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The global neobanking market is expected to reach an estimated $723 billion by 2028, according to Grand View Research. As more people handle their finances online, the neobanking industry has been getting a lot of love, but what are neobanks anyway? Neobanks are digital-only financial institutions that operate similarly to traditional banks, but without physical branches, The Balance explains. You typically access neobanks through mobile applications and online platforms. While neobanking can be convenient, have lower costs and are more easily accessible, they don’t have the same accreditation as traditional banks and are regulated much less. Above all, neobanking requires access to technology and internet, a luxury that not everyone has. Another thing to think about with neobanking is that even with access to technology and internet, consumers have to be comfortable and trust tech in order to invest in using online-only banking systems. Some neobanks like N26, Atom Bank and Monzo...
According to a 2015 report from PwC , millennials lack the financial education that they need to thrive in today’s world. The report found that over 40 percent of millennials relied heavily on costly payday loans and rent-to-own financing alternatives, and more than 20 percent made withdrawals from their retirement accounts. While parents may shake their heads at these figures, Kevon L. Chisolm, Esq. is one parent who believes the solution is simple — start early. Chisolm, who is president of Umoja Investments, LLC, began teaching his 11-year-old son , Kamari Chisolm, about finances at an early age. The need to share this knowledge with other young people led the father-and-son duo to establish Black Wallstreeter Consultation Services in 2019. The company works with schools to increase youth knowledge of building and retaining wealth through investments and other means. “It is important for youth to learn about how to build financial wealth and investing, because the sooner...