New apps want to change the way Millennial parents save for college education. YPulse’s financial services research shows that Millennials prefer to manage their finances on their phones, so it makes sense that they’d want to manage their kids’ finances there too. Now a new generation of apps are appealing to this generation of parents, allowing them to save for their kids’ education and more. On Earlybird, users can save for children’s futures and accept contributions from friends and family, with money going into 529s (college savings investment accounts) or other investment accounts. Backer, another app, aims to make 529s more accessible, with a minimum contribution of just $1 a month. Meanwhile UNest, which launched in 2020, offers five investment account options, and allows for unlimited gifts from friends and family. (CNBC)
