions of €25, could accumulate total savings of about €54,000 by retirement age.” It estimates that using Coinscrap as the preferred pay...
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Edited by Suzanne Soh

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