Quicken’s personal finance app now lets users share their financial information with trusted parties.
With this new feature of the Simplifi app, spouses can share information to align their budgeting, parents can help their children develop healthy financial habits, and users can help their aging parents manage their finances, Quicken said in a Wednesday (Feb. 1) press release.
Users can also share information with accountants to streamline tax preparation and with financial planners to collaborate year-round on budgets, the release said.
“When it comes to financial planning, consumers can feel isolated due to the individual-based approach many financial tools take,” Quicken CEO Eric Dunn said in the release. “But when working towards financial freedom, collaboration can play a key role.”
The release of this feature comes on the heels of some other digital tools meant to help promote financial wellness.
For example, Cash App added a savings feature that allows customers to save with a separate balance, set savings goals and round up their purchases to add to their savings. These functions are designed to make it easy for people to save for the first time, the company says.
Similarly, Klarna added a feature to its buy now, pay later (BNPL) app that gamifies money management by visualizing spending habits, providing animated quiz questions and delivering data from all spending with Klarna. The tool is meant to help consumers take control of their finances and make more informed decisions, the company says.
Credit unions and banks, too, can help younger consumers improve their financial health over the short term and build wealth over the long term, NCR President Doug Brown told PYMNTS’ Karen Webster in an interview posted in January.
These financial institutions are sitting on data they can use to create meaningful relationships with younger customers, Brown said at the time.
“This is the time for us to step up at the moment of need and to offer assistance to households,” Brown said.
With the new feature on Quicken’s Simplifi app, users can share their financial information without sharing their personal login credentials, according to the press release.
Those who are added to an existing user’s account will create their own login credentials, at no additional cost, the release said.
“Simplifi’s new sharing feature seamlessly supports collaboration, making it an even more effective tool for users to succeed in living a healthy financial life,” Dunn said in the release.