Australia’s leading investment app Raiz helped Millennials and Gen Z save over $441 million in 2023

Australia’s leading investment app Raiz helped Millennials and Gen Z save over $441 million in 2023

ASX-listed investment app Raiz Invest have today announced several milestones including facilitating the saving and investing goals for Millennials and Gen Z to the tune of over $441 million in 2023 and a staggering $2.4 billion since the launch of Raiz.

With the cost of living crisis continuing to bite and the idea of owning a home feeling more out of reach than ever, finding ways to save, let alone invest, can seem almost impossible for many Aussies.

The Raiz 2023 results demonstrate Millennials and Gen Z are actively seeking out technology solutions that integrate into their lifestyle, rather than seeing their financial goals through the lens of traditional saving structures, reminding us that the old ‘save 10% of your salary’ adage, is no longer relevant in 2024.

The Raiz app is built on two core principles, ‘small amounts add up over time’, and that ‘customers need ways to save and invest within their current lifestyles’, so it doesn’t become a separate administrative task. These principles have seen the Raiz app downloaded over 1.4 million times, reach close to 300,000 active monthly users and oversee more than $1.24 billion in Funds Under Management (FUM), generating more than $130 million in dividends reinvested for customers as of 30 January 2024.

With 71% of Raiz customers being Millennial or Gen Z, the appetite of these groups is clear – plan and make moves on their long-term financial goals while maintaining their current lifestyle, a balance that Raiz is uniquely able to facilitate.

Breaking down barriers

With five ways to furnish an investment account and nine diverse portfolios to choose from, Raiz is actively breaking down the barriers to entry and demystifying the market for first-time investors.

The automated Round-Up feature of everyday purchases to the next dollar and investing the difference, has facilitated more than 906 million transactions and investments of over $571 million since the company launched eight years ago this month and is currently seeing over $1.7 million a week land in customers’ investment portfolios. Additionally, the Raiz Rewards program, which offers a percentage of online and instore purchases from over 1,300 retailers back as investments into customer’s portfolios or Superannuation account, has produced almost $6 million.

Brendan Malone, CEO of Raiz Invest said, “Technology has fundamentally changed the way we interact with money, making it much easier to spend and making it increasingly harder to save.

“Finding new and innovative ways to get ahead is crucial as yesterday’s saving frameworks are losing relevance in today’s digital economy. Over the past eight years we’ve focused on building a savings and investment platform designed to simplify the approach for first-time investors and remove some of the major hurdles to entering the market.

“By leaning on automated processes to help take the work and worry out of saving and investing, Raiz is helping Aussies get ahead and stay ahead,” Malone adds.