Quicken’s personal finance application allows users to share their financial information with trusted parties.
With this new feature of the Simplifi app, couples can share information to align their budgets, parents can help their children develop healthy financial habits, and employers can can help their elderly parents manage their money, Quicken announced on Wednesday, February 1st. release.
Users can also share account information to enhance tax preparation and financial planning to work together every year on the budget, the release said.
“When it comes to financial planning, consumers can feel isolated because of how each individual works with multiple financial tools,” Quicken CEO Eric Dunn said in a release. “But when working toward financial freedom, collaboration can play a big role.”
The release of this feature comes from other digital tools designed to help promote financial health.
For example, the Cash App has added a savings feature that allows customers to save with separate balances, set savings goals and collect their purchases to add to savings. These features are designed to make it easier for people saving for the first time, the company said.
Similarly, Klarna has added a feature to its buy now, pay later (BNPL) application that promotes financial management by tracking spending habits, providing dynamic quiz questions and sending data from all expenses with Klarna. The tool is designed to help consumers take control of their finances and make better decisions, the company said.
Credit unions and banks can also help younger consumers improve their financial health in the short term and build wealth in the long term, NCR President Doug Brown told PYMNTS’ Karen Webster in an interview. published in January.
These financial institutions are sitting on data they can use to create meaningful relationships with younger consumers, Brown said at the time.
“Now is the time for us to step up in a time of need and offer help to families,” Brown said.
With a new feature in Quicken’s Simplifi app, users can share their financial information without sharing their personal information, according to a press release.
Those added to existing user accounts will create their own profiles, at no additional cost, the release said.
“Simplifi’s new sharing features really support collaboration, making it a more effective tool for users to succeed in a healthy financial life,” Dunn said in the publishing.
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